J&K Bank, KPDCL collaborate to offer ‘interest-friendly’ loans to consumers opting for solar scheme

Srinagar, Nov 2: In a big boost to the installation of solar roof-tops under PM Surya Ghar: MBY, J&K’s premier financial institution, Jammu & Kashmir Bank, has joined hands with Kashmir Power Distribution Corporation Limited (KPDCL) to offer interested domestic consumers collateral-free and interest-friendly loan facility for RTS plants up to 10 kWp.
In a major decision taken, J&K Bank has issued the guidelines for bearing the full cost of RTS upfront under the MN&RE’s flagship scheme, which shall provide much-needed fillip to the domestic consumers to adopt the scheme, which is 60% subsidised for plants up to 3 kWp.
In a press statement issued here Saturday, a KPDCL spokesperson welcomed the bank’s decision to partner Kashmir Discom in making PM Surya Ghar scheme a household name in Kashmir Division. “All those consumers who have registered on the National Portal can now also apply on Jan Samarth portal or visit the nearest J&K Bank branch to avail the loan facility,” he explained.
Giving details, the KPDCL spokesman further stated that the interested consumers registered on National Portal of PM Surya Ghar can avail loans at a minimal beneficiary contribution of 5% only, for a plant up to 3 kWp, at friendly interest rates. “For RTS plant beyond 3 kwp and up to 10 kWp, margin money of 10% has to be deposited by the consumer for availing upfront loan from J&K Bank,” he added.
As many as 3253 domestic consumers have formally applied on the National Portal in Kashmir Division, with 1182 having selected vendors. Nearly 200 consumers have already installed the solar roof-tops under the scheme with installed capacity of 748.07 kW.
The KPDCL spokesperson hoped that with J&K Bank joining hands with KPDCL, the number of consumers interested in adopting the roof-top solar scheme will substantially go up. “The Central and UT subsidy, with upper ceiling of Rs.94,800/, under the scheme shall be adjusted against the loan availed by the consumer, immediately after the plant is commissioned,” he said, adding that the EMI shall be reconciled accordingly.
The spokesman further stated that many Nationalized Banks like SBI, PNB & Canara Bank, are also offering similar loan facility to motivate the consumers to avail friendly EMI-based loans to bear the cost of the solar roof-top equipment.