Allied Solar System Finance

You are eligible to apply for solar energy system financing from Allied Bank if:

• You are a Pakistani national
• You are 21 to 59 years old

In case of Salaried Individual

• You are working as permanent employee
• You are employed for at least two years
• You are maintaining minimum six (06) months’ relationship with ABL or any other bank
• You have minimum net salary of Rs. 50,000/-

In case of Self-Employed Individual

• You are maintaining minimum one (01) year relationship with ABL or minimum two (02) years’ relationship with any other bank
• You are in respective business / profession for minimum two (02) years in case of relationship with ABL or minimum three (03) years in case of relationship with any other bank
• You have minimum net monthly income of Rs.75,000/- in case of relationship with ABL or Rs.100,000/- in case of relationship with any other bank

Following documents will be required to apply for financing:

• CNIC copy of the applicant
• CNIC copy of co-owner or the owner(s) other than applicant (where applicable)
• Two (2) recent passport size photographs of the applicant
• Income documents, which may include Salary Slip / Salary Certificate / Bank Statement(s) / Income Tax Returns / Income Estimation Report
• Proof of property ownership
• Account Maintenance Letter, on case-to-case basis, where required to ascertain length of business
• Proprietorship Letter, where applicable
• Personal Guarantee and Letter of Access & Disclaimer from co-owner(s) or the owner(s) of property other than the applicant, where applicable
• Partnership Deed, on case-to-case basis where applicable
• Quotation with Survey Report from approved solar system vendor

Any additional document(s) may also be required by the Bank.

Q: What is Allied Solar System Finance?

Allied Solar System Finance is a financing solution offered by Allied Bank that enables customers to install solar energy systems at their homes. It provides loans to cover the cost of solar panels and equipment, allowing customers to generate their own electricity, reduce energy bills, and contribute to environmental sustainability.

Q: What is the loan amount range available for Allied Solar System Finance?

The loan amount for Allied Solar System Finance ranges from Rs. 200,000/- to Rs. 3,000,000/-.

Q: What is the interest rate for Allied Solar System Finance?

Under the refinance scheme of SBP, Allied Bank offers a competitive interest rate of only 6% per annum for loans which are refinanced from SBP; till the time refinance is not available to the Bank, obligor shall be charged a commercial rate as per prevalent Schedule of Charges.

Q: How long can I choose to repay the loan?

Allied Solar System Finance provides flexibility in selecting the repayment period, allowing customers to choose a term of up to 7 years.

Q: What is the minimum personal equity required for the loan?

To avail the financing, a minimum personal equity of 30% is required.

Q: Are there any hidden costs associated with Allied Solar System Finance?

No, there are no hidden costs associated with Allied Solar System Finance. The bank ensures transparency in the financing process.

Q: What is the Processing Fee for Allied Solar System Finance?

The Processing Fee will be applied as per prevailing Schedule of Charges after approval of the application.

Q: Where can I find an approved solar system vendor?

The bank will provide you a list of approved vendors. You can obtain a quotation with a Survey Report from an approved solar system vendor.

Q: On which property I can apply for installation of solar energy system under Allied Solar System Finance?

The property on which the system is to be installed should be owned either singly by the applicant, applicant’s parent, son/daughter or spouse OR jointly by the applicant with spouse, parent(s) and child(ren) subject to the provision of Personal Guarantee and Letter of Access & Disclaimer from co-owner(s) or the owner(s) other than the applicant.

Q: Can I apply for Allied Solar System Finance if I already have an existing loan or financing with another bank?

Yes, you can apply for Allied Solar System Finance even if you have existing loans or financing with ABL or another bank for solar energy system financing. However, such projects must not be located contiguously

Q: Are balloon payments allowed?

Yes, four balloon payments are allowed during the tenure of financing after completion of one year; second and subsequent balloon payments are allowed after a gap of one year.

 Q: Can I make full pre-payment before the maturity of loan?

Yes, you have the option to make full payment before maturity of loan, however, Prepayment Charges will be applied as per prevailing Schedule of Charges.

Q: What happens if there is delay in loan repayments?

In the event of delay in loan repayments, the bank will apply Late Payment Charges and the same shall be reported in Credit Bureau as per regulatory instructions which may negatively impact your credit history. In addition, collection efforts may also be initiated.

Q: Can I use the loan amount for purposes other than solar energy systems?

No, the loan amount provided through Allied Solar System Finance is specifically intended for financing solar energy systems. It cannot be used for other purposes.

Pricing of Allied Solar System Finance

Following pricing is currently applicable across all segments in line with SBP refinance scheme:

Note: Till such time refinance is not available to the Bank, obligor shall be charged on commercial rate of 1YK+2%.