Solar Panels on Installments
Pakistan is facing an increase in inflation by 12.6% in 2024. From daily food items to medicine, everything is affected. The same is the case with electricity bills. Electricity is essential for every minor and major machinery usage, and these bills have become unaffordable for the middle class. The “State Bank of Pakistan” understands the need for solar energy therefore offers a Solar financing scheme.
Solar Financing Scheme by State Bank of Pakistan
Under this Solar Financing Scheme, the State Bank of Pakistan has asked all commercial banks to offer Solar Panels on Installments. This scheme allows eligible Pakistanis to get Solar panels on installments ranging from 1 kW to 1 MW. This opportunity on easy installments will enable all sectors, such as commercial, industrial, agricultural, and domestic, to prosper and grow.
Scope of Solar Financing Scheme
Having a better solar solution can help us to get rid of high electricity bills for the next 25 years. Banks will allow loans ranging from Rs. 500,000 PKR to Rs. 10 million PKR. Solar installment plans are fixed and affordable, making them accessible to middle-class families.
Step One-Understand your expected need of KW/MV for Solar
To initiate the process, first, you must know about the solar capacity needed for your home. No worries—you can get this quote from Meezan Bank’s Calculator.
Step Two-List of banks allowing Solar on installments
The second step is to check out the list of banks that provide solar panels on installments under the Solar Financing Scheme 2024. These banks include:
- Meezan Bank Limited
- Alfalah Bank
- Askari Bank
- JS Bank
- United Bank Limited
- Habib Bank Limited
Step Three-Eligibility criteria and complete process of each Bank
The third step is to get to know about the eligibility criteria and other processes of each bank. This will help you understand which bank to choose, making it easier for you to register and pay.
Meezan Bank – Solar Financing Scheme
Eligibility Criteria
Individuals with Permanent jobs
- Account holder in Meezan bank
- Must be Pakistan National with Valid CNIC
- Salary must be 100K PKR
- Minimum Age 20 years and maximum age 75 Years
- Age of co-applicant 75 years
- Must have valid documents of permanent Job
Individuals with Contractual jobs
- Income must be 200K PKR minimum
- Atleast 3 years completed on this jb and total contract nmust be of 5 years
- Must have an account in Meezan Bank.
- Must possess a CNIC card
- Account holder in Meezan bank
- Minimum Age 20 years and maximum age 75 Years
- Age of co-applicant 75 years
- Must have valid documents of contractual Job direct with the company
Eligibility Criteria for business owner
- Monthly income should be 500,000 PKR with proper bank statemnets and audit reports
- Account holder in Meezan bank
- Must have Valid CNIC
- Business age must be 5 year minimum
- Minimum Age 35 years and maximum age 65 Years
- Age of co-applicant 75 years
- Must have valid documents of permanent Job
- Two references are required.
- Must have an NTN number and be a taxpayer.
- Place to install solar panels.
Other Features:
- Special discounts for regular customers.
- Loan duration: minimum of 1 year, maximum of 5 years to repay installments.
- Solar systems range from 1 kW to 1 MW.
Costs:
- Processing charges: 5000 PKR + FED.
- STR fee: 1000 PKR.
BANK ALFALAH SOLAR FINANCING SCHEME
Eligibility Criteria:
- Must have an account in Bank Alfalah.
- Must possess a National Identity Card.
- Pakistani National
- Must have proof of income.
- Business owners need proof of business for at least three years.
- Utility bills for the last year.
Mark UP rate in Bank Alfalah Solar Financing Scheme
6% per annum.
Features of the scheme
- Payback period is up to five years.
- You can get the solar system loan of 400 million for solar panels in Pakistan by Bank Alfalah
- 3-month grace period in case of payment delay.
- Customized financing plans based on income.
- Loan limits are:
- Self-owned residence: above 4 million PKR.
- Small businesses: up to 10 million PKR.
- Rental premises (residential): up to 2.5 million PKR.
Cost to Get Solar Financing
Processing charges: 5000 PKR or 0.2% of the loan amount. These charnes are non-refundable
HBL SOLAR FINANCING SCHEME
Eligibility Criteria
- The Applicant must have own CNIC
- The Applicant must own property to install Solar System
- Pakistani National
- The applicant must be active tax payer and have Active NTN number
Markup rate
The solar financing from HBL bank is 6% per annum.
JS BANK SOLAR FINANCING SCHEME
JS Bank offers the “JS Smart Roshni Solar Panel Financing” to help businesses manage high electricity bills. Eligible individuals can get this loan on an easy installment plan to install solar panels, making it an affordable solution to rising electricity costs.
Eligibility Criteria
- The applicant must possess a CNIC.
- Pakistani National
- No credit history of any bank
- The applicant must have a running business for at least one year.
- The applicant must have proof of business presence.
- The applicant must have personal property to install the solar system.
Other Features of Solar financing scheme from JS Bank
- This loan payment period is 3 to 5 years.
- The Solar financing amount is from 500,000PKR to 10,000,000PKR.
- There are easy to pay customized monthly installments.
- JS Bank installmentg is the best bank to get solar finnacing because they provide Insurance facility from reputable insurance company
Processing Fee
The Processing charges are Rs. 5,000 PKR or 0.2% of the loan amount. This amount is non-refundable
Conclusion
Electricity bills are unexpectedly high nowadays, and other household expenses are also challenging to manage. While solar systems offer a solution, they can be expensive. However, there are two pieces of good news: solar panel prices have significantly decreased, and the State Bank of Pakistan has developed solar financing schemes. All major banks are now offering solar systems on installment plans.
