Solar-Panel-On-Installment-Meezan-Bank

Solar Panel On Installment Meezan Bank | Interest-Free Loan For Solar Panels

Solar Panel On Installment Meezan Bank: Welcome to our guide on Interest-Free Loan For Solar Panels by Meezan Bank, offering a Shariah-compliant solar panel scheme that paves the way for a sustainable and eco-friendly future.

By installing solar panels under this scheme, customers can benefit from a net metering system, allowing them to sell surplus electricity back to the national grid, effectively becoming environmentally responsible energy producers.

What sets this program apart is its flexibility, allowing participants to opt for installment plans spread over an extended 5-year period.

With capacity options ranging from 1KW to an impressive 1000KW and financing limits spanning from 1 Lakh to 25 Lakh, Meezan Bank ensures that sustainable energy solutions are within everyone’s reach.

Depending on the applicant’s status and the program’s nature, down payment requirements vary from 15% to 50%, making it even more accessible to embark on this eco-friendly journey.

In this article, we will explore eligibility, requirements of the solar panel scheme, key features of this program, and the step-by-step process to apply for Solar Panel On Installment by Meezan Bank. Let’s start our guide!

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Solar Panel On Installment Meezan Bank | Interest-Free Loan For Solar Panels

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

Table of Contents

Requirements To Get Solar Panel On Installment Meezan Bank

Eligibility Criteria

Eligibility Criteria for Solar Panel On Installment from Meezan Bank:

  • Residency and Age: Applicants must be permanent residents of Pakistan and CNIC holders. The primary applicant should be between 20 to 60 years of age, while the Co-applicant’s age should not exceed 75 years.
  • Minimum Income Requirement: To be eligible for the solar panel scheme, the primary applicant must have a minimum monthly gross salary of PKR 100,000. For contractual employees with at least 5 years of experience, the minimum monthly gross salary requirement is PKR 200,000. Businessmen applicants need to have a monthly gross income of PKR 500,000, while pensioners must receive a monthly gross pension of at least PKR 100,000.
  • Employment Stability: Applicants should have a stable employment history, with a minimum of two continuous years of employment.
  • Tax Payer Status: Being an active tax-payer with a valid National Tax Number (NTN) is a prerequisite for eligibility.
  • Guarantors with Clean Records: The applicant must provide two guarantees, each with valid ID cards and clean financial records.
  • Mandatory Account with Meezan Bank: If the applicant does not have an existing account with Meezan Bank, one will be opened to facilitate the financing process.

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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

Documents Required for Interest-Free Loan for Solar Panels:

  • ID Card Copies: Two sets of ID card copies for the primary applicant, co-applicant, and guarantors are essential. These documents serve as proof of identity and are required for verification purposes.
  • Tax Returns and NTN Number: Providing proof of tax returns and having a valid National Tax Number (NTN) is mandatory. It demonstrates the applicant’s tax-paying status and financial credibility.
  • Income/Salary Slips and Bank Statements: The last six months’ income or salary slips, along with corresponding bank statements, must be presented. These documents validate the applicant’s income and help assess their repayment capacity.
  • Residency Ownership Documents: Documents proving the ownership of the applicant’s residence are necessary. This ensures that the applicant is a permanent resident and can be contacted at their registered address.
  • Bank Account in Meezan Bank and Takaful Proof: Having an active bank account in Meezan Bank is a prerequisite for availing of the interest-free loan for solar panels. Additionally, providing proof of Takaful (Islamic insurance) coverage after the sale ensures the financed asset’s protection and the applicant’s peace of mind.

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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

How to Apply for Solar Panel on Installment by Meezan Bank:

  • Visit Meezan Bank Branch or Call: To initiate the application process, you can either visit your nearest Meezan Bank branch in person or contact their helpline at 111-331-331 or 111-331-331. A representative will guide you through the initial steps and provide the necessary information.
  • Obtain Quotation from Registered Meezan Solar Energy Partner: Get a detailed quotation for the solar panels from a registered Meezan Solar Energy Partner. This quotation will outline the cost and specifications of the solar panel system you intend to install.
  • Obtain and Fill Application Form: Obtain the application form either from the Meezan Bank branch or their website. Duly fill the form with accurate information and ensure you have all required documents ready for submission. These documents may include a signed copy of your CNIC, recent electricity bills, and other supporting documents.
  • Submit Application with Necessary Documents: Attach all the necessary documents along with the filled application form. The bank will require these documents for verification and processing purposes.
  • Wait for Approval: Once your application and documents are submitted, the bank will review and process your request. The acceptance or rejection of the application typically occurs within two weeks from the submission date.

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Meezan Bank Solar Energy Partners

Meezan Bank Solar Energy Partners:

  • Registered and Affiliated Partners: Meezan Bank has a network of registered and affiliated Solar Energy Partners across various locations. These partners have been carefully selected and approved by the bank to offer high-quality solar energy solutions to customers.
  • Diverse Expertise: The list of Solar Energy Partners includes companies with diverse expertise in the solar energy industry. Whether it’s solar panel installation, maintenance, or system integration, these partners can cater to different customer needs.
  • Quality Assurance: Meezan Bank ensures that all its Solar Energy Partners meet stringent quality standards. Customers can be confident that the products and services offered by these partners are of top-notch quality and reliability.
  • Competitive Pricing: The registered partners offer competitive pricing for solar energy products and services. This enables customers to explore affordable and cost-effective options for their solar panel installations.
  • Tailored Solutions: Each Solar Energy Partner may offer a range of customized solar energy solutions. Whether it’s for residential, commercial, or industrial use, customers can find tailored solutions that best suit their energy requirements.
  • PDF Documentation: The list of Meezan Bank’s Solar Energy Partners is available in PDF format, allowing customers to access the comprehensive list easily.

The complete list of energy partners is given below in pdf form, download this complete list before getting the quotation or estimate for the complete solar plant.

Meezan-Bank-Solar-Scheme-Partners
Meezan-Bank-Solar-Scheme-Partners

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Meezan Bank Solar Panel Calculator

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

Meezan Bank Solar Panel Calculator:

  • Accessible Online Tool: The Meezan Bank Solar Panel Calculator is available online at the following link: https://www.meezanbank.com/solar-panel-calculator/. This user-friendly tool empowers individuals to estimate the cost and financing details for their solar panel plant.
  • Segment Selection: Users are required to select their segment, which could be a salaried person, business individual, or pensioner. This helps in tailoring the calculation based on the specific financial situation and requirements of the applicant.
  • Financing Limit Input: To get an accurate estimate, users need to input their desired financing limit. This is the maximum amount they intend to finance for their solar panel installation.
  • Down Payment Information: Users are prompted to enter the down payment they are willing to make for the solar panel plant. The down payment amount influences the overall financing and repayment terms.
  • Tenure Selection: Users can choose the preferred tenure for repaying the solar panel financing. The tenure affects the monthly installments and the total duration of the financing agreement.
  • Calculate Button: After entering all the necessary information, users can click the “Calculate” button to generate an exact estimate for the solar panel plant financing. This estimate will provide a breakdown of the financing details and monthly installments.

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Meezan Bank Solar Financing Contact Number

Meezan-Bank-Solar-Financing-Contact-Number
Meezan-Bank-Solar-Financing-Contact-Number

For general inquiries and information about solar financing, you can reach out to Meezan Bank through the following channels:

  • Meezan Bank Website: Visit the official website at https://www.meezanbank.com/solar-panel-financing/ to access relevant details and resources regarding solar panel financing.
  • Meezan Bank Helpline: Contact the Meezan Bank helpline at +92 21 111 331 331 or +92 21 111 331 332 for any queries or assistance related to solar financing.
  • Meezan Bank Email: Send your inquiries or complaints via email to the bank at info@meezanbank.com or complaints@meezanbank.com.

For personalized assistance and guidance specific to solar financing, you can get in touch with the dedicated representatives in various regions:

  • Karachi Representative: Mr. Azeem Ullah Cell No: 0331 2592705
  • Islamabad Representative: Mr. Asad M. Khan Cell No: 0301 1189153
  • Islamabad Representative: Mr. Shahzad Mehmood Cell No: 0304 1927401
  • Lahore Representative: Mr. Rana Asif Altaf Cell No: 0300 6362042

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Solar Panel On Installment FAQs

How can I apply for the Solar Panel On Installment scheme offered by Meezan Bank?

You can apply for the Solar Panel On Installment by visiting your nearest Meezan Bank branch or by calling their helpline at 111-331-331 or 111-331-332. The bank representatives will guide you through the application process.

What documents are required to apply for the Solar Panel On Installment?

To apply, you need 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 6 months, residency ownership documents, and a bank account in Meezan Bank. Additionally, Takaful proof is required after the sale.

What is the financing limit for the Solar Panel On Installment?

The financing limit for the scheme ranges from 1 Lakh to 25 Lakh, depending on your eligibility and requirements.

Can I choose the tenure for repayment?

Yes, you can choose the tenure for repayment, and the installment plans can be extended up to a maximum 5-year term.

Is the solar panel scheme available for businesses as well?

Yes, the solar panel scheme is available for both individuals (salary persons, businessmen, and pensioners) and businesses (business individuals).

Are there any age restrictions for applicants?

Yes, the primary applicant should be between 20 to 60 years of age, while the co-applicant’s age should not exceed 75 years.

How long does it take for the application to get approved or rejected?

The acceptance or rejection of the application usually takes place within 2 weeks from the submission date.

Can I sell excess electricity back to the national grid with this scheme?

Yes, through a net metering system, participants can sell excess electricity back to the national grid, contributing to the national energy supply.

Are there any specific requirements for down payment?

The down payment ranges from 15% to 50%, depending on the applicant’s status and the nature of the program.

How can I calculate the estimate for my solar panel plant financing?

To calculate the estimate, you can use the Meezan Bank Solar Panel Calculator available on their website (https://www.meezanbank.com/solar-panel-financing/). Provide necessary information such as segment (salary person, business individual, or pensioner), required financing limit, down payment, and tenure, and click “Calculate” to get an exact estimate for solar panel financing.

Is this scheme available for businesses as well?

Yes, the Solar Panel On Installment scheme is available for both individuals (salary persons, businessmen, and pensioners) and businesses (business individuals).

Are there any age restrictions for applicants?

Yes, the primary applicant should be between 20 to 60 years of age, and the co-applicants age should not exceed 75 years.

Can I sell excess electricity back to the national grid with this solar panel scheme?

Yes, participants can sell excess electricity back to the national grid through a net metering system, contributing to the national energy supply.

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