Meezan Bank Solar Panel Loan: Features, Eligibility & How to Apply
Rising electricity rates and an increase in load shedding have caused concern. Most people are now shifting to solar energy to reduce their dependence on the national grid. For domestic and residential consumers, solar energy saves them on bills and provides a 24-hour power supply.
If you cannot afford solar panels, you can get solar panels through the Meezan Bank Solar Financing Scheme. A detailed review of this scheme is given below.
What is the Meezan Bank Solar Financing
Meezan Bank offers a complete solar system for your home with flexible payment plans. By adopting Meezan solar system financing, you can reduce your electricity bill by up to 50%. This can be an ideal system for your home, and it is entirely interest-free.
You can feed the excess electricity your panels generate back into the national grid and contribute to a cleaner environment. This is the best system introduced to provide free electricity to domestic and commercial consumers.
Product Details
The details of Solar Panels provided by Meezan Bank are given below.
These panels will be provided as financial aid according to Islamic law. There is no confirmation of monthly installments. These will be uneven.
Premium customers will get special discounts; the maximum financing will be up to 01 lakh Pakistani rupees.
The repayment period can be as low as one year or as high as five years. It can provide a system from 1KW to 1000KW.
After getting a solar panel, the loan amount can be between 1 lakh to 25 lakh.
The applicant must own the site where the solar panel will be installed. A resident can also become an applicant if a member of his family owns it.
Key Features of the Meezan Bank Solar Financing Scheme
Following are the features of the Meezan Bank Solar Financing Scheme.
Here, you can choose the repayment duration of your choice. You can pay the installments of your acquired solar system over a minimum period of one year or a maximum of five years.
This scheme is valid in cities like Pindi, Islamabad, Lahore, and Karachi. If you are a resident of these cities, you can apply for this scheme.
Here, you can get a solar system that meets your home power requirement. For this, you must first make an initial payment of up to 15%.
You can make the installments manageable over 5 years. Solar systems come with solar inverters, wiring installation, and charges so you can get solar energy from the scheme without worry.
If you are a premium banking customer, you can get more benefits. Premium customers can get financing help of up to 30 lakhs.
Eligibility Criteria Meezan Bank Solar Financing
The following eligibility criteria must be met to avail of the solar financing scheme.
Applicants must be Pakistani, possess an identity card, and minimum age of 20 years. The maximum age of a co-applicant should be 75 years.
Must have a permanent job and gross pay up to 1 lakh monthly.
Must be a permanent resident of the place you are applying for.
If a business person applies for this, his income should be up to five lakhs per month, and the business should have been in business for more than five years.
If a pensioner wants to apply for it, they should be retired, and their pension should be up to Rs.1 lakh per month.
Pension bank statements must also be given along with the documents, and two references will also be required.
How to Apply
If you are willing to apply for the Meezan Bank Solar Financing Scheme, follow the steps below.
Go to any Meezan Bank branch near you or call this number 111-331-331.
Go to Meezan Bank and get the solar energy scheme form from the staff there.
You must have the latest electricity bill and a copy of your ID card. Also, open an account in Meezan Bank and submit the form along with all the documents.
Meezan Bank Solar Financing Interest Rate in Pakistan
The interest rate of the Meezan Bank solar financing scheme has been fixed at 6% per annum. This means that if you get a solar installation through this scheme, you will have to pay a tax of 6 per annum on the amount you have borrowed. Use this solar calculator to find out your home’s load.
Conclusion
So many banks are offering solar projects in Pakistan, but Meezan Bank can be the best choice. Here, you are given up to five years to clear your debts and make your energy more affordable. Apart from this, you can manage the episodes at your convenience. So, opting for the Meezan Bank Solar Financing Scheme can brighten your future.
FAQs
Many banks in Pakistan offer solar system financing, but Meezan Bank is the best choice. Here, you have up to five years to clear the dues.
Yes, solar systems can also be obtained after installation. Meezan Bank offers solar panels in easy monthly installments.
