Solar panel installment by Bank Alfalah
Bank Alfalah, a major bank, is actively promoting the installation of solar panels nationwide. Solar panel installment by Bank Alfalah is best decision for low income people. In Pakistan, where there is a lot of sunlight, solar power is becoming more and more crucial for sustainable energy .They provide financial support and teach programs how to use clean energy. In this article you will come to know about solar panel installment by bank alfalah.
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Process of Solar panel installment by Bank Alfalah:
Contact Bank Alfalah:
Contact Bank Alfalah and talk to them about the loan of solar panels installation. Discuss about your requirements and get details. Show your interest in dealing with solar panels.
Provide Documents:
Prepare important documents that are required by the Bank Alfalah such as ID card , Property papers, income documents and address where you lived.
Apply for the Loan:
Submit the application form that is given by the Bank Alfalah . Submit the completed application along with the required documents
Loan Approval:
Bank Alfalah will review your application and documents. After checking your application form if you are eligible based on criteria that is given by the Bank then you can get a loan.
Install the Panels:
Use the loan money to pay the solar panel company. Then pick a company that will install the solar panels on your roof.
Pay Method of Solar Panel By Bank Alfalah:
Bank Alfalah will divide the total loan amount plus interest over the loan term into equal monthly payments. If you borrow money from Bank Alfalah to buy solar panels, you’ll repay it in small monthly payments for 5 years. It’s like paying a little bit each month until you’ve paid off the loan. That’s 60 months total. You have to pay that payment within required time
Also Read: CM Punjab Solar scheme
Eligible Criteria for Bank Alfalah Scheme:
- National Identity of Pakistan
- For salaried individuals, the ager required 25 to 60 years old While For
- non-salaried individuals, such as self-employed the age range is usually from 25 to 70 years old.
- You must have a certain amount of money to qualify.
- Self-employed businesspeople or professionals need to have been working for at least 3 years.
- Permanent employees need to have worked for at least 1 year, while contractual employees must have worked for 3 years.
Document Required:
- ♦️ Application Form
- ♦️ CNIC copy
- ♦️ Copy of Self owned property
- ♦️ Latest income slip
- ♦️ Two picture of self owned
- ♦️ Other income prove
| Term & condition | Specification |
| Make up Rate | 6% per annum |
| Frequency of Payment | Principal: Monthly / Quarterly / Bi Annually Mark-up: Monthly / Quarterly |
| Financing Tenure | You have up to 5 years to pay, with a 3-month period where no payments are required. |
Down Payment:
Self-owned premises and agricultural facilities, it’s 20%.
Rental or leased facilities, it’s 25%.
Staff intending to use net-metering, it’s 10%
what kind of Security need for Loan:
- Hypothecation of Equipment
- Personal Guarantees
- Security Cheques
- Insurance
- Mortgage of property, cash / cash equivalent securities (shall be case dependent)
Limit Cap:
- Residential customers renting premises: loans above 2.5 million
- Residential customers owning premises: loans above 4.0 million
- SMEs and commercial businesses: loans above 10.0 million
- Agri customers (farming and non-farming): collateral equivalent to loan amount required for all cases
- Maximum loan amount for a single borrower: 400 million
Processing Charges:
Processing fees are Rs. 5,000/- or 0.2% of the loan amount, whichever is greater, and are non-refundable for each application.
Insurance:
You’ll pay for the first year of insurance upfront along with the down payment. For the following years, the insurance cost will be included in your installment payments.
Benefits of Solar Panel after installation:
Savings on Electricity Bills:
Solar panels produce electricity with the help of sunlight. Installing solar panels with financing from Bank Alfalah immediately reduces your electricity bills. This means you have to start saving money from the first of the month.
Long-Term Investment:
Solar panels last a long time, usually 25 years or more, and don’t need much maintenance. After installation of a solar panel you save money from bills and you can pay the loan .
Conclusion:
Bank Alfalah provides financial support and education, making it easier for homes and businesses to use solar power. Its efforts to promote solar panel installation are helping Pakistan move towards cleaner energy.It helps protect the environment by reducing reliance on fossil fuels and tha main factor is that it Solar panels save money.
