Meezan Bank Solar Financing 2024
Many banks are financing solar panels in Pakistan nowadays. We can reduce our electricity bills even zero with the use of this wonderful offer. Investment in the field of renewable energy is undoubtedly very beneficial. In this regard, Meezan Bank’s solar financing is very easy and attractive. You can get solar panels on installment from Meezan Bank.
Meezan bank also gives a competitive price and an easy process. This bank Finances solar energy on the Islamic concept of Musawamah. Meezan is the 1st and largest Islamic bank that began operating in 2002 in Pakistan.Through this article, we will guide you completely on how to get a solar system on installments in pakistan
Meezan Bank’s Islamic Mode Financing For Solar Energy
- Financing Tenure: Minimum 12 months and Maximum up to 60 months.
- Financing Amount: Minimum PKR 100,000 and Maximum up to PKR 2,500,000.
- Installment: Un-equal monthly installments.
- Discount: Special Discount will be offered to Premium Customer.
- Allowed Capacity: From 1KW up to 1000 KW.
- On-Grid System Down Payment: With a credit history of 12 months – Minimum 15%, Maximum up to 50%. And with a credit history of 12 months – Minimum 30%, Maximum up to 50%.
- On Off-Grid System Down Payment: (No Net Metering) Down Payment Minimum 30% and Maximum up to 50%.
- Security: HPA on solar panel and 3 cheques.
- Residence Ownership: The applicant must be the owner of the property where solar panels are to be placed. If the place is owned by an immediate family member, in such case, the house owner will become a co-applicant. If two or more people own the property, each of them will apply jointly.
- Co-applicant: In the case of a co-applicant, there will be no income requirement from the co-applicant.
Upon the completion of the Musawamah contract, the customer will bear both risk and reward. Consequently, any damage, loss, malfunction, and post-sale services will be the responsibility of the financing customer and the energy partner selected by the Bank.
Required Documents For Meezan Solar
Residential Applicants
| Sr No | General Documents |
|---|---|
| 1 | Property ownership proof |
| 2 | Current electricity bill |
| 3 | Filled application form |
| 4 | Photographs |
| 5 | Copy of valid CNIC |
| 7 | Declaration of financing |
| 8 | A valid quotation from Meezan Bank’s authorized Solar Vendor |
| Sr No | Salary Person |
|---|---|
| 1 | Latest pay slip |
| 2 | Employment letter |
| 3 | Employment status proof |
| 4 | DOJ proof |
| 5 | 6 months bank statement |
| 6 | Audited financials and letter from the company if the applicant is a paid director |
| Sr No | Self Employed/Businessman |
|---|---|
| 1 | Sole Proprietorship i. NTN ii. Bank proprietorship letter iii. Tax returns |
| 2 | Partnership i. Partnership deed ii. Certificate of registrar of firms iii. 6 months bank statement |
| 3 | Limited Companies i. Memorandum of Articles ii. Association of Articles iii. Certificate of Incorporation iv. Latest Form-A v. Latest Form-29 vii. Audited Financials viii. 6 months bank statement |
| Sr No | Pensioner Applicant |
|---|---|
| 1 | Copy of pension book |
| 2 | 6 month bank statements show that the account has been credited with a net pension. |
Meezan Bank Solar Financing plan In Pakistan
Everyone can not afford the cost of a solar system, so Meezan Bank is one of the largest banks that offer solar panels in instalments. Solar panel prices in Pakistan increase as inflation builds up, so investment in home solar systems is very beneficial. You can estimate your home solar systems with the Meezan Bank solar panel calculator. You can apply online for a Meezan bank solar loan according to your estimate.
How Many Branches Of Meezan Bank In Pakistan?
There are over 982 branches of Meezan Bank in 328 different cities in Pakistan. Nationwide, there are over 1100 ATMs of Meezan Bank. Also, mobile banking apps on Apple Store and Google Play Store are continuously listed as no 1 in Pakistan.
Who Is The Owner Of Meezan Bank?
Irfan Siddiqui is the founding president and CEO of Bank Meezan. The Institute of Chartered Accountants in England and Wales awarded Mr. Irfan Siddiqui his chartered accountancy qualification. He is also a member of the Board IFRS 9 Implementation Oversight Committee and Information Technology Committee. He served as an intern at Coopers & Lybrand in London from 1975 to 1979
Note: Meezan Bank solar financing is only available in Karachi, Lahore, Islamabad, and Rawalpindi.
FAQ
Which banks are giving loans for solar systems in Pakistan?
Many banks are financing solar in Pakistan, like Askari Bank, HBL Bank, Alfalah Bank, Allied Bank, and Faysal Bank in big cities.
What is the interest rate of Meezan Bank for solar financing in Pakistan?
Meezan Bank subsidized Shariah financing for solar systems by only 6% annually under the instruction of the state bank for green energy in Pakistan.
Which bank is best for solar financing in Pakistan?
According to public opinion, Meezan Bank is ideal for financing solar panels in Pakistan with the lowest rate and flexible payment plan.
