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MEEZAN SOLAR

Power Your Home with Shariah-Compliant Solar Panel Financing

Meezan Solar offers financing of complete solar panel systems for your home. Lower your monthly electricity bill by up to 50%, by availing an interest-free solar financing solution. Meezan solar is based on State Bank of Pakistan’s Islamic Refinance Scheme and is ideal for homeowners for generating their own source of power. Through net metering, excess power generated by solar energy may also be sold back to the national electricity grid, resulting in a greener environment.

eligibility criteria

Eligibility Criteria

Salaried Individual
  • Age of applicant: Minimum 20 years and maximum 60 years or upto the age of retirement at maturity
  • Age of co-applicant: Maximum 75 years
  • Nationality: Pakistani, adult, permanent resident, CNIC holder
  • Employment status: Must be permanent
  • Income: Minimum monthly gross salary PKR 100,000
  • Tax payee: Must be an active tax payee with NTN number
  • Job Tenure: Current employment for at least 2 continuous years
  • Credit checks: Bank will conduct bureau checks and will conduct verification of residence and office / business place
  • Income assessment: Through payslip, bank statement, appointment letter, employment letter and / or audited financial (in case applicant is a paid director)
  • References: Two references required
  • Financing for flats: Financing for flats / apartments is not available.
  • Account in Meezan Bank: Mandatory. If applicant currently does not have any account in Meezan Bank, it will be opened to offer financing.
  • Maximum Debt Burden Ratio (DBR):
    • 40% for new to industry or having a credit history less than 12 months
    • 45% for customers having established history of 12 months or more.
Self-employed Businessman
  • Age of applicant: Minimum 20 years and maximum 65 years at maturity of financing.
  • Age of co-applicant: Maximum 75 years
  • Nationality: Pakistani, adult, permanent resident, CNIC holder
  • Income: Minimum monthly gross income PKR 200,000
  • Tax payee: Must be an active tax payee with NTN number
  • Business Tenure: At least 2 years in same business
  • Credit checks: Bank will conduct bureau checks and will conduct verification of residence and office / business place
  • Income assessment: Through Bank statement, Audited Accounts, Tax returns. Etc
  • References: Two references required
  • Financing for flats: Financing for flats / apartments is not available.
  • Account in Meezan Bank: Mandatory. If applicant currently does not have any account in Meezan Bank, it will be opened to offer financing.
  • Maximum Debt Burden Ratio (DBR):
    • 40% for new to industry or having a credit history less than 12 months
    • 45% for customers having established history of 12 months or more.
Pension* Income
  • Age of applicant: Maximum 70 years at maturity of financing.
  • Age of co-applicant: Maximum 75 years
  • Nationality: Pakistani, adult, permanent resident, CNIC holder
  • Employment status: Retired** pension holder
  • Income: Minimum monthly gross pension PKR 100,000
  • Tax payee: Must be an active tax payee with NTN number
  • Credit checks: Bank will conduct bureau checks and will conduct verification of residence and office / business place
  • Income assessment: Through pension book, bank statement, documents required from a salaried individual if applicant is still working and getting retired in financing period. Etc
  • References: Two references required
  • Financing for flats: Financing for flats / apartments is not available.
  • Account in Meezan Bank: Mandatory. If applicant currently does not have any account in Meezan Bank, it will be opened to offer financing.
  • Maximum Debt Burden Ratio (DBR):
    • 40% for new to industry or having a credit history less than 12 months
    • 45% for customers having established history of 12 months or more

* Pension cases will be allowed only on one-off basis.

** For an applicant who is currently on job and is getting retired within financing period, financing may be allowed for a tenure in which min 75% installments should be paid within employment period and 25% after retirement.

Note: In line with State Bank of Pakistan's regulatory requirement, negative history (i.e. overdue/ late payment/ write-off/ waiver) of consumer/individual customers will be reflected in eCIB reports for two years after settlement.

Key Features

  • Islamic Mode: Financing to be provided on Islamic concept of Musawamah.
  • Installment: Unequal monthly installments
  • Profit rate: 6% per annum (fixed)
  • Financing tenure: Minimum 12 months (1 year) and Maximum upto 60 months (5 years)
  • Allowed capacity: From 1KW upto 1000KW
  • Financing amount: Minimum PKR 100,000 and Maximum upto PKR 2000,000
  • Security collateral: HPA on solar panel and 3 cheques
  • Residence ownership: Property where solar has to be installed must be owned by applicant. If the place is owned by an immediate family member*, in such case house owner(s) will become co-applicant**. In case of 2 or more owners of property, each and every owner will become co-applicant.
  • Co-applicant: In case of co-applicant there will be no income requirement from co-applicant.
  • On-Grid System Down Payment
    • With credit history 12 month - Minimum 15% maximum up to 50%
    • With credit history < 12 months - Minimum 30% maximum up to 50%
  • Off-Grid System (No Net Metering) Down Payment
    • Minimum = 30% and maximum up to 50%.

*Immediate family members include parents, spouse, siblings and children
**however, applicant must be residing at provided address

Costs Involved

As per latest Schedule of Charges

Type of Charges Chargers
Processing Charges PKR 5,000 + FED
Documentation charges At Actual
Late payment charges Nil
Vendor survey charges At Actual (if any)
Termination Can be terminated anytime by paying remaining installments
STR Fee PKR 1,000
What is included: Financing amount may include cost of solar panels, inverters, and other ancillary items such as wiring and equipment along with the installation cost.
What is not included: Batteries will not be financed in both on-grid and off-grid systems. Similarly, cost of “net metering” to be borne by the customers and its arrangement will also be a matter between selected Vendor and the Customer.

How to Apply

Visit your nearest Meezan Bank branch or call at 111-331-331 / 111-331-332 to initiate your application.

  • Obtain quotation from solar partner authorized with Meezan Bank (list provided below).
  • Submit your CNIC, signed application form (provided below), along with copy of latest electricity bill.
  • Open an account at Meezan Bank for availing financing in minimal time.

Contact our Dedicated Representatives

Representative

Mr. Azeem Ullah

Cell No : 0331 2592705

Karachi

Representative

Mr. Akash Siva Kumar

Cell No : 0341 2342350

Karachi

Representative

Mr. Muhammad Nadeem Rahim

Cell No : 0336 1517972 / 0321 5033481

Islamabad

Representative

Mr. Awais Arif

Cell No : 0307 5251922 / 0310 1555902

Islamabad

Representative

Mr. Aftab Rabbani

Cell No: 0304 0921496

Faisalabad

Representative

Mr. Rana Asif Altaf

Cell No: 0300 6362042

Multan

Representative

Mr. Shahzad Mehmood

Cell No: 0304 1927401

Lahore