Faysal Islami Solar Solutions provides a Shariah-compliant way to finance solar panel systems for homes. This program uses the Diminishing Musharakah model, allowing customers to finance solar systems at subsidized rates under the State Bank of Pakistan’s Islamic Refinance Scheme. This initiative aims to help reduce monthly electricity bills and promote renewable energy usage. Through net metering, users can even earn credits by supplying excess electricity to the national grid.
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Benefits of Solar Financing
Switching to solar energy with Faysal Islami Solar Solutions offers numerous advantages:
- Cost Reduction: Significantly lowers electricity bills.
- Environmental Benefits: Promotes clean, renewable energy.
- Energy Independence: Reduces reliance on the national grid.
- Net Metering: Earn credits for excess electricity supplied to the grid.
The financing option makes it easier for homeowners to afford solar systems, spreading the cost over several years.
Eligibility Criteria
To qualify for Faysal Islami Solar Solutions, applicants must:
- Be between 21 and 60 years old.
- Have a minimum monthly income of PKR 100,000 for salaried individuals or PKR 150,000 for self-employed individuals.
Meeting these criteria ensures that applicants can manage the financial commitment of the solar financing plan.
Loan Details
The loan offered by Faysal Islami Solar Solutions ranges from PKR 100,000 to PKR 3,000,000, with a flexible tenure of 1 to 7 years. The profit rate is fixed at 6% per annum, and repayments are made through fixed and equal monthly installments. The loan covers solar systems with capacities from 4KW to 20KW. Additionally, there is a non-refundable processing fee of PKR 6,000 plus FED, and a minimum equity requirement of 15% of the asset amount.
Application Process
Applying for Faysal Islami Solar Solutions is straightforward:
- Visit a Branch: Go to any Faysal Bank branch.
- Call Contact Center: Dial 021 111 06 06 06.
- SMS Application: Send an SMS with “ISS” followed by your city name and CNIC number to 9181.
The bank will review your application and, if approved, you can start your solar installation project.
Also Read: Get A Himmat Card by PSER (Punjab Socio-Economic Registry) in 2024
Conclusion
Faysal Islami Solar Solutions offers a practical and Shariah-compliant way to finance solar energy systems for homes. By providing competitive financing options, Faysal Bank helps customers reduce their electricity costs and contribute to a cleaner environment. Embrace renewable energy with Faysal Bank and enjoy the benefits of solar power.