Allied Solar System Finance – Get Solar Panels on Installments in Pakistan
As Pakistan continues to face energy challenges and rising electricity costs, switching to solar energy has become a smart and sustainable solution. Allied Bank of Pakistan offers a special financing scheme called Allied Solar System Finance, designed to help individuals install solar energy systems at their homes with ease and affordability. Check Today Solar Panel Prices in Pakistan.
With this loan facility, Pakistani citizens can now install solar panels and reduce their dependence on conventional electricity, while also saving on monthly bills. The financing offers a flexible repayment plan, simple documentation, and the support of Allied Bank’s reliable financial services.
Key Features of Allied Solar System Finance
The Allied Solar System Finance offers several attractive features that make it easy and affordable to go solar:
- Loan amount ranges from Rs. 200,000/- to Rs. 3,000,000/-
- Repayment period of up to 7 years (flexible options)
- Minimum personal equity required is 30%
- Loan can be availed for a property owned by the applicant or by close family members (parents, spouse, son/daughter)
- No hidden costs – complete transparency
- Simple documentation and quick processing
- Processing Fee applied only after application approval
Who Can Apply for Allied Solar System Finance?
To apply for this facility, the applicant must fulfill the following eligibility criteria:
For All Applicants:
- Must be a Pakistani national
- Age between 21 to 59 years
- Property ownership (as sole or joint owner with spouse/parents/children)
Salaried Individuals:
- Must be a permanent employee
- Minimum 2 years of employment
- Relationship with bank: Minimum 6 months with ABL or any other bank
- Minimum net monthly salary of Rs. 50,000/-
Self-Employed Individuals:
- Relationship with ABL: Minimum 1 year, or 2 years with any other bank
- Business experience: Minimum 2 years with ABL or 3 years with other banks
- Minimum net monthly income: Rs. 75,000/- (ABL) or Rs. 100,000/- (other banks)
Allied Solar Finance Interest Rates
The interest rates depend on the customer category:
- Salaried individuals: 1 Year KIBOR + 3% spread
- Self-employed individuals: 1 Year KIBOR + 3.5% spread
- If refinancing is available from SBP (State Bank of Pakistan), the rate is only 6% per annum
Required Documents
To apply for Allied Solar System Finance, the following documents are required:
- Copy of CNIC of applicant
- CNIC of co-owner, if applicable
- Two passport-size photos
- Income proof (Salary Slip, Bank Statement, Tax Returns, etc.)
- Property ownership proof
- Quotation and Survey Report from Allied Bank approved vendor
- Additional documents where applicable: Proprietorship Letter, Partnership Deed, Personal Guarantee, Letter of Access & Disclaimer, Account Maintenance Letter
Important Terms and Conditions
- Balloon payments (up to 4) are allowed after one year, with a gap of 1 year between each
- Prepayment is allowed before loan maturity, with prepayment charges
- Late payments will incur penalties and may affect credit rating
- The loan amount must only be used for installing solar systems
- The property where the system will be installed should not be contiguous to any other financed project
Why Choose Allied Solar System Finance?
- Affordable solution for solar installation
- Backed by Allied Bank’s trust and reliability
- Contribute to a cleaner environment
- Save on monthly electricity bills
- Easy loan terms and flexible repayment
How to Apply for Allied Solar System Finance
Applying for Allied Solar System Finance is a simple and straightforward process. Follow the steps below to get started:
- Check your eligibility based on your employment type, income, and banking relationship as listed above.
- Gather all required documents, including your CNIC, income proof, property ownership papers, and vendor quotation with survey report.
- Visit an Allied Bank branch near you or talk to a relationship manager for assistance.
- After your application is reviewed and approved, processing fees will be applied as per the bank’s schedule.
- Once approved, funds will be released to the approved solar vendor, and installation can begin.
Ready to Apply?
Visit the official Allied Bank website here: https://www.abl.com/personal/loans/allied-solar-system-finance
FAQs about Allied Solar System Finance
Q: What is Allied Solar System Finance?
A: It’s a loan offered by Allied Bank to help people install solar energy systems at their homes. It helps save money and supports clean energy.
Q: What is the loan amount I can get?
A: You can get a loan between Rs. 200,000 and Rs. 3,000,000.
Q: What is the interest rate?
A: The commercial rate is based on KIBOR + Spread, while 6% is offered under SBP refinance scheme.
Q: How long can I repay the loan?
A: You can choose a repayment term up to 7 years.
Q: Are there any hidden charges?
A: No, Allied Bank ensures there are no hidden charges.
Q: What is the minimum personal equity required?
A: You must contribute at least 30% of the project cost.
Q: Can I make early payments?
A: Yes, early repayment is allowed, with charges as per bank’s schedule.
Q: What happens if I delay payments?
A: Delays will result in late fees and may impact your credit score.
Q: Can I use this loan for something else?
A: No, it can only be used for solar energy system installation.
Q: Where can I get a quotation?
A: From a vendor approved by Allied Bank, who will also provide a Survey Report.
Q: What type of property is eligible?
A: It must be owned by the applicant or close family, with required guarantees if jointly owned.
Final Thoughts
Allied Solar System Finance by Allied Bank is an excellent initiative for individuals who want to reduce electricity costs and switch to clean, renewable energy. With flexible terms, simple eligibility, and dedicated customer support, this financing makes solar energy affordable and accessible to all.
Start your journey toward energy independence and a greener future by applying for Allied Solar System Finance today.
