Solar bank financing in Pakistan, is available for citizens or businesses which consider the option to have a solar system, because a significant financial investment will be needed to have it.
Banks also offer two programs, one for residential solar systems (Apna Ghar Solar Financing Program) and a commercial financing program (Smart Roshni Program). However, both programs contain the same features.
Smart Roshni facilitates term loan financing, as stated below, indeed a great option for solar bank financing in Pakistan.
- Financing: An amount differing between Rs 500,000 – Rs 10 million, will depend on the sizes and quantity of solar modules being purchased.
- 6% mark-up rate per annum
- Equity: A 20% minimum of the loan amount
- 3 – 5 years financing tenor, repayable in monthly installments
- Insurance: offered via esteemed partners and the rate is preferential
- Processing fee: 0,5% of financing amount or a minimum of PKR 5,000 – whichever is higher
Eligibility Criteria for Solar bank financing in Pakistan
- Holder of a CNIC (Computerized National Identity Card)
- Getting started requirements
- Sufficient knowledge of solar business, operating for at least 1 year
- Filling out a savings or current Account Opening form
- Filling out a Request Application Form
- Quote for the Solar Modules by the Bank’s authorized energy – partner – RM/BM to authenticate on the original
- Processing fee’s deposit slip
- 2 recently taken passport size photos
- Supporting documents / commitment acquired to use the loan properly
- Proof of conducting business for past 2 years
- A photocopy of NICOP / CNIC
- Bank statement of past year required together with a bank certificate, applicable for people which are not JS Bank account-holders
- NTN number required – client must be an income tax payee
- A maximum of 3 bank statements, for income clubbing are permitted
- Owners / directors’ personal guarantee – just sponsor directors where limited companies are concerned
- Audited accounts in accordance with SBP regulations – lending to small companies – above Rs. 15-million & medium companies – above Rs. 10-million
- Wealth tax return: small companies below Rs. 15-million & medium companies – below Rs-10 million for solar bank financing in Pakistan.
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