Intro on solar financing banks in Pakistan
In order to finance solar energy development in Pakistan, solar financing banks have been created. These banks provide loans for the installation of solar PV systems. The solar financing banks are able to offer loans at a lower interest rate than commercial banks because they are backed by the government. This makes solar PV systems more affordable for Pakistani consumers.
In addition, the solar financing banks offer a variety of financing options, including short-term loans and long-term leases. This makes solar PV systems even more accessible for Pakistani consumers. As a result of the solar financing banks, Pakistan is one of the leading countries in solar energy development.
Pakistan is a country located in southern Asia. The population of Pakistan is over 207 million people, making it the world’s sixth-most populous country. Pakistan has a land area of 796,095 square kilometers. The climate in Pakistan is tropical and subtropical. The average daily temperature ranges from 18 to 28 degrees Celsius.
There is great potential for solar power in Pakistan. The country has an abundance of sunlight and a large land area. Solar power could be used to generate electricity, heat water, and power homes and businesses. Solar financing banks could provide financing for solar energy projects. These banks include the following:
BANK of Punjab
BANK of Khyber
Habib Bank Limited
JS Bank helped people take control of their energy needs and contribute toward a safer environment with two different programs. The first is the JS Apna Ghar Solar Financing Program, which offers financing for residential projects from Rs 300000-$20 million depending on size; it also requires an equity minimum payment at least 25% down plus 6%. Another one out these features are mark-ups rate (3 -5%) applied every year after approval date
JS Bank offers financing for solar panel systems. The processing fee is 0% if you have an account with us, otherwise it will be PKR 5K per loan obligation; this includes insurance coverage at a highly competitive price!
The application process starts with a series of prerequisites to ensure that you’re prepared for any situation. To get financing, the following are needed:
- An account at JS Bank either Current or Savings.
- Fulfillment & signing of the loan application form.
- Obtain a quotation for solar panel systems from authorized dealers in Pakistan who have been certified by our company as being reliable and responsible suppliers.
- Two recent passport size photographs (International Applicants should bring their original certificates).
The Bank of Punjab
The Bank of Punjab, in compliance with the State Bank Of Pakistan’s solar financing program has started their own assistance scheme for people who want to switch over from fossil fuels and use clean energy instead.
They have named this new initiative “BOP Solar Home” which provides financial help as well as an opportunity where homeowners could purchase panel systems at discounted rates or even get equity free loans provided that they put up 20% worth upfront payment on top priority
To get your loan, you will have to fulfill the following criteria:
-Attain and fulfillment of application form. There are two recent passport size photographs required as well! You should also provide a copy of CNIC (National Identity Card), proof that ownership over property with utility bills in last six months or more if applicable; bank statements from past year showing active tax payee status under NTN number associated withe person applying for credit—this includes any loans taken out by them too*. And finally there’s always those pesky details about other sources*
BANK of Khyber
The BOK Roshan Ghar Scheme is an innovative financing program launched by The Bank Of Khyber in collaboration with the State Bank Group (SBP) and other financial institutions. This new initiative offers home loan rates as low at 6% per annum, starting from 50k request able margin up to 20 million based on category; it also includes equity contribution minimums ranging between 25%-30%
In order to be considered for financing, you must fulfill the following criteria:
Fulfillment of application requirements (two recent passport size photographs) & copy CNIC; Ownership document proving ownership i.e., titles deed or lease agreement , most recently utility bills stressing active status as well tax payee number NTN ; Proof business/employment within last three years including professional degree if any .
Habib Bank Limited (HBL)
Habib Bank Limited (HBL), one of the biggest banks in Pakistan is providing financial assistance under a state bank program to address rising energy crises. They are offering financing for mostly industrial clients who need help with their installations ranging from 1MW up 50 MW and other smaller projects that do not fall into any specific category I-IX mentioned above
In addition, they have also created new guidelines which will allow suppliers certified by then AEDB organization starting April 2020
The financing tenor for each category is different and as follows:
I – Maximum 12 years (including 02),
II – Ten Years Up To 3 Months grace period
III-Only borrowing up to 10years allowed with no option of early repayment
In order to qualify for financing, you must fulfill the following prerequisites:
1) Fulfillment and signing of an application form for loan approval from your local bank branch or any other licensed financial institution
2) Two recent passport size photographs taken within 30 days upon request (allow at least 60 working days)
- Copy CNIC if applicable
- Proof ownership such as property documents along with electricity/utility bills
- Active tax payer status
- Details on all other sources
- Time frame during which this has been done
Hope you like our effort of you have any question related solar energy feel free to contact one of the best solar energy company in town.