Now Install Interest-Free Solar Systems With Easy Monthly Installments:
Meezan Bank has introduced Shariah-compliant benefits for its customers, including interest-free solar panel systems with convenient monthly installments. The Solar Panel Financing program aims to make renewable energy more accessible by offering flexible payment plans and competitive pricing. By installing these solar panels, customers can potentially reduce their electricity bills by up to 50%, all in accordance with Shariah principles.
The eligibility criteria for this program vary depending on whether applicants are business owners, permanent job holders, contractual job holders, or retired individuals. The property where the solar panels will be installed must be owned by the applicant, and if it is owned by an immediate family member, the house owner must be a co-applicant. For further details on eligibility, interested individuals can visit Meezan Bank’s website.
Details About Solar Panels:
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|
How to Apply:
To apply for this facility, individuals can visit their nearest Meezan Bank branch or contact the bank’s helpline at 111-331-331 / 111-331-332. The application process involves obtaining a quotation from the bank’s Energy Partner (a list of partners can be found on the bank’s website), submitting a signed application form along with a copy of the applicant’s CNIC (National Identity Card), and a copy of the latest electricity bill. Opening an account with Meezan Bank is the final step in the application process.
Financing Costs Associated With This Program:
The financing costs associated with this program include the price of the solar panels, the cost of inverters, and other related expenses such as equipment, wiring, and installation charges. However, the cost of batteries (both off-grid and on-grid) and net metering are not covered by the financing arrangement and will need to be borne by the customers themselves.
By taking advantage of this interest-free opportunity, customers can enjoy a hassle-free summer and contribute to a more sustainable future.
Make your summers trouble-free with this interest-free opportunity.