JS Bank offers the Smart Roshni Solar Solution Financing program to help businesses reduce electricity costs by installing solar energy systems. This financing solution supports Pakistani businesses in generating cost-effective, renewable energy.
Table of Content
Features and Benefits
- Loan Amount: Financing between PKR 500,000 to PKR 10,000,000.
- Equity Requirement: Minimum 20% of the total solution quotation value.
- Collateral: Collateral along with hypothecation of the energy solution, personal guarantee, and post-dated cheques.
- Repayment: Equal Monthly Installments (EMI) over 3 to 5 years.
- Insurance: Mandatory insurance for the solar solution.
- Processing Fee: As per the bank’s updated Schedule of Charges (SOC).
Eligibility and Requirements
To be eligible for this loan, applicants must be Pakistani nationals with at least one year of business operations and sufficient knowledge of the business. Proof of ownership of the premises where the solar installation will occur is required. If the property is leased or rented, a No Objection Certificate (NOC) from the owner is necessary. Applicants must also have a satisfactory credit history and the financial ability to afford and repay the finance.
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Financing Details
The financing offered by JS Bank is tailored to meet the needs of Small and Medium Enterprises (SMEs) based on their business cash flows. The minimum equity requirement ensures that businesses have a stake in the project, making the financing more secure and reliable. The loan repayment is structured into equal monthly installments, making it easier for businesses to manage their finances. Additionally, the solar solution must be insured, providing protection against unforeseen circumstances.
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Collateral and Security
The collateral required for this financing includes any acceptable collateral along with the hypothecation of the solar energy solution. This ensures that the bank’s investment is secure. Personal guarantees and post-dated cheques are also required to provide additional security. This comprehensive security package ensures that both the bank and the borrower are protected.
Application Process
The application process for the JS Smart Roshni Solar Solution Financing is simple. Businesses need to submit their financial statements, proof of ownership or lease of the premises, and other necessary documents. The bank then evaluates the application based on the business’s financial health and repayment capacity. Once approved, the loan amount is disbursed, and businesses can proceed with installing their solar energy systems.
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Conclusion
JS Bank’s Smart Roshni Solar Solution Financing program provides a viable solution for businesses looking to reduce their energy costs and adopt sustainable practices. With flexible financing options, mandatory insurance, and comprehensive collateral requirements, this program ensures that businesses can transition to renewable energy smoothly and efficiently. This initiative not only supports business growth but also contributes to a greener environment.