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Allied Bank Offers Solar Panels on Easy Installments – Know Full Details
Allied Bank Offers Solar Panels
Allied Bank Offers Solar Panels: In a time when electricity prices in Pakistan are rising rapidly and load shedding remains a persistent problem, solar energy has become more than just an alternative—it’s a necessity for many families. However, the initial installation cost of a solar system can be a barrier for many households. To help overcome this financial challenge, Allied Bank Limited ABL has launched the Allied Solar System Finance initiative, making solar power more affordable for Pakistani homeowners. This initiative provides a unique opportunity to shift to green energy with flexible, long-term installment plans.
With this financing facility, homeowners no longer need to delay their solar projects due to high upfront costs. Instead, they can start benefiting from lower electricity bills immediately, while repaying the loan in manageable monthly installments. Here’s everything you need to know about how Allied Bank is helping you transition to solar energy with ease and confidence.
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Benazir Kafaalat Program List Of Districts Included In Final PhaseWhat is Allied Solar System Finance?
Allied Solar System Finance is a specialized loan product offered by Allied Bank to individuals who wish to install solar panels on their residential property. This facility is part of the bank’s effort to promote renewable energy and sustainable living. The primary aim is to support middle- and upper-income households that want to reduce electricity costs and gain energy independence through solar technology.
The financing plan allows applicants to borrow up to Rs. 3 million, repayable over a period of up to 7 years. The loan comes with a competitive markup rate, no hidden charges, and a simple application process. This makes it easier for salaried and self-employed individuals to own a solar system without exhausting their savings.
Key Features and Benefits of Allied Solar Finance
This solar financing plan offers several attractive features designed to make solar installation accessible and financially manageable for households.
Core Features Include:
- Loan Limit: Rs. 200,000 to Rs. 3,000,000
- Tenure: Up to 7 years
- Minimum Equity: 30% of project cost borne by the applicant
- Repayment Flexibility: Four balloon payments allowed after one year
- Full Prepayment Option: Allowed before maturity (subject to charges)
- No Hidden Charges: Transparent process with clear terms
- Loan Processing Fee: Only applicable after approval
- Approved Vendor Involvement: System must be installed by an ABL-approved vendor
- Use Restriction: Loan must be used exclusively for solar system installation
These features make this financing scheme one of the most competitive and consumer-friendly solar loan offerings currently available in Pakistan.
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Who is Eligible to Apply?
Allied Bank has set broad eligibility criteria to ensure more Pakistanis can access this facility. Both salaried and self-employed individuals can apply, but they must meet the following basic conditions:
General Requirements:
- The applicant must be a Pakistani citizen
- Age limit: Between 21 and 59 years at the time of loan maturity
For Salaried Individuals:
- Must have permanent employment status
- Minimum 2 years of work experience
- Minimum monthly net income: Rs. 50,000
- At least 6 months of banking history with Allied Bank or any other bank
For Self-Employed Persons:
- Minimum monthly net income: Rs. 75,000 (ABL client) or Rs. 100,000 (other bank)
- Minimum business experience: 2 years with ABL, 3 years with other banks
- Banking relationship of 1 year (ABL) or 2 years (non-ABL)
These conditions ensure that applicants have stable income sources and creditworthiness to support the loan repayment.
Where Can You Install the Solar Panels?
The solar panels financed under this scheme can be installed only on residential properties. Ownership and family relationship conditions are also applied to protect the bank’s interests.
Eligible Property Conditions:
- Sole ownership by the applicant
- Property owned by spouse, parents, or children
- Jointly owned with family members (co-owner consent required)
In case of joint ownership, Allied Bank requires a Personal Guarantee and Letter of Access & Disclaimer from all co-owners to approve the loan.
Documents Required for Application
Applicants need to submit a complete set of documents to initiate the financing process. These documents verify identity, income, and ownership, and ensure compliance with regulatory guidelines.
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Required Documentation Includes:
- Copy of CNIC (applicant and co-owners, if applicable)
- Two passport-sized photographs
- Income Proof:
- Salaried: Salary slips, bank statements
- Self-employed: Income estimation, tax returns
- Salaried: Salary slips, bank statements
- Property Ownership Proof (title document, utility bills)
- Vendor Quotation and survey report from an ABL-approved solar company
- Bank Account Maintenance Letter (in some cases)
- Partnership Deed/Proprietorship Letter if business-related
- Any other document requested by the bank during evaluation
Providing all documents correctly and promptly can significantly speed up the loan approval process.
Loan Markup Rate and Pricing Details
Allied Bank has aligned its pricing with the State Bank of Pakistan (SBP) refinance scheme, making this one of the most cost-effective solar loans in the market.
Markup Details:
- Under SBP Refinance: Fixed 6% per annum
- Without SBP Refinance:
- Salaried: 1-Year KIBOR + 3%
- Self-Employed: 1-Year KIBOR + 3.5%
- Salaried: 1-Year KIBOR + 3%
The availability of refinance depends on the bank’s internal allocations and SBP policies. Even without refinance, the markup rates are competitive compared to general consumer loans.
Flexible Repayment Options
The repayment terms are tailored to offer borrowers flexibility in managing their finances. The extended repayment period and balloon payment option provide room for managing other expenses without financial stress.
Repayment Highlights:
- Loan Tenure: Up to 7 years
- Balloon Payments: Up to 4 allowed (1-year gap required between each)
- Full Prepayment: Allowed anytime before maturity charges apply
- Late Payment Penalties: Charged as per policy; may affect credit score
Borrowers are advised to maintain timely repayments to avoid additional charges or credit rating issues.
How to Apply for Allied Bank’s Solar Panel Loan?
Applying for the Allied Solar System Finance is straightforward. Once the applicant meets the eligibility and documentation requirements, the following steps need to be followed:
- Visit your nearest Allied Bank branch
- Submit your loan application along with required documents
- Bank reviews application and processes loan approval
- After approval, processing fee is charged
- Loan is disbursed, and vendor installs the solar system
All installations must be carried out by a solar vendor registered with ABL, ensuring system quality and warranty coverage.
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Final Thoughts
Allied Bank’s solar financing facility comes at a critical time when Pakistanis are actively looking for ways to escape rising energy costs and frequent power outages. By offering a structured loan program with affordable markup rates, long-term installment options, and minimal documentation, Allied Bank is empowering households to transition to renewable energy with ease.
The scheme is especially attractive for homeowners who want to invest in solar without exhausting their savings. With flexible repayment plans and interest rates backed by the State Bank’s refinance initiative, Allied Bank is not only promoting green energy but also making it a financially sound decision for its customers.
If you’re thinking about installing a solar system on your home, now is the time to take advantage of this financing option. Visit your nearest Allied Bank branch today and start your journey towards sustainable, affordable, and independent energy.