The National Bank of Pakistan has announced the NBP Roshan Ghar Solar Financing Scheme for the salaried class, business persons, and self-employed professionals on easy installment plans and terms and conditions.
Federal, provincial, and armed forces (commission officers, junior commissioned officers, & non-commissioned officers), autonomous, semi-autonomous bodies, private sector organizations, and NBP staff who are regular and contractual employees may apply for the NBP Roshan Ghar Solar financing scheme.
NBP Roshan Ghar Solar Financing Scheme:
Limit amount:
Minimum PKR Rs: 400,000/- to Maximum PKR Rs: 5,000,000/-
Tenure of Financing:
- Up to 7 years, 84 months, OR the loan maturity should not exceed as per the defined age bracket.
- Existing SE segment Borrowers of NBP’s existing Siabaan and LCH borrowers may avail of NBP Solar Finance by creating an additional charge against already mortgaged property, subject to cushion availability in the property’s value.
Collateral / Security For NBP Roshan Ghar Solar Financing Scheme:
- Fresh valuation will be arranged from PBA-approved valuators if the existing valuation is older than three years.
- A NOC will be obtained for creating additional charges on existing mortgaged property. Additional equitable mortgage deeds are to be prepared by BLS and executed by the borrower to secure the finance facility.
New to Bank (NTB):
- Mortgage of property OR lien on deposit / TDRs OR Pledge of Gold ornaments OR DSCs/SSCs.
- Mark-Up:
- NBP Solar Finance – consumer financing at one-year KIBOR + 2%, and the loan will be re-priced on the financing anniversary subject to the change in the 1-year KIBOR rate.
Co-Applicant:
- A co-applicant is allowed (only spouse, parents, & adult male children).
- Co-applicants income may be clubbed, and consent to be obtained for clubbing income as per criteria. If the co-applicant’s income is being clubbed, they should also fall in the prescribed age bracket for their category as defined in PPG and have clean ECIB and Data check reports.
Scorecard For NBP Roshan Ghar Solar Financing Scheme:
- Provision for a risk rating scorecard is required to calculate the DBR and finance limit.
Processing Fee For NBP Roshan Ghar Solar Financing Scheme:
- Processing fees: 2% of the approved amount or a Maximum of Rs: 10,000/-
Equity Amount:
- For existing Saibaan customers, 20% of the loan amount.
- For NTB (new to bank), 20% of the loan amount
- The equity amount must be available in the customer’s current account before issuing a DAC.
Terms and Conditions For NBP Roshan Ghar Solar Financing Scheme:
- The bank will finance 80% of the solar system price as a loan amount, and the customer will deposit 20% of the price as equity into his funding account, and the branch will mark the lien against the equity amount in his funding account.
- The bank will disburse the loan amount, i.e., 80% of the purchase price of the solar system, as “Advance Payment” to the vendor through bankers’ cheques.
- The remaining 20% payable amount of the purchase price shall be paid after installing the solar system through a banker’s cheque by debiting the customer’s funding account (the equity amount kept under the lien).
Payment of Insurance For NBP Roshan Ghar Solar Financing Scheme:
- The customer shall pay the 1st-year insurance premium to the respective insurance company through cheque/PO.
- Post-dated cheques for insurance premiums for each year shall be obtained from customers for the remaining years of insurance coverage. An undertaking shall be obtained from the customer to deposit the insurance premium amount in his funding account before the due date.
- Each year branch will be debit the customer’s funding account and pay the premium to the respective insurance company.