Meezan Bank has started its interest free plan to install solar panel at your homes withe asy monthly installments. Meezan Bank started providing its clients with Shariah Compliant benefits. The bank has taken an initiative and started their solar panel financing programme.
The programme provides an accessibility of having renewable energy with easy installments plans and suitable pricing.
The installation of solar energy is a renewable energy source and reduces carbon emissions. Its installation will help people saving their electricity bills.
Perfect solar installation refers to generating your own electricity which means you will be utilising less from the utility supplier.
On the other hand, you can also make money by selling the unused electricity, which was generated by you, back to the grid. Solar panels are increasingly affordable as it gives great potential to save money on monthly utility bill.
On the other hand, generating your own electricity provides you the freedom to keep the lights on if there’s a disruption in power.
Solar panel only needs one thing that is sunlight. Even in winters when there are fewer hours of sunshine there is still a sufficient amount to power an average American home.
The installation will reduce the electricity bills by Upto 50%. Now you can install the solar panels without worrying about interest as the system is according to Shariah.
Solar Panel Details
Here is the complete description of the product is given below:
| 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 month – 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
Meezan Bank has given eligibility criteria for business owners ,permanent job holders and for retired individuals. Those who are interested scan check tha Meezan banks website for complete details https://www.meezanbank.com/solar-panel-financing/
Moreover, the property must be owned by the applicant where you have planned to install the solar panel. In the case of ownership by an immediate family member,the house owner will be the co-applicant.
How To Apply
If you are really interested to get the solar panel financing scheme , you need to visit the nearest Meezan Bank Branch or call at their helpline 111-331-331/111-331-332
- Get the quotation from bank’s Energy partner You can check the details on the website
- Submit the approved/signed application form, CNIC copy ,and a copy of the latest electricity bills
- The last step would be opening your account with Meezan Bank.
Costs Involved
The financing costs include the following:
- Cost of Solar Panel
- Cost of Inverter
- Price of other associated items like working, equipment, and installation charges
The price of batteries (both on-grid and off-grid) ,net meeting to be endured by the customers. Whereas, its arrangement is not financed.
Hence, it’s a great opportunity for everyone to avail the best plan according to the needs and enjoy the summers trouble-free with interest-free opportunity.
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