Solar financing in Islamabad is an option that let the people to have free electricity for more than a decade. Even in some cases an individual can sell the extra produced electricity to the national electric companies.
Solar companies in Pakistan have contracts with leading banks that enable an individual or company to get solar panels at installment basis. Definitely you have to pay some markup if you avail solar financing in Islamabad. Every month you need to pay installments on easy terms and conditions. The main thing is you do not need to arrange ready cash at once to buy solar panels.
At bank you choose a specific time period in which you can repay the loan amount. It varies as per your requirements. Banks normally deal with residential solar financing Islamabad as well as commercial solar financing in Islamabad.
Features of Residential Solar Financing in Islamabad
- You can get financing facility from 0.5 million rupees to 2.5 million rupees for solar panels
- A flexible tenure you can avail for total number of installments. It means you can easily get 4-5 years’ time for solar financing option
- Normally you do not need any collateral for solar financing in Islamabad
- The mark-up rates start from 6% per annum
Eligibility Criteria for solar financing in Islamabad
- If you want to apply for solar financing in Islamabad, then you must own a property for which you are going to avail financing scheme
- The validity of I/D Card means, maximum age limit is 60 years
- The applicant must not have any pending loan or installments due
Documents required for solar financing in Islamabad (Individuals)
- You should arrange a copy of your CNIC or NICOP
- Being a house owner one should arrange home registry and a most recent utility bill, the name mentioned on the bill may be different than the applicant but the address should be same as mentioned by house owner, some banks require that utility bill must be on the name of applicant
- If you are doing some kind of job, then you can furnish your employment letter before applying for solar financing option
- You can arrange FBR Certificate if you are an eligible income tax payer
- There should be quotation from solar company, banks examine it carefully
- CF-1 undertaking form is another primary requirement which banks need to check from you
- If you are doing a job in some private company, then get employment certificate or attested salary slips
- Another thing to note is before applying for solar financing in Islamabad you must have a valid account in that specific branch
- Attested bank statement is also required to get solar loan from bank
Documentation for solar financing in Islamabad (Business Persons)
- There should be business proof for at least two years. You can attain business certificate from any government or authorized local body of your nearby area
- There should be at least one lac balance per month on average if you are going to apply for this solar loan in Islamabad
- Get at least 1-year bank statement or if you are not having company account then arrange account maintenance certificate
- Fill in the solar financing form where you will mention the duration of loan, and price details for solar system which you want to buy for your business
Solar financing in Islamabad means the business owners can reduce their working costs and convert the saved amount in some profitable business opportunity. Once you avail the offer then you can start saving for at least more than twenty years. You also do not need to avail huge security deposits if you want to get benefits from this financing option.
You can also read the following most famous articles: