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For Purchase & Installation Of Off-Grid Solar Lighting & Photo –Voltaic Systems (Solar Inverters). The Finance Shall Be Granted For The Purchase Of The System From Authorized Dealers Of Reputed Companies.
ELIGIBILITY
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 us.
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
Individuals: 12 times net monthly salary/ pension / income.
Persons engaged in agricultural and allied activities: Maximum of 2 times net annual income as certified by concerned Tehsildar.
The maximum quantum of finance shall not exceed Rs 50000.00
MARGIN
Nil
SECURITY
Primary
Nil
Collateral
Nil for Employees of J&K State Govt. / Central Govt. / Semi Govt. Departments/ Bodies/ Agencies and PSU’s maintaining salary accounts with our Bank.
For others- Third Party Guarantee of ONE person acceptable to Bank and having sufficient net worth to withstand the liability.
PROCESSING CHARGES
Rs. 500.00 plus applicable GST.
RATE OF INTEREST (SUBJECT TO CHANGE)
Fixed rate of interest @ 3 year MCLR plus 3 % with monthly rests.
Click here for rate of Interest
TENOR
Maximum Tenor of Loan shall not exceed 36 months.
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