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To promote renewable energy in the country, the State Bank of Pakistan has launched the Solar Financing Pakistan initiative.
This program aims to support the country in tackling the dual challenges of energy shortages and climate change by promoting the adoption of renewable energy solutions.
Through Solar Financing Pakistan, people can access financing ranging from PKR 500,000 to PKR 10 million. This initiative facilitates the purchase of solar energy systems through convenient monthly installments across Pakistan.
Eligibility Criteria
The eligibility requirements for this program are designed to be straightforward, aligning with the program’s goal of making renewable energy more accessible. Applicants must:
- Hold a Computerized National Identity Card (CNIC)
- Own the business premises or residential property where the solar panel system will be installed
Below is a list of banks offering solar financing in Pakistan:
Meezan Bank
Meezan Bank, a prominent financial institution and advocate of Green Energy, responded to SBP’s solar financing initiative by introducing programs designed to empower individuals to manage their energy production and contribute to environmental sustainability.
Program Features:
- The programs launched by Meezan Bank include the following features:
- Financing: Ranging from Rs. 300,000 to Rs. 20 million, depending on the project size
- Equity: Minimum 25% of the total amount
- Mark-up rate: 6% quarterly/annually
- Financing tenor: Between 3 and 10 years
- Processing fee: Minimum PKR 5,000/- or 0.5% of the loan amount (whichever is higher)
- Insurance: Preferential insurance rates offered through reputable partners
- Prerequisites for Financing:
- Current or Savings account with Meezan Bank
- Completion and signing of the loan application form
- Quotation for a solar panel system from an authorized dealer
- Two recent passport size photographs
- Copy of CNIC
Bank of Punjab
In response to SBP’s solar financing program, Bank of Punjab launched their initiative named BOP Solar Home, offering:
- Financing: Up to Rs. 5 million or 50 lac.
- Equity: Minimum 20% of the financing amount.
- Mark-up Rate: 6% annually.
- Financing Tenor: Up to 7 years.
- Processing Fee: PKR 5,000.
Prerequisites:
- Completed loan application form.
- Two recent passport size photographs.
- Copy of CNIC.
- Proof of property ownership with utility bills.
- Bank statements (last six months).
- Active taxpayer with NTN number.
- Proof of employment or business for the past 3 years.
- Professional degree copy (if applicable).
- Details of other outstanding loans.
Allied Bank
Allied Bank, a renowned institution and advocate of Green Energy, responded to SBP’s solar financing initiative with two distinct programs aimed at empowering individuals to manage their energy needs and foster environmental sustainability.
Program Features:
Both programs offered by Allied Bank share the following features:
Financing:
- Small Enterprise (SE): Up to Rs. 25.00 Million*
- Medium Enterprise (ME): Up to Rs. 200.00 Million*
- Equity: Minimum 25% of the total amount
- Mark-up rate: 6% Quarterly
- Financing tenor: Between 3 and 10 years
- Processing fee: Minimum PKR 5,000/- or 0.5% of the loan amount (whichever is higher)
- Insurance: Preferential insurance rates offered through reputable partners
Prerequisites for Financing:
- Current or Savings account with Allied Bank
- Completion and signing of the loan application form
- Quotation for a solar panel system from an authorized dealer
- Two recent passport size photographs
- Copy of CNIC
- CF-1 Undertaking Form
- Property ownership documents and recent utility bills
- Business or individual bank statements
- Active tax payer status with NTN number (especially for businesses)
Bank of Khyber
The Bank of Khyber (BOK) actively supports a cleaner and greener Pakistan through SBP’s solar financing scheme, offering comprehensive financial solutions to domestic customers. Initially launched in Peshawar, the success of their Solar Financing scheme led BOK to expand this initiative nationwide under the banner “BOK Roshan Ghar Scheme”.
Features of the Program:
- Financing: Available from Rs. 50,000 to Rs. 20 million, depending on the program category specified by SBP.
- Equity: Minimum 25% of the total financing amount.
- Mark-up Rate: Fixed at 6% per annum.
- Financing Period: Ranges from 6 months to 5 years.
- Processing Fee: PKR 5,000 plus FED.
- Insurance: Provided through Askari General Insurance Peshawar (0.3% + taxes).
- Prerequisites to Get Financing:
- Completion of financing application.
- Submission of two recent passport size photographs.
- Copy of CNIC.
- Proof of property ownership along with the latest utility bills.
- Bank statements for the past six months from personal and business accounts.
- Active taxpayer status with NTN number.
- Proof of employment or business continuity for the last 3 years.
- Copy of professional degrees (if applicable).
Habib Bank Limited
HBL, Pakistan’s largest bank, extends financial support under SBP’s Solar Refinancing Scheme to address the country’s energy challenges. They cater mostly to industrial clients across three distinct categories:
- Category-I: Industrial projects ranging from 1MW to 50 MW.
- Category-II: Projects up to 1MW.
- Category-III: Suppliers certified under AEDB Certification Regulation 2018 for leasing solar or wind projects or selling electricity.
Features of the Program:
Financing:
- Category-I: Up to PKR 6 billion per project.
- Category-II: Up to PKR 400 million per borrower.
- Category-III: Up to PKR 1 billion per supplier.
- Equity: Minimum 25% of the total financing amount.
- Mark-up Rate: Fixed at 6% per annum.
Financing Tenor:
- Category-I: Maximum 12 years (including 2 years grace period).
- Category-II: Maximum 10 years (including 3 months grace period).
- Category-III: Maximum 10 years.
- Prerequisites to Get Financing:
- Completion and signing of the loan financing application.
- Submission of two recent passport size photographs.
- Copy of CNIC.
- Ownership documents for property with the latest utility and electricity bills.
- Bank statements for the past six months from both business and personal accounts.
- Active taxpayer status with NTN number.
- Details of all loans from other sources.
JS Bank
JS Bank, a prominent advocate for Green Energy, responded to SBP’s solar financing initiative with dedicated programs aimed at empowering individuals and businesses to adopt sustainable energy solutions and foster environmental safety.
JS Bank introduced two distinct programs to support this initiative:
- JS Apna Ghar Solar Financing Program (residential):
- Financing: From Rs. 300,000 to Rs. 20 million, depending on project size.
- Equity: Minimum 25% of the total amount.
- Mark-up Rate: 6% annually.
- Financing Tenor: 3 to 5 years.
- Processing Fee: Minimum PKR 5,000/- or 0.5% of the loan amount (whichever is higher).
- Insurance: Offered at preferential rates through reputable partners.
Prerequisites:
- JS Bank Current or Savings account.
- Signed loan application form.
- Quotation from an authorized solar panel dealer.
- Two recent passport size photographs.
- Copy of CNIC.
- CF-1 Undertaking Form.
- JS Solar Panel Key Fact Sheet.
- Proof of property ownership with utility bills.
- Bank statements (individual or business).
- Active taxpayer with NTN number (for businesses).
- JS Smart Roshni Program (commercial):
Similar features as the residential program, tailored for commercial enterprises.