Meezan bank Solar Financing vs Allied Bank solar panel Leasing interest rates and total repayments 

Meezan bank Solar Financing vs Allied Bank solar panel Leasing interest rates and total repayments
MeezanBank
Eligibility Criteria
Nationality: Pakistani, adult, permanent resident, CNIC holder
Age of applicant: Minimum 20 years and maximum 60 years or up to the age of retirement at the time of maturity
Age of co-applicant: Maximum 75 years
Employment status: Must be permanent
Income: Minimum monthly gross salary PKR 100,000
Job Tenure: Current employment for at least 2 continuous years
Income assessment: Through payslip, bank statement, appointment letter, employment letter and / or audited financials (in case applicant is a paid director)
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
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
Business Individual
Nationality: Pakistani, adult, permanent resident, CNIC holder
Age of applicant: Minimum 30 years and maximum 65 years at the time of maturity of financing
Age of co-applicant: Maximum 75 years
Income: Minimum monthly gross income PKR 500,000
Business Tenure: At least 05 years
Income assessment: Through Bank statement, Audited Accounts, Tax returns. Etc
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
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):
30% for new to industry or having a credit history less than 12 months
35% for customers having established history of 12 months or more
Allied Solar System Finance
Features & Benefits
Loan amount from Rs. 200,000/- to Rs. 3,000,000/-
Only 6% mark-up rate under refinance scheme of SBP*
Flexibility to choose repayment period up to 7 years
Personal Equity - Minimum 30%
Facility can be availed on house either solely owned by applicant applicant’s parent, son/daughter or spouse OR jointly by the applicant with spouse, parent(s) and child(ren)
No hidden cost
Simple and easy documentation
Processing Fee will be applied after approval of application
*This Scheme Offers a 6% markup, in case that is refinanced from SBP.
Eligibility Criteria
You are a Pakistani national
You are 21 to 59 years old
In case of Salaried Individual
You are working as permanent employee
You are employed for at least two years
You are maintaining minimum six (06) months’ relationship with ABL or any other bank
You have minimum net salary of Rs. 50,000/-
In case of Self-Employed Individual
You are maintaining minimum one (01) year relationship with ABL or minimum two (02) years’ relationship with any other bank
You are in respective business / profession for minimum two (02) years in case of relationship with ABL or minimum three (03) years in case of relationship with any other bank
You have minimum net monthly income of Rs.75,000/- in case of relationship with ABL or Rs.100,000/- in case of relationship with any other bank
Documents Required
CNIC copy of the applicant
CNIC copy of co-owner or the owner(s) other than applicant (where applicable)
Two (2) recent passport size photographs of the applicant
Income documents, which may include Salary Slip / Salary Certificate / Bank Statement(s) / Income Tax Returns / Income Estimation Report
Proof of property ownership
Account Maintenance Letter, on case-to-case basis, where required to ascertain length of business
Proprietorship Letter, where applicable
Personal Guarantee and Letter of Access & Disclaimer from co-owner(s) or the owner(s) of property other than the applicant, where applicable
Partnership Deed, on case-to-case basis where applicable
Quotation with Survey Report from approved solar system vendor
Any additional document(s) may also be required by the Bank.
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