SRINAGAR: In a significant boost for solar rooftop installations under the PM Surya Ghar scheme (MBY), Jammu and Kashmir Bank (JKB) has partnered with Kashmir Power Distribution Corporation Limited (KPDCL) to offer domestic consumers collateral-free, interest-friendly loans for RTS plants up to 10 kWp.
Under new guidelines, JK Bank will bear the full upfront cost of RTS installations, backed by MNRE’s flagship scheme, which provides a 60 percent subsidy for plants up to 3 kWp. This move aims to encourage more domestic consumers to adopt solar power.
A KPDCL spokesperson praised the collaboration, noting that consumers registered on the National Portal can now apply for loans through the Jan Samarth portal or at any JK Bank branch. “Consumers can avail loans with just a 5 percent contribution for plants up to 3 kWp. For RTS plants between 3 and 10 kWp, a 10 percent margin contribution is required for the J&K Bank loan,” he said.
To date, 3,253 domestic consumers in the Kashmir Division have applied through the National Portal, with 1,182 selecting vendors. Nearly 200 consumers have already installed rooftop solar systems, totalling an installed capacity of 748.07 kW.
The KPDCL spokesperson expressed optimism that JK Bank’s involvement will drive more consumers to adopt rooftop solar. “The Central and UT subsidies, with an upper limit of Rs. 94,800, will be adjusted against the loan as soon as the plant is commissioned, and EMIs will be adjusted accordingly,” he added.
The spokesperson also noted that other national banks, including SBI, PNB, and Canara Bank, offer similar EMI-based loans to help consumers cover solar rooftop costs. (KNO)
