MM News

KARACHI: The Sindh government has launched a project to provide interest-free loans to the middle class for installing solar systems. This initiative aims to promote solar energy and reduce energy poverty among the poor and middle class in Sindh. The government will cover the interest on these loans, ensuring they remain interest-free for the borrowers.

Initially, Rs5 billion has been allocated for solar energy projects, with plans to distribute 200,000 solar panels. Under this scheme, the government will cover 80% of the cost, with recipients responsible for the remaining 20%, making solar energy more accessible and affordable.

Shah emphasized the urgency of the situation, noting that 500,000 households in Sindh currently lack access to electricity. The new solar initiative aims to address this issue by providing a reliable and sustainable energy source.

In addition to distributing discounted solar panels, the government plans to establish solar parks and mini-grid stations across the province, including in Karachi. These initiatives are expected to significantly enhance the quality of life for residents by improving access to electricity.

You can take advantage of this offer through Sindh Bank. The program details are as follows:

FEATURES:

Minimum Documentation
Quick & Hassle Free Processing
Affordable Markup Rates
Flexible Financing
Partial and Premature Adjustment Allowed
Providing On-grid and Off-grid Solutions

Eligibility Criteria:

Pakistani & AJK Citizens
Valid CNIC
Ownership of Premises where Solar System is to be installed Clean ECIB/CCIB/Data Check 5. Account with Sindh Bank

Age Criteria:

Salaried: Up to 60 years at the time of maturity of loan
SEP/SEB: Up to 65 years at the time of maturity
SME & Agri: As per bank policy and approval terms & conditions,
In case the owner of the property is taken as co-borrower due to ownership only, no maximum age criteria for such co-borrower shall be applicable.

Loan/ Financing Limit:

For SI from Rs.100,000/- to Rs.5,000,000/-
For SEP/SEB/Agri Borrowers from Rs.100,000/- to Rs.20,000,000/-
For SME borrowers to be decided as per financial strength of the borrower and as per approval terms & conditions (Maximum limit for SME up to Rs.100,000,000/-)

Financing Tenor:

Maximum up to 7 years

Equity Margin/Down Payment:

Minimum 15% of Solar system cost

Repayment Terms:

Monthly/Quarterly/Semi-Annual Installments

Solar System Capacity:

From 1KW to 400KW

Documents Required:

Duly filled and Signed Application Form/Loan Application Form
Copy of valid CNIC of Applicant, Co-applicant(s) and references
2 recent photographs of the applicant and Co-applicant(s)
Copy of last paid Utility Bills of premises where Solar System is to be installed
Duly filled Borrower’s Basic Facts Sheet/CF-1 as prescribed by SBP
Account Statement of last 1 year (where applicable)
Last 3 months Salary Slips in case of Salaried Person (Latest Salary Slips)
Pension Card/Certificate in case of pensioner
Biometric Verification
Business related documents for SME including but not limited to Financials, Bank Statement. Business Visit Report, Loan Application Form, BBFS, Ownership details, existing borrowing details etc.
Agri Passbook, attested copy of Form-VII and bank statement in case of Agricultural borrower
Any other document as required