Meezan Bank, a pioneer in Islamic banking in Pakistan, has taken a significant step towards sustainable and eco-friendly living by introducing an Interest-Free Solar Panel System. This initiative is aligned with Sharia principles, offering its customers an opportunity to harness the power of the sun while reducing their electricity bills substantially.
Meezan Bank’s Commitment to Renewable Energy
Meezan Bank’s commitment to renewable energy is evident in its Interest-Free Solar Panel System. This program not only supports the environment but also empowers homeowners to generate their electricity. The excess power produced can be sold back to the national grid, making it a win-win situation for both homeowners and the environment.
Benefits of Meezan’s Interest-Free Solar Panel System
Here are some compelling advantages of Meezan Bank’s Interest-Free Solar Panel System:
- Reduced Electricity Bills: With solar panels installed, your electricity bills can be reduced by up to 50%. This cost-saving is a significant incentive for homeowners.
- Interest-Free Financing: Meezan Bank’s system is fully compliant with Shariah, which means you can finance your solar panels without incurring any interest charges. This aligns with Islamic principles and provides a unique offering in the market.
- Expert Guidance: Meezan Bank offers expert guidance to help you with pricing and the installation process. They make it easier for you to transition to renewable energy.
Eligibility Criteria
To be eligible for Meezan Bank’s Interest-Free Solar Panel System, you must meet the following criteria:
- Salaried Individual (Permanent Job): Applicants must have a permanent job and meet the income criteria.
- Nationality: The applicant must be a Pakistani national and a permanent resident with a national identity card.
- Age: The minimum age for the applicant is 20 years, and the maximum age is 60 years. The co-applicant’s maximum age is 75 years.
- Employment Status: Employment must be permanent, with at least two years of continuous job tenure.
- Minimum Income: The applicant’s minimum monthly income should be one lakh.
- Tax Compliance: Applicants must be tax payees with an NTN number.
- References: At least two reference certificates are required.
- Account in Meezan Bank: If the applicant does not have an account with Meezan Bank, one will be opened for the financing offer.
Product Details
The product details for Meezan Bank’s Interest-Free Solar Panel System include:
- Costs Involved:
- Processing Charges: PKR 5,000 + FED
- Documentation charges: At Actual
- Late payment charges: Nil
- Meezan Energy Partner survey charges: At Actual (if any)
- Termination: Can be terminated anytime by paying remaining installments
- STR Fee: PKR 1,000
- How to Apply: To apply for the program, visit your nearest Meezan Bank branch or call the helpline at 111-331-331/111-331-332. You’ll need to provide a copy of your CNIC, a signed application form, and a copy of your electricity bill. You can also download the application form online.
Interest-Free Solar Panels On Independence Day
In a special initiative, Meezan Bank offers people the opportunity to install solar panels on easy installments on Independence Day. If you’ve always wanted to switch to renewable energy, this is the perfect time to do so, and Meezan Bank makes it affordable and hassle-free.
Required Documents
The required documents vary depending on your employment status:
General Documents
- Property ownership proof
- Current electricity bill
- Properly filled application form
- Copy of valid CNIC
- Photographs (1)
- Signature verification form
- Declaration of financing
- A valid quotation from Meezan Bank’s authorized Solar Vendor.
Salaried Applicants
- Latest pay slip
- Employment letter
- Proof of date of joining (DOJ)
- Proof of employment status
- 6 months’ bank statement
- Audited financials and letters from the company if the applicant is a paid director.
Self-Employed Businessman Applicants
- Sole Proprietorship: NTN, Bank proprietorship letter, Tax returns
- Partnership: Partnership deed, Certificate of the registrar of firms (if registered), 6 months bank statement
- Limited Companies: Memorandum of Articles, Association of Articles, Certificate of Incorporation, Latest Form-A, Latest Form-29, Audited Financials, 6 months bank statement.
Pensioner Applicants
- Copy of pension book/certificate showing pension (must be issued from AGPR or the provincial office of accountant general)
- 6 months’ bank statements reflecting net pension credited to the account.
In conclusion, Meezan Bank’s Interest-Free Solar Panel System is a remarkable initiative that allows you to embrace renewable energy without the burden of interest-based financing. It’s an environmentally friendly and financially sound choice. To apply or get more information, visit your nearest Meezan Bank branch or call the provided helpline.
FAQs
- Is the solar panel financing program open to all Pakistanis?
- Yes, it’s available to Pakistani nationals who meet the eligibility criteria.
- How much can I save on my electricity bills with solar panels?
- You can reduce your electricity bills by up to 50%.
- Are there any late payment charges for the financing program?
- No, there are no late payment charges.
- Can I apply for the program if I don’t have an account with Meezan Bank?
- Yes, an account can be opened for the financing offer.
- Is the solar panel system available only on Independence Day?
- While there’s a special offer on Independence Day, the program is available year-round.
BISP Basic Information Required
| Information | Details |
| Contact Number | 0800-26477, 051-9246326 |
| Address | Benazir Income Support Program, Block F, Pak Secretariat, Islamabad, Pakistan |
| Registration Document Required | CNIC, B-Forms, Mobile No, Gas/Electricity Bill, Home Rent Agreement if Available. |