Meezan Bank Solar Panel Loan: Features, Eligibility & How to Apply

Rising electricity rates and increased load shedding are driving many individuals in Pakistan to switch to solar energy for greater independence from the national grid. Solar energy offers savings on bills and a reliable power supply. For those unable to afford solar panels, the Meezan Bank Solar Financing Scheme provides a Shariah-compliant option to facilitate the transition to renewable energy. This article will cover the features, eligibility, and application process for Meezan Bank’s Solar Panel Loan.

Read more: Solar Panel Installation by Bank Alfalah

بجلی کے بڑھتے ہوئے نرخ اور لوڈ شیڈنگ میں اضافہ پاکستان میں بہت سے لوگوں کو قومی گرڈ سے زیادہ آزادی کے لیے شمسی توانائی کی طرف جانے پر مجبور کر رہا ہے۔ شمسی توانائی بلوں میں بچت اور قابل اعتماد بجلی کی فراہمی فراہم کرتی ہے۔ وہ لوگ جو سولر پینلز کی استطاعت نہیں رکھتے، میزان بینک سولر فنانسنگ اسکیم قابل تجدید توانائی کی طرف منتقلی میں سہولت فراہم کرنے کے لیے شریعت کے مطابق آپشن فراہم کرتی ہے۔ یہ مضمون میزان بینک کے سولر پینل لون کے لیے خصوصیات، اہلیت اور درخواست کے عمل کا احاطہ کرے گا۔

What is the Meezan Bank Solar Financing

Meezan Bank offers a solar system for homes with flexible, interest-free payment plans, which can potentially reduce electricity bills by up to 50%. Customers can sell excess electricity back to the national grid, contributing to a cleaner environment. This initiative, part of the Apni Bijli (Own Electricity) program, allows residential and business customers to install solar energy systems through Islamic financing (Diminishing Musharakah), promoting green energy while ensuring Shariah compliance.

Product Details

The information regarding solar panels offered by Meezan Bank is outlined below.  

• These panels will be offered as financial assistance per Islamic principles.  
• The installment amounts may differ based on the size of the solar system and the financing amount.  
• Meezan Bank will offer a flexible repayment plan monthly.  

• Premium customers receive exclusive discounts, and the bank sets the maximum financing limit at 100,000 Pakistani rupees.
• The duration for repayment can range from as short as one year to as long as five years.  
• They can provide systems ranging from 1KW to 1000KW.  
• Once the solar panel is acquired, the loan amount can vary from 100,000 to 2,500,000.  
• Applicants must be the owners of the location where the solar panel will be installed.  
• Residents may also apply if a family member holds ownership of the property.

Key Features of Meezan Bank Solar Panel Loan

Here are the key features of the Meezan Solar Panel Loan: 

Shariah-Compliant Financing

The financing is designed according to Diminishing Musharakah, adhering to Islamic guidelines.

Financing Limit

• For residential clients: Up to PKR 2.5 million 
• For business/commercial clients: Up to PKR 10 million (or possibly more based on eligibility).

Tenure

A flexible repayment schedule is available, ranging from 1 to 5 years (12 to 60 months).

Own Your Solar System

Upon completion of the financing term, the customer gains full ownership of the solar panel system.

Easy Monthly Installments

• Affordable monthly installment options are customized to the borrower’s income level. 
• The installment includes both principal and interest elements.

No Collateral (for certain amounts)

For smaller loans (typically under PKR 1 million), Meezan typically does not require collateral.

Installation by Approved Vendors

Meezan Bank partners with certified solar energy vendors to provide high-quality installations and after-sales support.

Know About: Solar Panel Installation Plan

Net Metering Support

Eligible systems can utilize net metering, which allows clients to sell excess power back to the grid.

Eligibility Criteria Meezan Bank Solar Financing

• To qualify for the solar financing scheme, applicants must fulfill the following eligibility requirements.
• Applicants are required to be Pakistani citizens, have an identity card, and be at least 20 years old. The co-applicant’s maximum age should not exceed 75 years.  
• Applicants must hold a permanent job with a gross monthly income of up to 100,000 rupees.  
• Applicants need to be permanent residents of the area where they are applying.  
• In case of a business applicant, their income should not exceed 500,000 rupees per month, and their business should have been operational for over five years.  
• For pensioners seeking to apply, they should be retired and receiving a pension of up to 100,000 rupees per month.  
• Additionally, applicants must submit pension bank statements with the application documents and provide two references.

How to Apply

• Visit a nearby Meezan Bank branch or call this number: 111-331-331.  
• At Meezan Bank, request the solar energy scheme application form from the staff.  
• You will need your most recent electricity bill and a copy of your identification card. Additionally, open an account with Meezan Bank and submit the completed form along with all required documents.

Meezan Bank Solar Financing Interest Rate in Pakistan

The Meezan Bank solar financing scheme offers an interest rate of 6% per annum. This rate applies to the amount borrowed for solar installation, meaning you will pay 6% interest annually on that sum. To determine your home’s energy load and see how much solar capacity you might need, consider using the provided solar calculator.

Conclusion

Meezan Bank offers a Solar Panel Loan designed to provide a practical and Shariah-compliant option for homeowners and businesses in Pakistan aiming to transition to clean and cost-effective energy sources. This financing scheme includes flexible repayment terms, support for net metering, and affordable rates, making solar energy more accessible for a wider audience. By opting for Meezan Bank’s solar financing, individuals and businesses can reduce their electricity expenses while gaining greater energy independence. This initiative represents a significant step towards sustainable energy use.

میزان بینک ایک سولر پینل لون کی پیشکش کرتا ہے جو پاکستان میں گھروں کے مالکان اور کاروباروں کے لیے ایک عملی اور شریعت کے مطابق آپشن فراہم کرنے کے لیے ڈیزائن کیا گیا ہے جس کا مقصد صاف اور کم لاگت توانائی کے ذرائع کی طرف منتقلی کرنا ہے۔ اس فنانسنگ اسکیم میں ادائیگی کی لچکدار شرائط، نیٹ میٹرنگ کے لیے سپورٹ، اور سستی شرحیں شامل ہیں، جو شمسی توانائی کو وسیع تر سامعین کے لیے زیادہ قابل رسائی بناتی ہے۔ میزان بینک کی سولر فنانسنگ کا انتخاب کرکے، افراد اور کاروبار توانائی سے زیادہ خود مختاری حاصل کرتے ہوئے اپنے بجلی کے اخراجات کو کم کرسکتے ہیں۔ یہ اقدام توانائی کے پائیدار استعمال کی جانب ایک اہم قدم کی نمائندگی کرتا ہے۔

FAQ’s

Is Meezan Bank’s solar financing interest-free?

Who can apply for Meezan solar financing?

Pakistani citizens aged 20 or above with a stable income, including salaried individuals, business owners, and pensioners.

What is the maximum financing limit?

For residential customers, up to PKR 2.5 million; for business clients, up to PKR 10 million or more, based on eligibility.