Solar Financing is halted till November since the banks like Alfalah, Meezan, Soneri, Allied, and JS have exhausted their State Bank Loan limits, we are left with no choice but to put the financing on a first come first serve basis in a very long queue for On-Grid Systems.
Since the banks like Alfalah, Meezan, Soneri, Allied, and JS have exhausted their State Bank Loan limits, we are left with no choice but to put the financing on a first come first serve basis in a very long queue. Currently, Habib Metro and Bank Al-Habib are processing our cases.
Currently, we are processing our cases through Bank Al-Habib. The ideal system size is 10kW because the relationship managers have their targets and for them, 3kW, 5kW, and 7kW lead become the least priority.
For business owners: 2 Lac is the average balance for at least 2 years that you need to showcase with 6 credits and 6 debits.
For individuals: 1 Lac average monthly fee is advised with proof of last 6-month salary slips.
Things to know about financing:
1. You will still have to pay upfront equity even sometimes up to 40%.
2. There is a 3% commission charged from vendors that we add to the price of an EPC project and that effectively translates to the consumer.
3. There is a 0.5% commission or 50K whichever is above to be charged from the client.
4. Although we discourage this, RM often would not approve your file without the wheel money of Rs. Per Watt.
5. The bank charges up to 0.5 Rs. Per Watt insurance.
6. The first few installments are Kibor plus Commercial Rate until rescheduled through State Bank.
7. Lastly, the bank has due diligence that we need to charge you for in legal fees.
Note: We do not discourage Financing but you end up paying 15% more of the cash price or actual bargain.
Note 2: The bank takes products as collateral for up to 2.5 Million Loans for residential complexes and 10 Million Loans for corporate or industry. It is for this reason, that the bank DOES NOT finance battery-based Hybrid or Off-Grid Solutions.