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Solar Panel On Installments In Pakistan (Top 7 Banks) | Solar Financing Pakistan

In the quest for the prime bank for solar financing in Pakistan?

No need for further searches. A list of the pre-eminent 7 banks offering solar panels in installments throughout Pakistan is at your disposal.

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Notice that a portion of these banks furnish loans. The spectrum of these loans for solar installations varies from Rs. 100,000 to Rs.2,500,000. It doesn’t end there, though. These loans carry the benefit of lower interest rates.

It’s a contrast to the rates offered by private firms in the solar loan industry. The high interest rates associated with these companies come off as disadvantageous. Hence, these banks stand out as the more feasible options.

Our list includes the following top banks of Pakistan:

  • Meezan Bank
  • Bank Alfalah
  • HBL
  • UBL
  • JS Bank
  • Bank Of Punjab
  • Bank Of Khyber

We will discuss their eligibility criteria, document requirements, solar financing limits, and a step-by-step guide on how you can apply for solar loans from the banks.

Let’s get started with our guide!

Meezan Bank Solar Financing Details

  • Islamic Financing Approach: Meezan Bank offers solar financing based on the Islamic principles of Musawamah.
  • Flexible Installments: You can pay back the loan in monthly installments that suit your budget.
  • Special Discounts: Premium customers may receive special discounts on their financing.
  • Loan Duration: You can choose a repayment period ranging from 1 year (minimum) to 5 years (maximum).
  • System Capacity: Meezan Bank finances solar systems ranging from 1 kilowatt to 1000 kilowatts.
  • Loan Amount: The financing amount starts from PKR 100,000 and goes up to PKR 2,500,000.
  • Security Requirements: The bank may require a Hire Purchase Agreement (HPA) on the solar panels and three post-dated cheques.
  • Ownership Requirement: You must own the property where the solar panels will be installed.
  • Requirement for Co-applicants: Co-applicants do not need to meet income requirements.
  • Down Payment for On-Grid Systems: Depending on your credit history, you may need to pay a down payment ranging from 15% to 50%.
  • Down Payment for Off-Grid Systems: The down payment for off-grid systems is between 30% to 50%.
  • Special Offer for Premium Banking Customers: Premium Banking customers can get financing up to PKR 3,000,000.
Documents Required For Meezan Bank Solar Scheme

For Residential Applicants:

General Documents:

  • Proof of property ownership.
  • Current electricity bill.
  • Completed application form.
  • Copy of valid CNIC.
  • One photograph.
  • Signature verification form.
  • Declaration of financing.
  • Valid quotation from Meezan Bank’s authorized Solar Vendor.

For Salaried Applicants:

  • Latest pay slip.
  • Employment letter.
  • Proof of Date of Joining (DOJ).
  • Proof of employment status.
  • Six months’ bank statement.
  • Audited financials and letters from the company.

For Self-Employed Businessman Applicants:

  • For Sole Proprietorship:
    • NTN.
    • Bank proprietorship letter.
    • Tax returns.
  • For Partnership:
    • Partnership deed (latest and previous, if any).
    • Certificate of registrar of firms (if registered).
    • Six months bank statement (of the firm or the applicant partner).
  • For Limited Companies:
    • Memorandum of Articles.
    • Articles of Association.
    • Certificate of Incorporation.
    • Latest Form-A.
    • Latest Form-29.
    • Audited financials.
    • Six months bank statement (of the company or the applicant director).

For Pensioner Applicants:

  • Copy of pension book/certificate showing pension (issued from AGPR or provincial office of accountant general).
  • Six month’s bank statements reflecting net pension credited to the account.

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