Solar System Installment Plan Via Bank Alfalah

Bank Alfalah is now providing an easy installment plan for solar systems, including panels and inverter, through Alfalah Green Energy. According to the details, those customers who want to install a solar system for generating electricity from 4kW to 1000kW can now avail an easy installment plan.

Features and Benefits:

Customized financing solutions
Affordable mark-up rates
Repayment tenure of up to 5 years
Limit Enhancement facility
Replacement Financing (Post Facility Pay-off)

Eligibility Criteria

The installment plan’s eligibility criteria are slightly different for both individuals and commercial entities and agri-businesses.

Individuals with the intent of net-metering:

Clean e-CIB report
Income proof / salary slips / bank statement
Utility bills of last 1 year
Non-objection certificate from all owners in case of joint property
Installment amount should not exceed 20–30% over and above 3-month peak bill average
Load applicability assigned by respective DISCO & Vendor survey report

Commercial, SMEs & Agri-Business:

Clean e-CIB report
Proof for being in the business for at least three years (not applicable for Agri customers)
Utility bills of last 1 year (not applicable for Agri customers)
Non-objection certificate from all owners in case of joint property
Installment amount not to exceed 20-30% over and above 3-month peak bill average (not applicable for Agri customers)
Load applicability assigned by respective DISCO & Vendor survey report

Furthermore, you can pick your own supplier for providing you with the components for the solar system. However, they must be registered by Alternative Energy Development Board (AEDB) since payments will only be made to approved vendors and suppliers.

Mark-up Rate:

6% per annum

Frequency of Payments:

Principal: Monthly / Quarterly / Bi-Annually
Mark-up: Monthly / Quarterly

Financing Tenure:

Up to 5 years with 3-month grace period

Down Payment:

Self-Owned Premises & Agri Facilities: 20%
Rental & Leased Facilities: 25%
Staff (with an intent of net-metering): 10%

Security:

Hypothecation of Equipment
Personal Guarantees
Security Cheques
Insurance
Mortgage of property, cash / cash equivalent securities (shall be case dependent)

Processing Charges:

The processing charges for the solar system installment plan are Rs. 5,000/- or 0.2% of the loan amount whichever is higher, and are non-refundable per application