With electricity prices soaring and frequent power outages in Pakistan, solar energy has become a necessity for many households. However, the high upfront cost of solar panel installation often makes it difficult for families to switch to solar power.
To solve this problem, Allied Bank Limited (ABL) has introduced Allied Solar System Finance, a convenient loan facility that allows homeowners to install solar panels on easy monthly installments. This financing option helps you save on electricity bills while reducing your dependence on the national grid.
In this guide, we’ll cover everything you need to know about Allied Bank’s solar panel financing, including eligibility, loan terms, repayment options, and how to apply.
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💡 What is Allied Solar System Finance?
Allied Solar System Finance is a loan service from Allied Bank. It helps people buy and install solar panels for their homes. Instead of paying the full price upfront, you pay small monthly installments. This way, you can enjoy solar electricity without waiting for years to save money.
This offer is perfect for people who want energy independence and want to reduce their monthly power bills.
🏦 Key Details of Allied Bank Solar Loan
Here are the main features of this solar financing offer:
| Feature | Details |
|---|---|
| Loan Amount | Rs. 200,000 to Rs. 3,000,000 |
| Loan Duration | Up to 7 years |
| Down Payment (Your Share) | 30% of total system cost |
| Repayment Flexibility | Balloon payments allowed (after 1 year) |
| Full Prepayment | Yes (charges may apply) |
| Loan Type | Only for home solar panel installation |
| Vendor Condition | Installation must be done by ABL-approved companies |
This loan is designed to help you go solar without financial stress.
Why Choose Allied Bank’s Solar Panel Financing?
Switching to solar energy is a smart financial decision, but the initial investment can be a hurdle. Allied Bank’s solar financing makes it easier by offering:
✅ Loan Amount: Rs. 200,000 to Rs. 3,000,000
✅ Flexible Tenure: Repay over up to 7 years
✅ Low Markup Rate: Competitive interest rates (as low as 6% per annum under SBP refinance)
✅ Minimal Down Payment: Only 30% equity required from the borrower
✅ No Hidden Charges: Transparent processing with no surprise fees
✅ Quick Approval: Fast processing for eligible applicants
With these benefits, homeowners can immediately reduce electricity bills while paying for their solar system in affordable monthly installments.
👨👩👧👦 Who Can Apply Allied Bank Solar Financing?
Whether you are working for a company or running your own business, you can apply for this loan. But you must meet some basic conditions:
✅ General Conditions:
- You must be a Pakistani citizen
- Your age must be between 21 and 59 years at loan maturity
- You must have a clean financial record
✅ If You Are Salaried:
- Minimum income: Rs. 50,000 per month
- Must have a permanent job for at least 2 years
- Minimum 6 months of bank history
✅ If You Are Self-Employed:
- Monthly income: Rs. 75,000 (if ABL client), Rs. 100,000 (other banks)
- Business experience: 2 years with ABL, 3 years with others
- Bank account must be active for at least 1 year (ABL) or 2 years (other banks)
These requirements ensure that only serious and financially stable people get the loan.
🏠 Where Can You Install the Solar Panels?
This loan is only for residential use. You can install solar panels on:
- Your own home
- A house owned by your parents, spouse, or children
- A joint family home (with written permission from co-owners)
If the house has more than one owner, a guarantee and written agreement from the co-owners are needed.
📄 Documents You Need
Here’s a checklist of documents you need to apply for the loan:
- Copy of CNIC
- Two passport-size photos
- Income proof
- Salaried: Salary slips and bank statement
- Business: Tax returns and income proof
- Proof of property ownership (electric bill or registry paper)
- Quotation and site survey report from an ABL-approved solar vendor
- Business papers if self-employed
- Bank account letter (sometimes required)
Submit these documents carefully to avoid delay in loan approval.
📈 Markup Rates – What Will the Loan Cost You?
Allied Bank offers two types of markup (interest) rates:
| Type | Markup Rate |
|---|---|
| With SBP Refinance | 6% fixed per year |
| Without Refinance | 1-Year KIBOR + 3% (salaried), 3.5% (business owners) |
SBP refinance makes the loan more affordable. Ask the bank if refinance is available before you apply.
💳 How Do You Pay Back the Loan?
The bank gives you many ways to repay your loan comfortably:
- Loan time: Up to 7 years
- You can make 4 balloon payments (lump sums) after 1 year
- You can pay the full loan early (some charges apply)
- If you miss payments, late fees may apply, and it may hurt your credit score
It’s better to repay on time to avoid extra charges.
📝 How to Apply for Allied Bank Solar Loan?
Follow these simple steps to apply:
- Visit the nearest Allied Bank branch
- Fill the loan application form
- Attach all required documents
- Bank will review your case and inform you
- After approval, pay the processing fee
- Loan will be given to the solar company
- Approved vendor will install your solar panels at home
Make sure to choose only ABL-approved vendors for smooth processing.
✅ Benefits of Allied Solar Financing
- No need to wait years to save money
- Get solar system without paying full cost upfront
- Reduce monthly electricity bills from Day 1
- Enjoy peace of mind with fixed and flexible repayments
- Contribute to clean and green energy
🔚 Final Words
Allied Bank’s solar loan is a great opportunity for Pakistani families who want to save money and escape power outages. It removes the biggest hurdle—high initial cost—and gives you freedom to pay slowly over time.
If you’ve been thinking about switching to solar but didn’t know how to afford it, now is the time to take action. Visit your nearest Allied Bank branch, apply for the loan, and start enjoying the power of the sun at your own home!
