How To Get 25 Lakh Interest-Free Solar Panel Loan Meezan Bank Best Guide

Solar Panel Loan Meezan Bank | Meezan Bank Solar Financing

Meezan solar panel loan is an attractive interest-free financial loan scheme to promote solar energy adoption. This financing program contributes to environmental sustainability and reduces reliance on traditional power sources.

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Meezan Bank Solar Financing | Solar Panel Loan

• Meezan Bank provides impressive interest-free loans from 1 Lakh to 25 Lakh rupees for solar panel installations.

• By providing a huge system ranging from 1KW to 1000KW, the Meezan Solar Panel Plant covers a diverse spectrum of capacity requirements.

• This interest-free loan initiative has diverse eligibility criteria, including businessmen, payroll workers, entrepreneurs, pensioners, and self-employed individuals, which can help them cut down their electricity expenses by up to half.

• Meezan Bank provides a complete financial consultation to help applicants understand the benefits, terms, and eligibility criteria.

• This financing covers not only the cost of solar panels but also installation and maintenance expenses.

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• You can apply for a solar panel loan through a straightforward application process either by visiting a Meezan Bank branch or contacting the online helpline.

• The bank offers flexible repayment options, allowing applicants to choose payment plans that suit them best, with the option to extend the duration up to a maximum of 5 years.

• Meezan Bank has initiated its interest-free solar panel loan program to benefit individuals from the latest technological advancements in solar energy, making it a financially attractive option.

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Primary Features of Solar Panel Loan Scheme

• Loan amount: The amount for the Solar Panel Interest-free Loan Scheme by Meezan Bank ranges from Rs. 100,000 to Rs. 2,500,000 (25 Lakh max).

• Solar Panel Setup Potential: 1KW-1000KW.

• Investment Plan: Shariah Complaint (Musawamah).

• Repayment Duration: The repayment tenure for solar panel loan ranges from 12 months to 60 months (1 year to 5 years max).

Key details of the Meezan Bank Solar Panel Loan Scheme are mentioned in this image

Let’s discuss the eligibility criteria to avail solar panels on installment from Meezan Bank

Eligibility Criteria for Solar Panel Loan Program

To avail interest-free solar panel loan, individuals must meet the following eligibility criteria:

• Applicants must have a valid CNIC with Pakistani nationality.
• The primary applicant’s age must range from 20 to 60 years.
• Co-applicants’ age should be a maximum of 75 years.
• The monthly gross salary of the primary applicant should be at least Rs. 100,000.
• The monthly gross salary of contractual staff with a five-year work history should be at least Rs. 200,000.
• The monthly gross salary of business applicants should be at least Rs. 500,000.
• The monthly gross pension of pensioners should be at least Rs. 100,000.
• Engaged taxpayer with an authentic National Tax Number (NTN).
• The applicant is obligated to offer two guarantors.

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How To Apply For Solar Panel Loan By Meezan Bank

To apply for Solar Panel Loan from Meezan Bank, you can follow the simple steps discussed below:

• #1. Visit the Meezan Bank Branch or Contact the Helpline.
• #2. Request a Quotation from Registered Meezan Solar Energy Partner.
• #3. Fill out the Application Form.
• #4. Submit the form Along with the Required Documents.
• #5. Hold on for approval.
• #6. Open an Account (If needed).
• #7. Proceed with Financing and Solar Panel Installation.
• #8. Commence the Repayment Process.
• #9. Regular Communication.
• #10. Explore Additional Benefits.

#1. Visit the Meezan Bank Branch or Contact the Helpline

• The first step of the application process is to visit the nearest branch of Meezan Bank to get the necessary information or contact them via their helpline at 111-331-331 or 111-331-332. The Meezan bank team will provide detailed guidance to assist you in initiating your application.

#2. Request a Quotation from Registered Meezan Solar Energy Partner

• The second step is to ask for a quotation from Meezan Bank’s Solar Partner. This will provide you with a price estimate and detailed expenses and specifications for the solar panel system you intend to install.

#3. Fill out the Application Form

• The third step is to get the application form from a Meezan Bank branch or their official website and provide the correct required information to complete the application process.

#4. Submit the form Along with the Required Documents.

• The fourth step is to gather all the necessary documents and attach them to the application form to proceed further. These documents include:

1. A pair of ID card copies for the applicant, co-applicant, and guarantors.
2. proof of tax returns with NTN number.
3. Monthly income receipts.
4. Bank statements for the last 6 months.
5. Residency ownership documents.
6. Proof of a bank account in Meezan Bank.

#5. Hold on for approval

• The fifth step is to wait for approval. Have patience as Meezan Bank reviews your request, and once your application is approved, the bank will notify you.

#6. Open an Account (If needed)

• The sixth step is to open a bank account with Meezan Bank. If you already have an account, there is no issue. However, if you don’t have an account with Meezan Bank, request to open one, and the bank will open one for you to proceed further.

#7. Proceed with Financing and Solar Panel Installation

• The seventh step is to access a solar panel loan and proceed with the installation. Following approval, the bank will provide you with an interest-free solar panel loan for the installation of the solar panel plant. You can then proceed to install the solar panels according to the approved quotation.

#8. Commence the Repayment Process

• The eighth step is to understand the repayment plan. After the installation of your solar panels, you are required to make monthly installments according to the agreement until the complete repayment of the loan.

#9. Regular Communication

• The ninth step is to stay in touch and maintain regular communication with the Meezan Bank support system to address any concerns and queries during this loan period.

#10. Explore Additional Benefits

• The last step is to explore and benefit from other perks and programs offered by Meezan Bank for customers in the solar panel loan scheme.

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Documentation Requirement To Get Interest-Free Loan For Solar Panels

The following documents are required from applicants to avail interest-free solar panel loans to get the ‘Solar Panel On Installment’ scheme, as part of the processing and verification process.

• A pair of ID card copies for the primary applicant, co-applicant, and guarantors for identity verification.

• Evidence of tax returns with an authentic National Tax Number (NTN) to assess the active tax-paying status and creditworthiness.

• Bank statements from the last six months and monthly income salary receipts to evaluate the applicant’s repayment capacity.

• Residency ownership documents to verify the applicant’s residence ownership status and confirm their permanent residency.

• Applicants must have a bank account in Meezan Bank to proceed with the application. If not, the bank will assist in opening an account for further processing.

• To secure the financed solar panel system, it is mandatory to provide proof of Takaful (Islamic Insurance) coverage.

Solar Panel Loan Calculator | Solar Panel Interest-Free Loans

• Meezan Bank offers a Solar Panel Loan calculator tool to determine the exact estimate you need for your solar plant.
• This solar panel calculator provides comprehensive details with just one click after entering the required information.
• The result will display the installment plan, repayment duration, and other financing details.

What to input in Solar Panel Loan Calculator

Enter the following information in Solar Panel Loan Calculator:

• Financing Amount: Enter the amount you wish to access for the solar panel loan scheme, which ranges from 1 Lakh to 25 Lakh rupees. This loan amount is interest-free.

• Down Payment: Choose the down payment you prefer for your solar panel installation. This amount depends on the individual status and the program initiative.

• Repayment Duration: The flexible repayment plan allows you to choose what suits you best, with a maximum of 5 years. If you encounter difficulties in repaying on time, please contact Meezan Bank immediately.

Pros of Meezan Bank Solar Panel Loan

Empowering Energy Independence

• It allows individuals to generate their electricity and become less reliant on external energy sources

Accessible Sustainability with Interest-Free Financing

• This interest-free solar panel loan program allows individuals or businesses to harness sustainable energy without a substantial friend installment,

Affordable Solar Energy through Shariah-Compliant Initiatives

• Meezan Bank’s Shariah-compliant initiative of solar panels on installment makes the initial cost of solar energy more affordable, also aligning with the bank’s commitment to promoting eco-friendly practices.

Cons of Meezan Bank Solar Panel Loan

Limited Loan Amounts

• The solar panel loan amounts of Meezan Bank may be limited, which could be insufficient for larger solar panel installations.

Approval Time

• The approval process may take time, and some applicants might prefer a quicker turnaround.

Dependence on Quotation Accuracy

• The accuracy of the initial quotation from the Meezan Solar Energy Partner is crucial, as discrepancies could impact the financing and installation process.

Interest-free Loans for Solar Panels | FAQ’s