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S. No. |
Parameter |
Eligibility Conditions (Up-to 3KW) |
Eligibility Conditions (4KW to 10 KW) |
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1. |
Purpose and Loan amount |
Installation of Solar Roof Top Upto 3 KW Maximum Loan Amount: 6.00 lacs |
Installation of Solar Roof Top more than 4 KW and up-to 10 KW Maximum Loan Amount: 6 lacs |
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1 a. |
Project Cost Assumption |
Maximum Loan Amount assuming cost of Installation @ Rs. 70000 per KW. (approximately) |
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2. |
Eligibility |
1.All Individual Applicants 2.Applicant having minimum CIBIL Score of 680 & above (NTC also eligible) 3.Have Roof Top Rights on which the installation is proposed. 4.Have sufficient Roof area as mandated by MNRE from time to time. 5.Latest Electricity Bill |
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3. |
Margin |
Minimum 10% of the Project Cost |
Minimum 20% of the Project Cost |
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4. |
Interest Rate |
ROI at Repo + 0.50% i.e. 7% |
ROI as per RBLR+0.15% i.e. 9.50% |
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5. |
Tenor |
Maximum 120 months (including moratorium); No Minimum period (No pre-payment penalty) |
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6. |
Security |
Hypothecation of Assets |
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7. |
Processing Fees |
NIL |
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8. |
Subsidy |
1. 1 – 2 KW – Rs. 30000 to Rs.60000 2. 2 – 3 KW – Rs. 60000 to Rs.78000 To be Claimed by Borrower (Loan Account Number to be provided for credit of Subsidy Amount in the Loan Account) |
Above 3kW – Rs. 78000 To be Claimed by Borrower (Loan Account Number to be provided for credit of Subsidy Amount in the Loan Account) |
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9. |
Net Annual Income |
No such Requirement
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10. |
Moratorium |
3 – 6 Months from the date of Disbursement |
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11. |
Disbursement |
Payment to be made directly to Vendor / EPC contract holder after installation. Branch will issue supply order to the Vendor/ EPC contractor with a condition that the payment will be released only after installation and getting a satisfaction letter from the borrower/s. Disbursement to be made directly to the Vendor / EPC Contractor after installation submission of all the required feasibility reports as mandated by MNRE.
Disbursement of Loan Amount + Borrower’s Margin (Subsidy to be claimed by Borrower / Vendor quoting the Loan Account Number) |
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12. |
Other Covenants |
All applications will be sourced through Jan Samarth Portal Only Available for Self- Sourced Journey as well as assisted journey. |
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13. |
Insurance |
Roof Top Solar equipment should be insured by the borrower with usual bank clause. |
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14. |
In-Principle Offer |
Digital In-Principle Sanction to be given based on Self Declaration by the Applicant. Final Sanction to be based on verification of relevant documents and assessment by the respective Banks. |
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