Residential Solar Installation under Bank Finance Scheme
Solar Bank Finance is available at 6% for general public from all banks
Here are the conditions of Meezan Bank Limited
There are some discounts available for some categories
- 5.5% for women owned properties from Meezan Bank
- 4.5% for Preferred Meezan Bank Customers
- Salaried Individuals
- Businessman
- Retired Pensioner
Every individual can apply for the Solar Installations under following conditions
- Age of applicant: Minimum 20 years and maximum 60 years or up to 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 pay slip, 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.
Every Businessman can apply for the Solar Installations under following conditions
- 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.
Key Features(Meezan Bank)
- 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.
