J & K Bank PM Surya Ghar Muft Bijli Yojana

• J & K Bank PM Surya Ghar Muft Bijli Yojana

For Purchase & Installation Roof Top Solar Plants from registered/ empanelled suppliers/ vendors of Power Distribution Companies (DIS COMs)

• Customers who have sufficient roof area  and roof top rights on which the installation is proposed, falling in any of below mentioned categories shall be eligible to avail loan under this scheme:

  • Employees of Government / Semi-Government Departments / Bodies/ Agencies   & Public Sector Undertakings and autonomous bodies .
  • Employees of Private Companies or Reputed 
    Establishments with minimum 1 year’s association with the Current Employer and maintaining salary account with us. 
  • Professionals,  Self  Employed  Individuals  &  Businessmen  
    with at least 1 years of experience/ standing or at least  1 year old account(any type) with us.  
  • Pensioners of Govt drawing pension from our bank.
  • Persons engaged in agricultural and allied activities. 

   

• Minimum age of Applicant: 18 years.  
• Maximum age of Applicant at loan maturity:   75 years

Note: In cases where the Electricity bill is in the name of some elderly family member who is approaching or has crossed 75 year mark, loan facility can be granted by taking some younger family member (preferably son) as co-borrower.

• 05% for purchase of Solar Roof Tops with capacity upto 3 KW
• 10%  for purchase of Solar Roof Tops with capacity above 3 KW

• 05% for purchase of Solar Roof Tops with capacity upto 3 KW
• 10%  for purchase of Solar Roof Tops with capacity above 3 KW

A.  Primary  :Hypothecation of Assets created out of bank finance.

B.  Collateral :NIL 

• NIL for cases where the capacity of Solar roof Top is upto 3 KW
• 0.25% of loan amount + GST (minimum Rs 1000/- + GST) for cases where the capacity is above 3 KW. 

• Capacity of Solar	Rate of Interest
  Upto 3KW	RLLR – 2.45% (fixed) with monthly rests
  Above 3KW	RLLR+0.55% (fixed) with monthly rests

• Loans shall be repayable in a maximum of 81 Equated Monthly installments after expiry of moratorium. The EMI shall be refixed post credit of subsidy.

• Prepayment shall be allowed without any prepayment/ Foreclosure charges.

• All applications are to be first registered at https://pmsuryaghar.gov.in. This portal will assist the consumer in selecting a system of appropriate size, vendor selection etc.
• After successful registration, loan can be applied digitally through Jan Samarth portal using link https://www.jansamarth.in. Integration with Jan Samarth portal has been done to ensure bidirectional flow of information to and from the National Portal to the respective financial institutions and to ensure tagging of loan account of consumer to the application on National Portal.

The process flow for consumer will be:

Note: 
The release of the Central Financial Assistance (CFA) is being operationalized through an e-token. The e-token will be generated after submission of application on the National Portal and will be visible on the consumer profile in the Portal. After the necessary documents have been uploaded and inspection by the DISCOM has been completed, the e-token shall be activated with the amount of eligible CFA (subsidy) as per the actual installed capacity. The e-token shall then be redeemed by the consumer by logging into his/her profile on the Portal and the CFA shall subsequently be released to the consumer account. Accordingly:

• Operative levels shall follow-up with the beneficiaries to ensure that installation and commissioning of Solar Roof Top is carried out within prescribed time frame.
• The beneficiaries must be impressed upon and it shall be ensured that subsidy claim/ redemption of E-token is triggered immediately after completion of installation.
• The operative levels shall ensure that the loan account number is updated on the portal for subsidy claim/ redemption of e-token.
• Rephasement of EMI post appropriation of subsidy in loan account shall be ensured in a time bound manner. 

• As per the Administrative Council Decision No 94/0/2024 dated 25/07/2024 and Government order No 119-JK(PDD) of 2024 dated 31.07.2024, the subsidy structure of PM Surya Ghar Muft Bijli Yojana is tabulated below:

  Capacity	Cost	MNRE Subsidy	UT Subsidy	Total Subsidy	Beneficiary share
  1 KW	55,000	33000	3000	36000	19000
  2 KW	110000	66000	6000	72000	38000
  3 KW	159000	85800	9000	94800	64700
  4 KW	209000	85800	9000	94800	114200
  5 KW	258500	85800	9000	94800	163700

  • Subsidy is to be claimed by Borrower from Suryaghar.gov.in (MNRE website).
  • The consumer shall update the loan account details on PM Suryaghar portal so that subsidy, as and when received, is directly credited to the loan account. The borrower shall furnish to bank an undertaking in this regard.
  • Post credit of subsidy amount in loan, the EMI shall be rephased accordingly.
  • Change in cost of Solar Roof Top or subsidy component, if any made by Govt in future shall be applicable.

  Above mentioned is the indicative cost structure and actual cost for solar roof tops with capacity upto 5 KW as well as above 5 KW shall be based on the invoice drawn by the vendor through portal.

• The assets purchased out of bank finance shall be insured at the cost of the borrower. However, at the request and undertaking of the borrower, requirement of insurance can be waived off in cases for purchase of Solar Roof Tops upto 3KW.

• Term Loan