Askari Ujala Finance

Eligibility & Qualification Criteria

• For SMEs Sole Proprietor, Partnership Firm (registered), Private Limited Company, Limited Company
• Citizens having Pakistan Valid CNIC
• Age Between 25-55 years at the time of application (Any one of partner / director should meet criteria)
• Business Age: Minimum 02 years
• Electricity Bill Payment should be regular

Account Maintenance:

• Minimum 01 year with AKBL OR
• Minimum 2 years with any other bank OR
• Minimum 06 months with AKBL and 1 year with other bank.

Financing Scope & Purpose

• Purchase of Machinery and Equipment

Required Documentation Checklist

• Complete loan application form with customer/applicants signatures. (SE/ME)
• Copy of property documents verifying Title/Ownership in name of Applicant / co-borrower or NOC from other owners, in case property is not owned by borrower or jointly owned.
• Vendor's Survey Report from Bank's approved vendor
• Copy of valid CNIC /NICOP of applicant(s) and / or co-borrower or sponsor, partners, directors.
• Attested quotation of the Solar System from bank's approved Energy Partner.
• Re-possession clauses to be incorporated in Finance Agreement with customer, authorizing bank for taking possession of solar equipment financed in case of default.
• Direct Debit Authority
• Customer indemnity that he would indemnify the bank in case of any loss to the equipment by him
• Any other document required by Askari Bank

Collateral & Security Requirements

• Hypothecation of solar equipment with buy back agreement between AKBL and Supplier(approved vendor).
• Mortgage of Residential / commercial / industrial property (Fard Based property to be accepted with full registered mortgage)
• Liquid securities i.e. cash / lien on deposit, saving certificates, investment bonds.
• HPA on vehicle(s) owned by applicant / spouse or parents (not more than 05 years old).
• Personal Guarantees of Borrower(s) and property owner supported by PNWS.
• Any other eligible security collateral as per Askari Bank Policy.