Meezan Bank has begun providing its clients with Shariah-compliant benefits. They now offer the option of easy monthly installments for solar panel systems that are interest-free.
Their solar panel financing program guarantees the availability of renewable energy with agreeable payment schedules and reasonable costs. The installation will result in up to a 50% reduction in electricity costs. Additionally, since the system complies with Shariah, you can install solar panels without worrying about interest.
Solar Panel Details:
Below is a list of the product’s full description.
| Installment plan | Monthly un-equal installments |
| Capacity allowed | 1 KW – 1000 KW |
| Financing Tenure | 1 year to 5 years |
| Rate of Profit | 1-Year KIBOR** with 2.5% for Pension and salaried income individuals. 1-Year KIBOR with 3.5% for non-salaried individuals. |
| Security collateral | 3 cheques and HPA on solar panel |
| Down Payment on On-Grid | ≥ 12 months – 15% min – 50% max. < 12 months – 30% min – 50% max. |
| Down Payment on Off-Grid | 30% min – 50% max |
| Processing charges | Rs. 5000 + FED |
Eligibility Criteria:
Owners of businesses, people who hold permanent jobs, people who hold temporary jobs, and people who are retired all have different eligibility requirements. You can learn more about eligibility on the Meezan Bank website.
The applicant must, however, own the property where the solar panel will be installed. When a member of the immediate family owns the property, they will also be co-applicants.
How to Apply:
You must call or visit the nearest Meezan Bank branch to apply for this facility at 111-331-331 or 111-331-332.
- Obtain a price from the energy partner of the bank. The list is accessible on the website.
- Submit the completed application form along with a copy of your CNIC and most recent electric bill.
- Opening an account with Meezan Bank would be the last step.
Costs involved:
The following expenses are related to financing.
- Solar panel cost
- The expense for inverters
- Cost of additional related items like wiring, equipment, and installation fees.
Batteries costs (both off- and on-grid), net meeting costs that customers must bear, and its arrangement is not financed.
With the help of this opportunity with no interest, make your summers trouble-free.
For further details visit the link given below,
https://www.meezanbank.com/solar-panel-financing/
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