MEEZAN BANK SOLAR FINANCING SCHEME 2024: ELIGIBILITY AND APPLICATION PROCES

meezan bank solar financing scheme 2024

Want to lower your electricity bills and embrace clean energy? Meezan Bank’s solar financing can make it happen! With 6% interest and up to PKR 2,500,000, you can easily set up solar panels at home. 

Its flexible plan allows you to spread your payments over 1 to 5 years, and it’s available in Karachi, Lahore, and Rawalpindi/Islamabad. Plus, you’ll get credits for any extra energy you feed back into the grid. Start saving money and making a difference with Meezan Bank’s solar financing today!

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What is the Meezan Bank Solar Financing System?

Meezan Bank offers a solar financing plan that follows Islamic rules with no interest charges. You can borrow up to PKR 2,500,000 (or up to PKR 3,000,000 for premium customers) to install solar systems ranging from 1KW to 1000KW. Repayments can be spread over 12 to 60 months.

 This financing is available for people who own property and live in Karachi, Lahore, or Rawalpindi/Islamabad. You’ll need to make variable monthly payments and provide a Hire Purchase Agreement with three cheques. With net metering, you can get credits for any extra power you send back to the grid.

میزان بینک نے اپنے صارفین کو شریعت کے مطابق فوائد پیش کرنا شروع کر دیے ہیں۔ ان کا فوٹو وولٹک پینل فنانسنگ پروگرام قابل ادائیگی منصوبے اور معقول قیمتوں کے ساتھ تجدیدی توانائی تک رسائی کو یقینی بناتا ہے۔ نصب کردہ نظام کے ذریعے بجلی کے بلوں میں 50% تک کمی کی جا سکتی ہے۔ مزید یہ کہ، آپ شریعت کے مطابق اس نظام کے تحت بغیر سود کے فوٹو وولٹک پینل نصب کر سکتے ہیں۔اس پروگرام کا انتخاب کر کے آپ اپنے بجلی کے بلوں پر پیسہ بچا سکتے ہیں اور بجلی کی بندش سے بچ سکتے ہیں۔ پروگرام لچکدار ادائیگی کے منصوبے پیش کرتا ہے اور پورے عمل میں ماہر رہنمائی فراہم کرتا ہے۔

میزان سولر اسکیم آپ کے گھر کے لیے مکمل سولر پینل سیٹ اپ کی مالی معاونت فراہم کرتی ہے۔ اس سود سے آزاد منصوبے کے ساتھ، آپ اپنے ماہانہ بجلی کے بلوں کو 50% تک کم کر سکتے ہیں۔ یہ ان گھروں کے لیے بہترین آپشن ہے جو اپنی بجلی خود پیدا کرنا چاہتے ہیں۔

نیٹ میٹرنگ کے ذریعے، کوئی اضافی بجلی جو آپ پیدا کریں، وہ قومی گرڈ کو فروخت کی جا سکتی ہے، جو ماحول کے لیے مددگار ہے۔ تاہم، یہ سہولت اس وقت صرف کراچی، لاہور اور راولپنڈی/اسلام آباد کے علاقوں میں دستیاب ہے

KEY FEATURES OF MEEZAN BANK SOLAR FINANCING

Aspect

Details

Financing ModeThe Islamic concept of Musawamah
Interest Rate6% interest
Financing Duration (Tenure)Minimum 12 months (1 year) to maximum 60 months (5 years)
Financing Amount LimitMinimum PKR 100,000 to maximum PKR 2,500,000*
Installation FormatVariable (unequal) monthly installments
Allowed Solar Capacity1KW up to 1000KW
Possible DiscountSpecial discount may be offered to Premium Customers*
Security CollateralHire Purchase Agreement (HPA) on solar systems or solar panels, plus three cheques
Residence OwnershipApplicant must own the property where the solar system will be installed. Immediate family members can be co-applicants.
Income Requirement for Co-applicantNo specific income requirement
On-Grid Solar System Down Payment

– Credit history ≥ 12 months: Minimum 15%, maximum 50%

– Credit history < 12 months: Minimum 30%, maximum 50%

Off-Grid Solar System Down PaymentMinimum 30%, maximum 50% (Note: No net metering included)
Takaful/After-saleRisk and reward transferred to customers after the Musawamah contract; handling of damage, loss, or after-sale services managed between the customer and the bank’s selected energy partner

NOTE: For Meezan Bank Premium Banking customers, the maximum financing amount is up to PKR 3,000,000.

LOAN CRITERIA FOR SALARIED, PENSIONER, BUSINESSMAN AND SUPPLIER

Meezan Bank offers solar financing tailored to various types of applicants. Here’s a comprehensive look at the eligibility criteria for each category:

Category 1: Salaried Individuals (Permanent Job Status)

  • Eligibility: Pakistani nationals with a CNIC, aged between 20 and 60 years, or up to retirement age. Co-applicants must be up to 75 years old.
  • Employment: Must be in a permanent job.
  • Income: Minimum monthly gross salary of PKR 100,000.
  • Experience: At least 2 years in the current job.
  • Documentation: Payslip, bank statement, appointment letter, employment letter, and if applicable, audited financials.
  • Tax Status: Must be an active taxpayer with an NTN number.
  • Credit Checks: The bank will conduct bureau checks and verify residence and office/business locations.
  • References: Two references are required.
  • Financing for Flats: Not available.
  • Bank Account: An active Meezan Bank account is required.
  • Debt Burden Ratio: 40% for those new to this type of financing or with less than 12 months of credit history, and 45% for those with a longer history.

Category 2: Salaried Individuals (Contractual Job Status)

  • Eligibility: Minimum monthly gross income of PKR 200,000.
  • Experience: Three years with the current employer and five years overall. The contract must be directly with the entity.
  • Other Requirements: Same as for permanent job holders.

Category 3: Business Owners

  • Eligibility: Pakistani nationals with a CNIC, aged between 30 and 65 years, or up to retirement age. Co-applicants must be up to 75 years old.
  • Income: Minimum monthly gross income of PKR 500,000.
  • Business Tenure: At least 5 years.
  • Documentation: Bank statements, audited accounts, tax returns, and for companies, additional corporate documents.
  • Tax Status: Must have an NTN number and be an active taxpayer.
  • Credit Checks: The bank will verify addresses and business locations.
  • References: Two references are required.
  • Financing for Flats: Not available.
  • Bank Account: An active Meezan Bank account is mandatory.
  • Debt Burden Ratio: 30% for new industry entrants or those with less than a year’s credit history, and 35% for those with at least one year’s history.

Category 4: Pensioners

  • Eligibility: Pakistani nationals with a CNIC, aged up to 70 years.
  • Income: Minimum gross monthly pension of PKR 100,000.
  • Status: Must be a retired pension holder.
  • Documentation: Pension book/certificate from AGPR or the provincial accountant general’s office, and a six-month bank statement showing pension deposits.
  • Tax Status: Must have an NTN number and be an active taxpayer.
  • Credit Checks: Verification of addresses and business locations through bureau checks.
  • References: Two references are required.
  • Financing for Flats: Not available.
  • Bank Account: An active Meezan Bank account is necessary.

For all categories, applicants must maintain an active bank account with Meezan Bank, and the financing is contingent on the applicant’s ability to manage the debt burden ratio. It’s also noteworthy that individuals who are employed but planning to retire during the financing period can still be approved, provided they meet the installment payment requirements during and after employment.

Note: Negative credit history will be reported in eCIB for two years following settlement as per the State Bank of Pakistan’s regulations.

NET METERING THROUGH MEEZAN BANK SOLAR FINANCING

Power Exchange with the Grid: Imagine your solar panels working overtime, generating more electricity than your home needs. With net metering, you can channel this excess power back into the grid. Here’s how it works:
  • During sunny days, your solar panels produce surplus energy.
  • The excess electricity flows into the grid.
  • Your utility company credits your account for this contribution.
  • When your panels produce less (like at night), you draw power from the grid.
  • The net difference determines your bill—either a credit or a charge.

NOTE: Net metering is a win-win: you save money and contribute to a more balanced energy ecosystem.

WHY SHOULD YOU PARTNER WITH MEEZAN BANK SOLAR FINANCING?

Partnering with Meezan Bank for solar financing offers key benefits:

Shariah Compliance: Financing adheres to Islamic principles with a 6% profit rate, ensuring ethical investment.

Flexible Payments: Enjoy variable monthly installments and financing durations from 12 to 60 months.

Wide Range of Options: Finance solar systems from 1KW to 1000KW, with amounts up to PKR 2,500,000 (or PKR 3,000,000 for premium customers).

No Hidden Costs: Transparent terms with no interest charges.

Secure Financing: Requires a Hire Purchase Agreement and three cheques.

Eligibility for All: Available for salaried individuals, businessmen, and pensioners with tailored criteria.

After-Sale Support: Risk and rewards are managed through a selected energy partner.

HOW CAN I APPLY FOR MEEZAN BANK SOLAR FINANCING?

If you don’t have a Meezan Bank account, you will need to open one to take advantage of the Meezan Bank solar financing program. The process is quick and straightforward. To proceed with your solar financing request, follow these steps:

  • Visit the nearest bank branch: Go to the closest branch of the participating financial institution.
  • Call the helpline: For more details, you can call the following numbers:  111-331-331,111-331-332
  • Obtain a citation from Solarjee: Get a reference from Solarjee, a partner with Meezan Bank.
  • Submit required documents: Provide a copy of your CNIC, a signed utility form, and a copy of your latest electricity bill.
  • Complete and submit the form: You will receive a form, which you can also download online or get at the bank. Fill it out and submit it to your nearest bank branch.
NOTE: Meezan Bank’s solar panel financing is currently available only in Karachi, Lahore, and the Rawalpindi/Islamabad region.

اگر آپ کے پاس میزان بینک کا اکاؤنٹ نہیں ہے، تو آپ کو میزان بینک کے سولر فنانسنگ پروگرام سے فائدہ اٹھانے کے لیے ایک اکاؤنٹ کھولنا ہوگا۔ یہ عمل تیز اور آسان ہے۔سولر فنانسنگ کے لیے درخواست دینے کے لیے یہ اقدامات کریں:

قریبی بینک برانچ میں جائیں: شراکت دار مالیاتی ادارے کی قریبی برانچ پر جائیں۔

ہیلپ لائن پر کال کریں: مزید تفصیلات کے لیے درج ذیل نمبروں پر کال کریں :332-331-331,111-331-111

سولر جی سے حوالہ حاصل کریں: میزان بینک کے شریک سولر جی سے حوالہ حاصل کریں۔

ضروری دستاویزات جمع کریں: CNIC کی کاپی، دستخط شدہ یوٹیلیٹی فارم، اور تازہ بجلی کے بل کی کاپی فراہم کریں۔

فارم مکمل کریں اور جمع کرائیں: آپ کو ایک فارم ملے گا، جو آپ آن لائن بھی ڈاؤن لوڈ کر سکتے ہیں یا بینک سے حاصل کر سکتے ہیں۔ فارم بھر کر اپنے قریبی بینک برانچ میں جمع کرائیں۔

WHAT DOCUMENTS ARE REQUIRED FOR MEEZAN BANK SOLAR FINANCING?

To apply for Meezan Bank’s solar financing, you’ll need to gather various documents based on your status and situation.

General Documents: First and foremost, you must provide proof of property possession and a current electricity bill. Ensure that your application form is filled out completely and accurately. You will need to submit a copy of your valid CNIC and a recent photograph. Additionally, include a signature verification form and a declaration of financing. A legitimate citation from Meezan Bank’s approved Solar Vendor is also required.

For Salaried Applicants: If you’re a salaried individual, bring your latest pay slip and an employment letter detailing your job. Proof of your date of joining (DOJ) and employment status are essential. You’ll also need to provide a six-month bank statement. If you are a paid director, include audited financials and letters from your company.

For Self-Employed Businessmen: Self-employed applicants must present different documents depending on their business structure. For sole proprietorships, provide your NTN, a bank proprietorship letter, and tax returns. If you’re in a partnership, submit the latest partnership deed and the certificate of registration from the registrar of firms if applicable. You should also include a six-month bank statement for the business or the applicant partner. For limited companies, supply the memorandum of articles, association of articles, certificate of incorporation, the latest Form-A and Form-29, audited financials, and a six-month bank statement for the company or applicant director.

For Pensioners: Pensioner applicants need to provide a copy of the pension book or certificate showing the pension, which must be issued from AGPR or the provincial office of the Accountant General. A six-month bank statement reflecting the net pension credited to your account is also required.

By compiling these documents, you’ll be well-prepared to apply for solar financing through Meezan Bank, tailored to your specific employment or business status.

LIST OF FINANCING BANKS IN PAKISTAN

Not everyone can afford the full cost of installing a solar system upfront. To help with this, we’ve compiled a list of banks that offer solar financing. We’re here to support you throughout the entire solar installation process in Pakistan under the SBP scheme. The banks listed are prominent commercial banks that provide solar financing with reasonable markup rates. You can benefit from these solar financing options as well.

  • FYSAL BANK
  • Meezan Bank Limited
  • Askari Bank
  • JS Bank
  • Allied Bank
  • United Bank Limited
  • Alfalah Bank
  • Habib Bank Limited

CONCLUSION

The Meezan Bank solar financing scheme provides an affordable way to install solar systems in major cities like Karachi, Lahore, and Rawalpindi/Islamabad. This initiative aims to promote renewable energy and reduce reliance on imported fuel.Leading commercial banks offer loans with reasonable eligibility criteria, and they work with solar companies to offer installment-based solar systems. 

If you find it challenging to secure a loan from a bank, some solar companies offer Easy Monthly Installment plans. These plans allow you to install solar panels and pay in installments. To explore Solar’s Easy Monthly Installment plan, contact a reputable solar company near you and seize the chance to generate your electricity at home.

FAQS

Which bank is best for solar financing in Pakistan?

Meezan Bank is best in solar financing because they offer flexible payment plans and competitive rates that make it easy for you to switch to solar power. Their Shariah-compliant approach ensures your investment aligns with your values, and they even help you save more by letting you sell excess power back to the grid. With Meezan, you’re not just saving money—you’re investing in a cleaner, greener future.

 

What is the interest rate of Meezan Solar Financing?

The interest rate or profit rate is 6% per annum. With Meezan Bank’s solar installment plan, you can finance your solar setup with up to PKR 2.5 million. You have the flexibility to choose a repayment period that suits you—ranging from just one year to as long as five years.

What are the disadvantages of solar power banks?

Solar energy systems rely on sunlight to generate power, so they need plenty of exposure to be effective. They won’t charge at night or in dark, shadowy areas, and their performance can be impacted by cloudy or stormy weather. Without consistent access to light, their energy production can be limited.

What are the process charges for solar loan applications in Meezan Bank?

Processing fees are Rs. 5,000/- or 0.2% of the loan amount, that is non-refundable for each application.

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