The Sindh government has introduced a new program to offer interest-free loans to the middle class for the installation of solar energy systems. This initiative is part of a broader effort to expand the use of renewable energy and mitigate energy poverty in Sindh, especially among the middle and lower-income groups. By covering the interest on these loans, the government ensures they remain free of interest for borrowers.
An initial funding of Rs5 billion has been allocated for these solar energy initiatives, with the goal of distributing 200,000 solar panels. The scheme is designed to be highly accessible, with the government subsidizing 80% of the total cost, leaving recipients to cover the remaining 20%. This substantial subsidy aims to make solar power more attainable and cost-effective for a wider population.
Beyond individual solar panel distribution, the government plans to develop solar parks and mini-grid stations throughout Sindh, including urban centers like Karachi. These developments are expected to greatly improve electricity access and quality of life for residents.
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Applications for the program are handled through Sindh Bank, which offers several user-friendly features to facilitate participation:
Program Highlights:
• Simple Documentation
• Swift Processing
• Affordable Rates
• Flexible Financing Terms
• Options for Partial and Premature Payment
• Availability of Both On-grid and Off-grid Solutions
Eligibility Requirements:
• Citizenship: Must be a Pakistani or AJK citizen
• Identification: Valid CNIC required
• Property Ownership: Must own the premises where the solar system will be installed
• Credit Check: Clean ECIB/CCIB/Data Check
• Banking: Must have an account with Sindh Bank
Age Criteria:
• Salaried Individuals: Up to 60 years at loan maturity
• Self-Employed Professionals/Businesspersons: Up to 65 years at loan maturity
• SME & Agriculture: As per bank policy
• Co-Borrowers: No age limit if the property owner is a co-borrower
Loan Details:
• Loan Amount:
• For Solar Installations: Rs.100,000/- to Rs.5,000,000/-
• For SEP/SEB/Agri Borrowers: Rs.100,000/- to Rs.20,000,000/-
• For SME Borrowers: Up to Rs.100,000,000/- based on financial strength
• Financing Term: Up to 7 years
• Equity Margin: Minimum 15% of the solar system cost
• Repayment: Monthly, quarterly, or semi-annual installments
• System Capacity: From 1KW to 400KW
Required Documentation:
• Completed application form
• Valid CNIC copies of applicant and co-applicants
• Recent photographs of the applicant and co-applicants
• Last paid utility bill of the installation site
• Borrower’s basic fact sheet as per SBP guidelines
• One-year account statement (if applicable)
• Last three months’ salary slips for salaried applicants
• Pension card/certificate for pensioners
• Biometric verification
• Business-related documents for SMEs
• Agri Passbook and Form-VII for agricultural borrowers
• Additional documents as needed
Application Process:
For more information and to apply, contact the Sindh Bank helpline or visit a nearby branch.
