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Meezan Bank Solar Financing – Important Installment Plan Details

Meezan Bank Solar Financing

[This is a detailed guide on Meezan Bank Solar Financing PAkistan]: In Pakistan, currently, there is a huge economic crisis and inflation. It makes it difficult for the public to invest big capital (money) in solar system installations.

Rather, it is not feasible for everyone in normal conditions too. So, what is the solution for the common people of Pakistan?

Pakistanis have been facing many challenges since its independence but the most recent and one of the severe challenges today is the energy crisis and load shedding of electricity.

However, there is a piece of happy news for people who are planning to set up a solar system at their properties.

Various commercial banks are introducing solar financing schemes for the public and playing a positive role in renewable energy adoption. 

A solar system harvests free solar energy and reduces electricity bills to a minimum. So, don’t miss the chance to benefit from the Meezan Bank solar financing program.

In this post, you will learn all the information about the Meezan Bank Solar Financing. This program makes it easy for everyone to install a solar system on their property. 

Meezan Solar Financing – a Shariah-Compliant Solution 

Meezan Bank is playing its role in boosting clean energy harvesting with its Meezan Bank solar financing scheme available for everyone. This initiative makes solar energy adoption easy and allows Pakistanis to power their homes with free solar energy. 

The bank officials and representatives promise to facilitate the public while they invest in solar home projects. Meezan Bank’s solar panel financing scheme is designed to employ the affordability & ease of switching to solar (renewable) energy. 

Going solar with the Meezan solar financing program will help you save money on your electricity bills and get rid of load shedding. The financing has flexible payment schedules at very competitive pricing and industry-expert guidance to navigate the complete process of solar home.

Meezan Solar Scheme provides financing for entire solar panel installations for your home. You can reduce your monthly electricity bill by up to 50% by using an interest-free solar financing program. Meezan Solar is suitable for homeowners looking to generate their own power.

Net metering allows excess power generated by solar energy to be sold back to the national electrical grid, resulting in a better environment. The facility is currently not available for the whole nation but for limited regions of Pakistan.

You can get the application form for Meezan Bank solar panel financing by clicking the download button below:

Documents for Meezan Solar Panel Financing

There are certain documenst that the bank will require before providing financing facility of solar fnancing. The banks are laying a vital role to empower and boost up solar energy adoption in Pakistan.

To get maximum benefit from solar financing, must check out the list of required documents for financing and prepare yor necessary docs for application process of solar loan. Click the download button to get the list of required data:

Eligibility Criteria for Meezan Bank Solar Financing

To cater to the vast majority of the audience (consumers) interested in Meezan solar financing, the financing program is designed and divided into 4 different categories.

In the following, learn about all the necessary information you should keep in mind and prepare accordingly before proceeding with your financing application.

Category 1: Salaried Persons (With permanent job status)

  • Nationality: Pakistani adult nationals, permanent residents having CNIC card
  • Age of applicant: At least (minimum) 20 years, at most (maximum) 60 years, or to the retirement age at maturity.
  • Age of co-applicant: The maximum age limit is 75 years
  • Employment: Applicant must have a permanent job status
  • Income limit: Minimum monthly gross income (salary) PKR 100,000
  • Job Duration: Currently employed for 2 continuous years at least 
  • Income assessment method: Payslip, bank statement, appointment letter, employment letter, and/or audited financials (if the nominee is a paid director).
  • Tax payee: The applicant must be an active taxpayer with an NTN number
  • Credit checks: The bank personnel will go through bureau checks and receive verification of residence and office/business location.
  • Reference requirement: Two references will be required from the applicant
  • Financing for flats: Financing for flats/apartments is not available.
  • Meezan Bank Account: An active bank account in the concerned branch is mandatory. If the applicant does not have an account with Meezan Bank, one will be opened to facilitate financing.
  • Maximum debt burden ratio (DBR): (i) 40% for people new to this business or with a credit history of less than 12 months. (ii)45% for customers with an established history of 12 months or longer.

Category 2: Salaried Persons (With contractual job status)

  • Income Limit: Minimum monthly gross income of PKR 200,000.
  • Job tenure: Three years at the current employer and five years of experience overall. The contract must be with the actual entity; third-party contract holders are not eligible for this financing.
  • Other requirements: These are the same as for the permanent job holders (applicants).

Category 3: Businessmen 

  • Nationality: Pakistani adult nationals, permanent residents having CNIC card
  • Age of applicant: The minimum age limit is 30 years and the maximum age limit is 65 years at the time of maturity of financing
  • Age of co-applicant: The maximum age limit is 75 years
  • Income Limit: PKR 500,000 is the minimum gross monthly income.
  • Business Tenure: Minimum of 5 years
  • Income assessment: Income is determined through Bank statements, Audited Accounts, Tax returns, etc.
  • Tax payee: Needs to have an NTN number and be an active taxpayer.
  • Credit checks: The bank will verify addresses and places of business and residence through bureau checks.
  • Reference requirement: Two references will be required from the applicant
  • Financing for flats: Financing for flats/apartments is not available.
  • Meezan Bank Account: An active bank account in the concerned branch is mandatory. If the applicant doesn’t have an account with Meezan Bank, one will be opened to facilitate financing.
  • Maximum Debt Burden Ratio (DBR): (i) 30% for customers who are new to the industry or have less than a year’s worth of credit history; (ii) 35% for customers who have at least 1 year’s worth of credit history

Category 4: Monthly Pension Income 

  • Nationality: Pakistani adult nationals, permanent residents having CNIC card
  • Age of applicant: The maximum age of 70 years at the time of maturity of financing
  • Age of co-applicant: The maximum age limit is 75 years
  • Monthly Income: The minimum gross monthly income is PKR 100,000. 
  • Employment status: The applicant must be a retired pension holder
  • Income Assessment: If the applicant is a salaried individual and intends to retire during the financing period, documentation such as a pension book and pension bank statement will be needed.
  • Taxpayee: Needs to have an NTN number and be an active taxpayer.
  • Credit checks:  The bank will verify addresses and places of business and residences through bureau checks.
  • Reference requirement: Two references will be required from the applicant
  • Financing for flats: Financing for flats/apartments is not available.
  • Meezan Bank Account: An active bank account in the concerned branch is mandatory. If the applicant doesn’t have an account with Meezan Bank, one will be opened to facilitate financing.
  • Maximum Debt Burden Ratio (DBR): (i) 40% for customers who are new to the industry or have less than a year’s worth of credit history; (ii) 45% for customers who have at least 1 year’s worth of credit history.

It’s important to note that Meezan solar financing will also be approved for an applicant who is presently on a job and will retire within the financing period.

However, the applicant has to pay a minimum of 75% installments during the employment time and 25% after retirement.

Note: By the State Bank of Pakistan’s regulatory requirements, consumer/individual customers’ negative history (i.e. overdue/late payment/write-off/waiver) will be shown in eCIB reports for two years following settlement.

Meezan Bank Solar Financing details

  • Financing in Islamic Mode:  The solar financing package will be given on the Islamic concept of Musawamah.
  • Installment Format: Applicant will be asked to pay variable (unequal) monthly installments.
  • Possible Discount: The bank will offer a special discount to its Premium Customers*.
  • Financing Durations (Tenure): There will be a minimum of 12 months installments (1 year) and maximum installments up to 60 months (5 years)
  • Allowed Solar System Capacity: The ban will finance from 1KW up to 1000KW systems.
  • Financing Amount Limit: A minimum of PKR 100,000 and a maximum of up to PKR 2,500,000 will issued from the bank.*
  • Security Collateral: Hire Purchase Agreement (HPA) on solar systems or solar panels along with three cheques.
  • Residence Ownership**: The applicant must own the property on which the solar system will be set up. If the property is owned by an immediate family*** member (the house owner(s) will be co-applicants). In the case of two or more property owners, each shall be considered a co-applicant.
  • Income Requirement for Co-applicant: There is no income requirement for the co-applicant.
  • On-Grid Solar System Down Payment: With credit history ≥ 12 months – Minimum payment of 15% and maximum payment of up to 50%. With a credit history < 12 months – The minimum payment is 30% and the maximum payment is up to 50%.
  • Off-Grid Solar System Down Payment: (i) Minimum payment = 30% and maximum payment up to 50%. Note that in this type of system, there is no net metering installation. 
  • Takaful/After-sale: Risk and reward will be transferred to customers following the execution of the Musawamah contract, therefore any damage/loss/malfunction/after-sale services will be between the financing customer and the Bank’s selected energy partner.

* For Meezan Bank Premium Banking customers, the maximum financing is up to PKR 3,000,000.

** It is compulsory for the applicant of Meezan solar financing to be residing at the provided address.

*** The immediate family members include children, parents, siblings, and spouses. 

How to Process Meezan Bank Solar Financing Application?

The application process is straightforward. An applicant needs to visit the nearest Meezan Bank branch or talk to the bank representative via call at 111-331-331 / 111-331-332 (24/7 Call Centre) to initiate his/her application.

  • The applicant will be given a quotation from an Energy Partner authorized by Meezan Bank (list is provided on the official website).
  • After getting a quotation, the applicant needs to submit a copy of CNIC, and the signed application form attached with a copy of the latest electricity bill to the concerned branch.
  • If don’t have a Meezan Bank account, open an account with Meezan Bank to avail yourself of the Meezan Bank solar financing program in a minimalistic time period

Note: It’s important to note that Meesan solar panel financing will only be offered in Karachi, Lahore, and Rawalpindi/Islamabad region.

List of Solar Financing Banks in Pakistan

Understandably, not everyone can afford the up-front cost of installing a solar system all at once. We have prepared a list of banks that offer solar financing. We are committed to assisting you at every stage of the solar installment procedure in Pakistan under the SBP scheme. The listed banks are leading commercial banks that offer solar on installment to their customers at a reasonable markup rate. You, too, can take advantage of this solar financing opportunity.

Bottom Line

The Meezan Bank solar financing scheme offers affordable installment solar systems in big cities such as Karachi, Lahore, and Rawalpindi/Islamabad to promote renewable energy and reduce dependence on imported fuel.

Major commercial banks offer loans and reasonable eligibility criteria, while solar companies collaborate with banks to provide installment solar systems.

If you are unable to obtain a loan for a solar system from any bank, some solar companies can still assist you by offering an Easy Monthly Installment plan. With this plan, you can install solar panels on installment basis. 

If you want to learn about  Solar’s easy monthly installment plan, simply contact a credible solar company near by and grab the opportunity to generate your own electricity at home.

FAQs

Is solar power available on installments?

Yes, multiple commercial banks in Pakistan offer solar financing for solar system installation. The list of banks includes Meezan Bank, Allied Bank, Faisal Bank, JS Bank, Askari Bank, HBL, Alfalah, and many more.

Which bank is financing solar systems in Pakistan?

The list is long, but the major players, Allied Bank, Meezan Bank, JS Bank, Askari, HBL, Alfalah, and others, are providing solar financing for solar systems.

What is the cost of a 5 kW solar system in Pakistan?

There is no fixed mechanism for solar system pricing, but roughly speaking, the price of a 5kW solar system in Pakistan starts at Rs 770,000, and the cost goes up as the quality of the solar products used increases. You must understand that the cost depends on the quality of the solar panels, inverter, installation structure, and other solar components.

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