How To Get Solar Panel On Installment Meezan Bank {25 Lakh Loan}

Meezan Bank unveils its groundbreaking solar panel on installment scheme a Shariah-compliant initiative poised to revolutionize the way individuals and businesses harness power.

By opting for solar panels on installment through Meezan Bank, individuals, and businesses gain access to a net metering system, enabling them not only to reduce electricity bills but also to contribute surplus energy back to the national grid.

The key features of this scheme, include a financing limit ranging from PKR 100,000 to PKR 2,500,000, solar installation capacity from 1KW to 1000KW, and a financing tenure spanning 12 months to 60 months.

Moreover, the Shariah-compliant financing model, known as Musawamah, underscores the ethical foundation of this initiative.

Details-Of-Meezan-Bank-Solar-Panel-On-Installment-Scheme
Details-Of-Meezan-Bank-Solar-Panel-On-Installment-Scheme

This article will delve into the eligibility criteria, requirements, and step-by-step process for acquiring solar panels in installments through Meezan Bank’s interest-free scheme. Let’s embark on this enlightening guide together!

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Solar Panel On Installment Meezan Bank | Meezan Bank Solar Financing

How-To-Get-Solar-Panel-On-Installment-Meezan-Bank
How-To-Get-Solar-Panel-On-Installment-Meezan-Bank

Table of Contents

Meezan Bank Solar Financing | Solar Panel On Installment

Meezan Solar stands out by providing holistic financing solutions for complete home solar panel systems, offering homeowners a one-stop solution for their energy needs.

Opting for Meezan Bank’s interest-free solar financing presents homeowners with the opportunity to potentially slash their monthly electricity bills by up to 50%.

Meezan Solar caters to diverse capacity requirements, offering solar panel systems ranging from 1KW to an impressive 1000KW so that homeowners can choose a system. The bank extends interest-free loans for solar panel installations, accommodating budgets ranging from 1 Lakh to 25 Lakh PKR.

Meezan Bank goes the extra mile by offering flexible payment options so that the transition to solar power is not only environmentally friendly but also financially feasible for homeowners. Meezan Solar ensures competitive pricing for its solar financing.

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Eligibility Criteria

Interest-Free-Loan-For-Solar-Panels
Interest-Free-Loan-For-Solar-Panels

Residential and CNIC Requirements: Applicants must be permanent residents of Pakistan and hold valid Computerized National Identity Cards (CNIC).

Age Criteria: The primary applicant should be within the age bracket of 20 to 60 years. Co-applicants must not exceed the age of 75 years.

Minimum Monthly Gross Salary: The primary applicant is required to have a minimum monthly gross salary of at least PKR 100,000. Contractual employees, with a minimum of five years of experience, should have a monthly gross salary of PKR 200,000.

Businessmen Applicants: Businessmen applying for the scheme must demonstrate a monthly gross income of at least PKR 500,000.

Pensioners’ Eligibility: Pensioners are eligible if they receive a monthly gross pension of at least PKR 100,000.

Active Taxpayer Status: Being an active taxpayer with a valid National Tax Number (NTN) is a crucial eligibility criterion.

Guarantor Requirements: Applicants must provide two guarantees with valid ID cards and clean financial records to qualify for the Solar Panel On Installment scheme.

Documents Required To Get Interest-Free Loan For Solar Panels

Documents-Required-To-Get-Interest-Free-Loan-For-Solar-Panels
Documents-Required-To-Get-Interest-Free-Loan-For-Solar-Panels

  • ID Card Copies: Two sets of ID card copies for the primary applicant, co-applicant, and guarantors are mandatory for identity verification purposes.
  • Tax Returns and NTN: Proof of tax returns along with a valid National Tax Number (NTN) is required to establish the applicant’s tax-paying status and financial credibility.
  • Income Documentation: Submission of income or salary slips and bank statements for the last six months is necessary to validate the applicant’s income and assess their repayment capacity.
  • Residency Ownership Documents: Residency ownership documents are essential to confirm the applicant’s ownership of their residence, ensuring that they are permanent residents and eligible for the Solar Panel On Installment scheme.
  • Meezan Bank Account: Having a bank account in Meezan Bank is mandatory for the application process, facilitating seamless transactions and processing of the interest-free loan for solar panels.
  • Proof of Takaful Coverage: After the sale, applicants are required to provide proof of Takaful (Islamic insurance) coverage. The protection of the financed solar panel system provides the applicant with peace of mind regarding the security of their investment.

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How To Apply For Solar Panel On Installment By Meezan Bank

Meezan-Bank-Solar-Panel-Scheme-Application-Form
Meezan-Bank-Solar-Panel-Scheme-Application-Form

Step 1: Visit the Meezan Bank Branch or Contact the Helpline

  • Visiting the nearest Meezan Bank branch in person or contacting their helpline at 111-331-331 or 111-331-332. Bank representatives will assist you and provide essential information to kickstart the process.

Step 2: Obtain Quotation from Meezan Solar Energy Partner

  • Secure a detailed quotation for the solar panels from an authorized Meezan Solar Energy Partner. This document will delineate the cost and specifications of the desired solar panel system.

Step 3: Obtain and Fill Application Form

  • Acquire the application form from a Meezan Bank branch or their website. Complete the form accurately, ensuring all required details are provided correctly.

Step 4: Submit the Application Form and Necessary Documents

  • Attach all necessary documents along with the filled application form for verification and processing. Required documents include two sets of ID card copies for the applicant, co-applicant, and guarantors, proof of tax returns with NTN number, income/salary slips, and bank statements for the last six months, residency ownership documents, and proof of a Meezan Bank account.

Step 5: Wait for Approval

  • Following the submission of your application and documents, the bank will review and process your request. Patience is required during this waiting period.

Step 6: Account Opening (if applicable)

  • If you don’t already have an account with Meezan Bank, the bank will assist in opening an account to facilitate the financing process.

Step 7: Financing and Solar Panel Installation

  • Upon approval, the bank will provide the necessary financing to proceed with the solar panel installation. Collaborate with the registered Meezan Solar Energy Partner to install the panels according to the approved quotation.

Step 8: Repayment

  • After the successful installation, adhere to the agreed-upon financing terms and make regular monthly installments until the loan is fully repaid. This step ensures a smooth and structured repayment process for the Solar Panel On Installment scheme by Meezan Bank.

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Meezan Bank Solar Financing Calculator

Meezan-Bank-Solar-Panel-Calculator
Meezan-Bank-Solar-Panel-Calculator

The Meezan Bank Solar Financing Calculator is a robust tool designed to assist individuals in estimating their installment plan and repayment terms for solar panel financing.

Accessible Platform: Users can easily access the calculator by visiting the provided link: https://www.meezanbank.com/solar-panel-calculator/.

  • Financing Amount: Users have the flexibility to input the desired financing amount for their solar panel installation. The range for financing falls between 1 Lakh to 25 Lakh, aligning with the specified eligibility criteria.
  • Down Payment: Individuals can specify the down payment they are willing to contribute towards solar panel financing. The down payment amount may vary based on the applicant’s status and the specific program details.
  • Tenure: Users can select their preferred tenure for repaying the solar panel financing. The tenure options extend up to a maximum 5-year term, providing a range of choices and flexibility in designing a suitable repayment plan.

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Solar Panel On Installment | FAQs

What is Meezan Bank’s Solar Panel On Installment scheme, and how does it contribute to sustainable energy solutions?

Meezan Bank’s Solar Panel On Installment scheme is a Shariah-compliant initiative offering financing solutions for complete home solar panel systems. Individuals and businesses can benefit from this program, contributing to a more sustainable and eco-friendly energy landscape.

What are the key features of the Solar Panel On Installment scheme, including financing limits and solar installation capacities?

The scheme provides financing limits ranging from PKR 100,000 to PKR 2,500,000 and solar installation capacities spanning from 1KW to an impressive 1000KW.

How does the net metering system work in the Solar Panel On Installment scheme, and what benefits does it offer to participants?

Through the net metering system, participants not only reduce their electricity bills but also have the opportunity to sell excess electricity back to the national grid.

What are the eligibility criteria for Meezan Bank’s Solar Panel On Installment scheme, and who can apply for it?

To be eligible, applicants must be permanent residents of Pakistan, CNIC holders, and fall within specific age and income brackets.

What documents are required to apply for Meezan Bank’s interest-free loan for solar panels?

To apply, individuals need to submit documents such as ID card copies, proof of tax returns with a valid NTN, income/salary slips, bank statements, residency ownership documents, and proof of a bank account in Meezan Bank.

What is the step-by-step process for applying for Solar Panel On Installment by Meezan Bank, from initiation to repayment?

The process involves visiting a Meezan Bank branch, obtaining a quotation from a registered Meezan Solar Energy Partner, filling out an application form, submitting necessary documents, waiting for approval, potential account opening, financing, solar panel installation, and subsequent monthly repayments.

How can individuals estimate their installment plan and repayment terms using the Meezan Bank Solar Financing Calculator?

By accessing the Solar Financing Calculator users can input figures such as financing amount, down payment, and tenure to estimate their installment plan.

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