Arab African International Bank (AAIB) offers customers financing for solar panels through a loan with no collateral, helping them switch to cleaner, more sustainable energy sources and cut their electricity costs over the long term.

Solar financing is part of the bank's lending solutions aimed at customers who want to benefit from clean energy and install solar power systems at home, allowing them to take a step towards a more sustainable future.

Features of AAIB's Solar Panel Financing

The financing gives customers the opportunity to fund the purchase of solar panels, helping cover the cost of switching to clean energy and benefiting from its advantages over the long term.

The financing requires no collateral, subject to the bank's terms and conditions, and is repaid in installments as agreed with the customer.

Using solar panels helps reduce reliance on conventional electricity sources and lowers energy costs over the long term, while also helping protect the environment through wider use of renewable energy.

The financing amount, interest rate, repayment term and eligibility conditions are subject to the bank's approved rules; customers should contact the bank for up-to-date details of the solar financing programme.

General Terms of AAIB's Solar Financing

The general terms and conditions set by Arab African International Bank apply to its retail financing products. They set out the rights and obligations of the bank and the customer, including the rules on repayment, interest, fees and the procedures followed when payments are late.

  • 1. Use of the financing

    • The customer must use the financing amount for the purpose the bank approved when granting it. If it is used for other purposes in breach of the credit approval, the bank may demand repayment of the amounts due, including the principal, interest, fees and penalties set under the applicable terms.

  • 2. Interest and settlement of the financing

    • The financing amount and the interest due are repaid in installments as agreed in the financing contract. Installments may be monthly, quarterly, semi-annual or annual, depending on the nature of the financing and the agreement with the customer.

    • Interest is calculated on a 360-day year basis and accrues daily on the outstanding balance of the financing, under the terms set out in the financing contract.

    • The customer remains liable until the principal is repaid in full, together with all amounts due in interest, commissions, expenses and any other additional charges.

  • 3. Installments and payment dates

    • The customer must pay installments on their due dates and make sure the account holds enough balance to cover the installment, interest, commissions and expenses due until the financing is fully repaid.

    • For customers whose salaries are transferred to the bank, the installment amount may be held when the salary is credited until its due date, in line with the applicable rules.

    • Customers should also mind the timing of installment deposits: amounts deposited are credited on the next business day, and if that day is an official holiday, they are credited on the first business day after it, with debit interest applied to overdue amounts during the holiday under the bank's terms.

  • 4. Administrative fees, taxes and stamp duties

    • Administrative fees for the financing are charged under the approved banking tariff and the terms agreed with the customer, and may be deducted from the financing amount on disbursement or from the customer's accounts with the bank.

    • The customer also bears the fees, taxes and stamp duties due under applicable laws and regulations, including the proportional stamp duty deducted from their account according to the rules and dates set by law.

    • The bank may apply late-payment fees and early-repayment fees under the banking tariff and agreed terms, and may amend fees and commissions in line with the rules it announces.

  • 5. Late payment of installments

    • If the customer fails to pay any installment or amount due on time, the bank may charge late-payment interest on the overdue amounts in addition to the interest applied to the financing, under the banking tariff and the applicable terms and conditions.

    • If the customer breaches the repayment obligations of the unsecured financing, the bank may demand repayment of the entire outstanding debt, including the principal, interest, fees, commissions, late charges and any other amounts due, under the set terms.

    • The bank may also set off amounts owed by the customer against the customer's balances with the bank, under the applicable terms and conditions.

  • 6. Early repayment

    • Requests for full or partial early repayment of the financing are subject to the terms and fees set by the bank.

    • According to the published general terms for retail financing products, early repayment may not be requested before 6 months have passed from the due date of the first installment; after that, the set fees apply under the banking tariff and the agreement with the customer.

  • 7. Extending the financing term

    • The general terms for unsecured financing products allow customers to request an extension of the financing term, subject to the bank's rules, provided the request is submitted after 12 months from obtaining the current financing.

    • The customer's age at the maturity of the new financing must not exceed the programme's maximum age, and the term may be extended only once during the life of the financing, without exceeding the programme's maximum approved term.

  • 8. Bank rights and customer obligations

    • The bank may take the necessary measures under the terms and conditions if the customer breaches their obligations, uses the financing for a purpose other than the approved one, or in other cases requiring settlement of the debt, at the bank's discretion and under the governing rules.

    • Under the applicable terms, the bank may also take action regarding amounts due in cases of default, bankruptcy, seizure or freezing of the customer's assets, or other situations affecting their obligations to the bank.

    • The bank's records, accounts and financing statements serve as evidence of the amounts due, unless disputed in accordance with the specified legal procedures and deadlines.

  • 9. Data confidentiality and credit inquiries

    • The bank may make inquiries about the data and information needed to assess the customer and their ability to repay, including inquiries with banks, institutions and relevant bodies, in line with applicable laws and rules.

    • The bank may also share necessary credit information with credit inquiry and rating companies, such as the credit bureau I-Score, to assess creditworthiness and the ability to meet obligations.

    • The bank is bound by banking confidentiality rules under the Central Bank of Egypt law and related legislation, except where the law permits disclosure to the competent regulatory or judicial authorities.

  • 10. Filing complaints

    • Customers can file complaints by calling the customer service centre on 19555, visiting a branch and submitting a complaint form, using the bank's website, or emailing [email protected].

    • The bank gives the customer a complaint reference number within two business days of registration and commits to responding within 15 business days, except for complaints involving third-party transactions, which may take longer; in that case the customer is notified of the expected timeframe.

    • If the customer does not accept the response, they may object in writing within 15 business days of receiving it, stating the reasons for the objection, under the procedures set by the bank.

  • 11. Laws governing the financing

    • The terms and conditions are governed by applicable Egyptian law, and related disputes are referred to the Economic Courts in Cairo, according to the bank's published general terms.

    • The bank is not liable for certain delays or failures to provide services caused by circumstances beyond its control, such as internet or telecommunications outages or other force majeure events, to the extent permitted by applicable law.

Banky's View

Solar panel financing is an option that can help customers who want to switch to clean energy cover the cost of buying and installing the systems without having to pay the full amount upfront, depending on the financing limits and the terms of the approved programme.