Solar Energy – Welcome to MCB Islamic Bank Website

Solar Energy Solution Finance for Domestic Needs

Solar Energy Solution Finance product is a Shari’ah compliant financing solution for Individuals to purchase the Solar System for Personal/Domestic use under Rihayesh Finance (Renovation). Modes of Islamic finance is ‘Diminishing Musharakah’:

Targeted Customers:

Primarily self-employed businessmen/professionals and salaried individuals.

Eligibility Criteria:

Applicant(s) must be Pakistani Resident Nationals.
Minimum monthly net salary of PKR 60,000/- for Salaried Individuals and minimum monthly net income requirement of PKR 100,000/- for Self-Employed Individuals.
Minimum Age Requirement: 25 years for Primary Applicant (22 years for Joint-Applicant).
Maximum Age Requirement (at finance maturity): 65 years for Primary Applicant (70 years for Joint-Applicant).
Employment / Business Length: Minimum 2 years employment (Salaried) and 3 years length of business (Self-employed).

Features:

Financing up to 20 Million.
Financing tenor up to 10 years.
Minimum Contribution from Customer is 20%.
Competitive profit rates.
Competitive Takaful rates.
Option of having Joint-Applicants (Co-Applicants).
Options for early buyout (early settlement) either partially (to reduce monthly installment) or in full (as per Schedule of Bank Charges).
Finance up to 80% of the assessed value of the equipment for Self-Employed Businessmen / Professionals and for Salaried Individuals.

Minimum Documentation:

Copy of valid and original CNIC / SNIC / NICOP.
2 passport size recent colored photographs.
Bank statement (12 months)
Any other document required by the Bank.
Copy of Utility Bills
Copy of property documents.
Business / employment proof.
Income documents.
Declaration of all financing facilities availed from all financial institutions.