Solar Financing
Power Your Home with Shariah-Compliant Solar Panel Financing
Voltmines Solar offers financing of complete solar panel systems for your home. Lower your monthly electricity bill by up to 50%, by availing an interest-free solar financing solution. Voltmines solar financing is based on State Bank of Pakistan’s Islamic Refinance Scheme and is ideal for homeowners for generating their own source of power. Through net metering, excess power generated by solar energy may also be sold back to the national electricity grid, resulting in a greener environment.
Eligibility Criteria
Salaried Individual
Age of applicant: Minimum 20 years and maximum 60 years or upto the age of retirement at maturity
Age of co-applicant: Maximum 75 years
Nationality: Pakistani, adult, permanent resident, CNIC holder
Employment status: Must be permanent
Income: Minimum monthly gross salary PKR 100,000
Tax payee: Must be an active tax payee with NTN number
Job Tenure: Current employment for at least 2 continuous years
Credit checks: Bank will conduct bureau checks and will conduct verification of residence and office / business place
Income assessment: Through payslip, bank statement, appointment letter, employment letter and / or audited financial (in case applicant is a paid director)
References: Two references required
Financing for flats: Financing for flats / apartments is not available.
Businessman
Age of applicant: Minimum 20 years and maximum 65 years at maturity of financing.
Age of co-applicant: Maximum 75 years
Nationality: Pakistani, adult, permanent resident, CNIC holder
Income: Minimum monthly gross income PKR 200,000
Tax payee: Must be an active tax payee with NTN number
Business Tenure: At least 2 years in same business
Credit checks: Bank will conduct bureau checks and will conduct verification of residence and office / business place
Income assessment: Through Bank statement, Audited Accounts, Tax returns. Etc
References: Two references required
Financing for flats: Financing for flats / apartments is not available.
Income
Age of applicant: Maximum 70 years at maturity of financing.
Age of co-applicant: Maximum 75 years
Nationality: Pakistani, adult, permanent resident, CNIC holder
Employment status: Retired** pension holder
Income: Minimum monthly gross pension PKR 100,000
Tax payee: Must be an active tax payee with NTN number
Credit checks: Bank will conduct bureau checks and will conduct verification of residence and office / business place
Income assessment: Through pension book, bank statement, documents required from a salaried individual if applicant is still working and getting retired in financing period. Etc
References: Two references required
Financing for flats: Financing for flats / apartments is not available.
Key Features
Islamic Mode: Financing to be provided on Islamic concept of Musawamah.
Installment: Unequal monthly installments
Profit rate: 6% per annum (fixed)
Financing tenure: Minimum 12 months (1 year) and Maximum upto 60 months (5 years)
Allowed capacity: From 1KW upto 1000KW
Financing amount: Minimum PKR 100,000 and Maximum upto PKR 2000,000
Security collateral: HPA on solar panel and 3 cheques
Residence ownership: Property where solar has to be installed must be owned by applicant. If the place is owned by an immediate family member*, in such case house owner(s) will become co-applicant**. In case of 2 or more owners of property, each and every owner will become co-applicant.
Co-applicant: In case of co-applicant there will be no income requirement from co-applicant.
On-Grid System Down Payment
With credit history ≥ 12 month - Minimum 15% maximum up to 50%
With credit history < 12 months - Minimum 30% maximum up to 50%
Off-Grid System (No Net Metering) Down Payment
Minimum = 30% and maximum up to 50%.
*Immediate family members include parents, spouse, siblings and children
**however, applicant must be residing at provided address