The Bank of Punjab has started issuing loans for the purchase of solar panel systems to overcome electricity shortage in the country.
BOP Retail Finance Division, Mortgage Financing head Muhammad Akbar said that the domestic consumers, educational institutions and petrol pumps will be given priority in issuance of loans at an initial stage. In this regard, thousands of loans seekers, including industrial units have contacted BOP, he said.
The BOP would give loans for solar energy systems for a period of three, five and seven years and will charge 14 percent to 18 percent mark up on it. The consumers will have to invest 20 percent amount from their pocket while the bank will provide 80 percent financing for its purchase, he added. He said farmers having 12 acres of land could apply for loans to run tube-wells on solar energy.
