In a landmark move to promote sustainable energy and combat energy poverty, the Sindh government has introduced an interest-free solar loan project aimed at the middle class. This initiative is designed to make solar energy accessible and affordable, significantly improving the quality of life for many residents.
Project Highlights:
- Budget & Scope: The government has allocated Rs. 5 billion to this project, with plans to distribute 200,000 solar panels. Under this scheme, the government will cover 80% of the cost, while recipients will only be responsible for the remaining 20%.
- Target Beneficiaries: The initiative targets 500,000 households currently lacking access to electricity, providing them with a reliable and sustainable energy source.
- Additional Plans: Beyond individual solar panels, the government will establish solar parks and mini-grid stations across the province, including Karachi.
Loan Features through Sindh Bank:
- Simple Documentation: The application process requires minimal documentation.
- Quick Processing: Loans are processed quickly and without hassle.
- Flexible Terms: Affordable markup rates, flexible financing, and options for partial and premature adjustments.
- Comprehensive Solutions: Both on-grid and off-grid solar solutions are available.
Eligibility Criteria:
- Citizenship: Pakistani and AJK citizens with a valid CNIC.
- Property Ownership: Applicants must own the premises where the solar system will be installed.
- Credit History: Applicants must have a clean ECIB/CCIB/Data Check.
- Bank Account: An account with Sindh Bank is required.
Age Criteria:
- Salaried Individuals: Up to 60 years at loan maturity.
- Self-Employed Professionals/Businessmen: Up to 65 years at loan maturity.
- SME & Agricultural Borrowers: As per bank policy and approval terms.
Loan Details:
- Loan Limits:
- Salaried Individuals: Rs. 100,000 to Rs. 5,000,000
- SEP/SEB/Agri Borrowers: Rs. 100,000 to Rs. 20,000,000
- SME Borrowers: Up to Rs. 100,000,000, based on financial strength.
- Financing Tenor: Up to 7 years.
- Down Payment: Minimum 15% of the solar system cost.
- Repayment Terms: Monthly, quarterly, or semi-annual installments.
- Solar System Capacity: From 1KW to 400KW.
Required Documents:
- Filled and signed application form.
- Valid CNIC of applicant and co-applicants.
- Recent photographs of applicant and co-applicants.
- Last paid utility bills of the premises.
- Borrower’s Basic Facts Sheet.
- Account statement of the last year.
- Last 3 months’ salary slips for salaried individuals.
- Pension card/certificate for pensioners.
- Biometric verification.
- Business-related documents for SMEs.
- Agricultural documents for agri borrowers.
- Any other documents as required.
How to Apply:
Interested individuals can contact the Sindh Bank helpline or visit any nearby branch for further assistance and to initiate their application process.
This initiative by the Sindh government is a significant step towards reducing energy poverty and promoting renewable energy, making sustainable living a reality for many in the province.
