Green Ghar Finance
Borrow for home solar equipment as a salaried or self-employed individual in twelve Pakistani cities, with your own contribution and equipment insurance.
Ez a lehetőség jelenleg angolul érhető el.
Green Ghar Finance is a loan for residential solar installations through MCB-approved vendors. You can borrow PKR 200,000–5,000,000 for up to seven years. Salaried borrowers contribute at least 20% of the cost themselves; self-employed borrowers and business owners contribute at least 25%.
You repay the loan in monthly instalments with interest. The variable annual rate is six-month KIBOR, the Karachi interbank benchmark rate, plus 3.5 percentage points. The benchmark resets on the first working day of January and July, while the bank’s margin stays fixed for the loan term. Changes in the benchmark change your instalments.
Processing costs PKR 7,000, is non-refundable and carries Federal Excise Duty. Legal work, income estimation, property appraisal and vendor surveys are charged at their actual cost. Applicable government taxes and duties are added to schedule charges.
Full early repayment carries a fee of up to 5% of the remaining principal in the first year, 4% in the second and 3% from the third year. Years run from the disbursement date. Partial repayments carry corresponding maximum charges of 5%, 4% and 3% of the amount paid. From the second year, the schedule allows two partial repayments in twelve months at zero prepayment charge, with a minimum sum of 5% and a maximum combined sum of 20%; subsequent partial repayments attract the stated penalty. Charge reductions require the bank’s authorization; the schedule sets a minimum recovery of PKR 1 plus applicable tax for reductions.
To repay early, contact a walk-in centre, your branch or the original sales officer, submit a request specifying the amount and obtain the fee calculation. Deposit the principal and fees. The bank adjusts principal within 14 working days of the month and issues an adjusted schedule within 15 working days of that adjustment. For full repayment, it issues a no-objection certificate within 15 days after receiving all remaining principal, fees and outstanding interest.
Late instalments can incur up to PKR 1,500 each, additional market-rate interest on overdue principal and reporting to the State Bank of Pakistan’s credit database, affecting future borrowing. On default or the borrower’s death, MCB may ask the vendor to buy back the solar system and pay the buyback price to the bank. A guarantor is responsible for financial obligations if the borrower cannot pay on time.
Eligibility
- The offer serves Lahore, Karachi, Islamabad, Rawalpindi, Faisalabad, Abbottabad, Bahawalpur, Gujranwala, Hyderabad, Multan, Peshawar and Sialkot.
- Salaried applicants need net monthly income of at least PKR 75,000 and two years of employment. Self-employed professionals or business owners need at least PKR 150,000 net monthly income and three years in work or business.
- The debt burden ratio is limited to 50% for both groups: repayments must fit within that share of income. Borrower ages are 25–65; the loan must mature by age 65 or the salaried borrower’s retirement age, whichever comes first.
- A residential-property mortgage is required above PKR 1.5 million; loans up to that amount have no collateral requirement.
- Solar equipment insurance is mandatory for the full system value. The Green Ghar key fact statement also stipulates mandatory borrower life insurance under its clause labelled “MCB Home Loan”: cover must remain with a bank-acceptable insurer throughout the loan, with premiums paid by the customer.
- Use an approved solar vendor and provide an installation agreement. Approval remains at MCB’s discretion under its lending policies and regulations.
How to apply
- Állapot
- Folyamatosan nyitva
- Az adott pályázati kör feltételei
- Apply through MCB’s new-customer form or Consumer Helpdesk; loan approval is at the bank’s discretion.[^c5][^c17]
Start through MCB’s Become a Customer form and select “MCB Green Ghar Finance”. The account-number field is optional. You can also contact the Consumer Helpdesk on 042-35987979 or the call centre on 111-000-622.
MCB lists an application form, valid CNIC/NICOP identity-document copy, two passport photographs, a declaration of borrowing from all banks and development finance institutions, income and business/employment evidence, property documents and the customer-vendor solar installation agreement.