JK Bank Solar Inverter Finance: Eligibility & Rates Check Here
The JK Bank Solar Inverter Finance Scheme is aimed at providing financial assistance to eligible individuals and entities for the purchase and installation of off-grid solar lighting and photo-voltaic systems. This article provides detailed information on the eligibility criteria, quantum of finance, margin, security, processing charges, rate of interest, and tenor of the loan.
Eligibility Criteria
The following individuals and entities are eligible for the JK Bank Solar Inverter Finance Scheme:
- Confirmed Employees of Government/Semi-Government Departments/Bodies/Agencies & Public Sector Undertakings.
- Permanent Employees of Private Companies or Reputed Establishments with minimum 2 years association with the Current Employer and maintaining salary account with the bank.
- Professionals, Self Employed Individuals & Businessmen with at least 2 years of experience in profession/business.
- Retired Govt. Employees with age not more than 70 years on maturity of loan.
- Persons engaged in agricultural and allied activities.
Quantum of Finance
The quantum of finance for individuals is 12 times their net monthly salary/pension/income. Persons engaged in agricultural and allied activities can avail a maximum of 2 times their net annual income as certified by concerned Tehsildar. The maximum quantum of finance shall not exceed Rs 50000.00.
Margin
There is no margin required for the JK Bank Solar Inverter Finance Scheme.
Security
The primary security required for the loan is nil. For employees of J&K State Govt./Central Govt./Semi Govt. Departments/Bodies/Agencies and PSU’s maintaining salary accounts with the bank, there is no need for collateral. However, for others, a third-party guarantee of ONE person acceptable to the bank and having sufficient net worth to withstand the liability is required.
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Processing Charges
The processing charges for the JK Bank Solar Inverter Finance Scheme are Rs. 500.00 plus applicable GST.
Rate of Interest
The fixed rate of interest for the JK Bank Solar Inverter Finance Scheme is 3 year MCLR plus 3% with monthly rests. The rate of interest is subject to change.
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Tenor
The maximum tenor of the loan shall not exceed 36 months.
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The JK Bank Solar Inverter Finance Scheme is a great initiative aimed at promoting the use of off-grid solar lighting and photo-voltaic systems. The scheme offers attractive features such as no margin, no collateral for eligible individuals, and a low rate of interest. Eligible individuals and entities are encouraged to take advantage of this scheme to promote sustainable energy practices.
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FAQs JK Bank
Q: What is the purpose of the JK Bank Solar Inverter Finance Scheme?
A: The JK Bank Solar Inverter Finance Scheme is aimed at providing financial assistance to eligible individuals and entities for the purchase and installation of off-grid solar lighting and photo-voltaic systems.
Q: Who is eligible for the JK Bank Solar Inverter Finance Scheme?
A: Confirmed Employees of Government/Semi-Government Departments/Bodies/Agencies & Public Sector Undertakings, Permanent Employees of Private Companies or Reputed Establishments with minimum 2 years association with the Current Employer and maintaining salary account with the bank, Professionals,
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Self Employed Individuals & Businessmen with at least 2 years of experience in profession/business, Retired Govt. Employees with age not more than 70 years on maturity of loan, and Persons engaged in agricultural and allied activities are eligible for the scheme.
Q: What is the quantum of finance for individuals under the scheme?
A: The quantum of finance for individuals is 12 times their net monthly salary/pension/income. The maximum quantum of finance shall not exceed Rs 50000.00.
Q: Is any margin required for the JK Bank Solar Inverter Finance Scheme?
A: No, there is no margin required for the scheme.
Q: What security is required for the JK Bank Solar Inverter Finance Scheme?
A: The primary security required for the loan is nil. For employees of J&K State Govt./Central Govt./Semi Govt. Departments/Bodies/Agencies and PSU’s maintaining salary accounts with the bank, there is no need for collateral. However, for others, a third-party guarantee of ONE person acceptable to the bank and having sufficient net worth to withstand the liability is required.
Q: What are the processing charges for the JK Bank Solar Inverter Finance Scheme?
A: The processing charges for the scheme are Rs. 500.00 plus applicable GST.
Q: What is the rate of interest for the JK Bank Solar Inverter Finance Scheme?
A: The fixed rate of interest for the scheme is 3 year MCLR plus 3% with monthly rests. The rate of interest is subject to change.
Q: What is the maximum tenor of the loan under the JK Bank Solar Inverter Finance Scheme?
A: The maximum tenor of the loan shall not exceed 36 months.