Meezan Bank’s interest-free solar panel installation initiative has commenced. Simple monthly installments are used to make payments. Meezan Bank started providing Shariah-compliant benefits to its customers. The bank initiated its solar panel financing scheme on its own.
The project allows for the purchase of renewable energy with simple payment plans and cheap pricing.
Solar energy installation reduces greenhouse gas emissions and is a renewable energy source. Because of its installation, people will save money on their electricity bills.
You will produce your own electricity and use less from the utility provider if you have a great solar installation.
On the other side, you can earn by returning any excess electricity to the grid. Solar panels are becoming increasingly affordable as they offer significant potential for monthly power bill savings.
However, if there is a power outage, your own electricity generation allows you to keep the lights on.
The only thing a solar panel requires is sunlight. Even during the winter months, when there are fewer hours of daylight, there is still enough to illuminate an average American home.
Electricity expenditures will be reduced by up to 50% as a result of the installation. Now that the system is Shariah-compliant, you can install the solar panels without fear of incurring interest.
Solar Panel Details
The following is the complete product description:
|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|
Meezan Bank has established qualifications for pensioners, individuals with permanent jobs, and business owners. Visit the Meezan Bank website https://www.meezanbank.com/solar-panel-financing/ for more information.
Furthermore, the applicant must own the site where the solar panel will be installed. Co-applicants will be members of the immediate family who own the property.
How to Apply
If you are serious about acquiring the solar panel financing plan, you must call their helpline at 111-331-331/111-331-332 or visit the nearest Meezan Bank location.
- Get a quote from the bank’s energy provider. The facts are available on the website.
- submit a signed application form, a copy of your CNIC, and a copy of your most recent electric bill.
- The last step is to open an account with Meezan Bank.
Some of the financing charges are as follows:
- The cost of a solar panel
- Inverter cost
- The cost of connected items such as labor, equipment, and installation costs.
Customers must shoulder the cost of batteries (both on-grid and off-grid). Its arrangement, on the other hand, is underfunded.
As a result, now is an excellent moment for everyone to take advantage of the best plan for their needs and enjoy the summer without anxiety due to a no-interest opportunity.