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Loan amount: From Rs. 200,000/- to Rs. 3,000,000/-
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Repayment period: Up to 7 years
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Personal Equity: Minimum 30%
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Facility can be availed on a house:
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Solely owned by applicant, applicant’s parent, son/daughter or spouse
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Or jointly owned with spouse, parent(s), or child(ren)
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No hidden cost
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Simple and easy documentation
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Processing fee applicable after approval of the application
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
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Salaried Individuals: Variable rate – 1-Year KIBOR + 3% Spread
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Self-Employed: Variable rate – 1-Year KIBOR + 3.5% Spread
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Pricing of Allied Solar System Finance
Following pricing is currently applicable across all segments in line with SBP refinance scheme:
| Pricing | 6% |
Note: Till such time refinance is not available to the Bank, obligor shall be charged on commercial rate of 1YK+2%.
To apply, the following documents are required:
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CNIC copy of the applicant
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CNIC copy of co-owner(s) (if applicable)
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Two recent passport size photographs
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Income proof (Salary Slip, Certificate, Bank Statement, ITR, or Income Estimation Report)
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Proof of property ownership
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Account Maintenance Letter (if required)
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Proprietorship Letter (if applicable)
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Personal Guarantee and Letter of Access/Disclaimer from co-owners (if any)
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Partnership Deed (case-based)
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Quotation & Survey Report from an ABL-approved solar vendor
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Any additional documents as 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?
Loan amount ranges from Rs. 200,000/- to Rs. 3,000,000/-.
Q: What is the interest rate for Allied Solar System Finance?
Under the SBP refinance scheme, Allied Bank offers a competitive interest rate of 6% per annum for refinanced loans. If refinance is not available, a commercial rate will apply as per the Schedule of Charges.
Q: How long can I choose to repay the loan?
The loan offers flexible repayment terms up to 7 years.
Q: What is the minimum personal equity required for the loan?
A minimum of 30% personal equity is required.
Q: Are there any hidden costs?
No, there are no hidden costs. Allied Bank ensures full transparency.
Q: What is the Processing Fee for Allied Solar System Finance?
The Processing Fee is applied after loan approval, as per the Schedule of Charges.
Q: Where can I find an approved solar system vendor?
Allied Bank provides a list of approved vendors. You must obtain a quotation with a survey report from one of them.
Q: On which property can I apply for solar installation under this scheme?
The property must be:
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Owned solely by the applicant or their parent, child, or spouse, or
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Jointly owned with spouse, parent(s), or children
Subject to a Personal Guarantee and Letter of Access & Disclaimer from any co-owners.
Q: Can I apply if I already have a loan with another bank?
Yes, you may apply even if you have existing loans with ABL or another bank. However, the solar project must not be located contiguously.
Q: Are balloon payments allowed?
Yes, up to four balloon payments are allowed after one year. Second and subsequent payments are permitted after a gap of one year.
Q: Can I make a full prepayment before loan maturity?
Yes, you may pay in full before maturity. Prepayment Charges apply as per Schedule of Charges.
Q: What happens in case of late repayments?
Late Payment Charges apply and may be reported to the Credit Bureau, affecting your credit score. Collection efforts may also be initiated.
Q: Can I use this loan for anything other than solar systems?
No, the loan is strictly for financing solar energy systems.