Solar panel loan

The Importance of Solar Energy System 

The use of solar panels in homes is a practical solution that contributes to achieving tangible economic savings and is one of the goals of rationalizing electricity consumption, in addition to its positive role in preserving the environment, providing clean energy, and supporting sustainability goals. Stemming from Bank Misr's commitment to supporting the state's efforts to expand the use of renewable solar energy sources, Bank Misr offers a special program to finance the purchase of solar panel systems, characterized by flexible terms and competitive advantages that meet the needs of various clients. This program comes within the framework of supporting the state's direction toward expanding the uses and supporting solar energy projects.

First: Solar System & PanelsPanel Financing Programs

1. Solar Energy Financing Program for Employees
• Loan Term: From 6 months up to 96 months.
• Financing Value: From EGP 6,000 up to EGP 250,000.
• Financing Percentage: Up to 100% of the quote value.
• Minimum Net Monthly Income:
• EGP 10,000 for the private sector.
• EGP 7,000 for the public sector.
• Interest Rate: Starts from 24% annually up to 26.25%.
• Age: From 21 years up to 65 years at the end of the financing term.

1. Solar Panel Financing Program for Pensioners and Beneficiaries
• Loan Term: From 6 months up to 84 months.
• Financing Value: From EGP 6,000 up to EGP 150,000.
• Financing Percentage: Up to 100% of the quote value.
• Minimum Pension: EGP 500.
• Interest Rate: Starts from 24.25% annually.
• Maximum Age: Up to 65 years at the end of the financing term.

1. Program for Professionals and Free Business Owners
• Loan Term: From 6 months up to 48 months.
• Financing Value: From EGP 6,000 up to EGP 200,000.
• Financing Percentage: Up to 90% of the quote value.
• Minimum Time in Business: Two years.
• Interest Rate: 26.75% annually.
• Maximum Age: Up to 65 years at the end of the financing term.

1. Program with Savings Certificates/Deposits as Collateral
• Loan Term: From 6 months up to 120 months.
• Financing Value: From EGP 6,000 up to EGP 500,000.
• Financing Percentage: Up to 100% of the price quote value and a maximum of 90% of the collateral value, depending on the type of collateral and its respective financing percentage for Egyptians and foreigners.
• Interest Rate: +2% above the interest rate on the collateral account (provided it is not less than the lending and discount rate).

Second: General Features

• Financing up to 100% of the solar energy system value.
• Free insurance against the risks of death and total disability.
• A grace period for repayment of up to 5 days before a late fee is calculated.
• Distinctive administrative fees deducted only once.
• Maximum Debt Burden: 50% of net income.

Third: Required Documents for Financing Home Solar Panels

General Documents

• Loan application form.
• Price quote from a company coded with Bank Misr.
• A copy of a valid National ID card.
• A recent utility bill (electricity/water/gas/telephone).
• Medical form for insurance against the risks of death and total disability (for programs without in-kind collateral).

Specific Documents for Each Program (Unsecured Loans)

• Employees: Salary certificate or a commitment letter from the employer.
• Pensioners/Beneficiaries: Certified statement from the pension disbursement entity.
• Free Business Owners: Tax card + recent commercial register + income documents.
• With Savings Certificates/Deposits as Collateral: Collateral linkage with the bank.

*Terms and conditions apply