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Purpose
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The scheme is aimed to provide finance to Individuals, groups of individuals, SHGs, JLGs, NGO, Farmers Clubs, Proprietorship, Partnership, LLP, FPO, Co-operative societies who are engaged in Agriculture and / or Ancillary activities for installation of Solar Lights/ Solar Pump Sets/ Solar Water Heaters |
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Eligibility |
Applicant must have sufficient income to serve the instalment and interest |
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Nature of facility |
Term Loan |
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Margin
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*For loans up to Rs 1.60 Lakh : NIL *For loans above Rs 1.60 Lakh : 15% |
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Quantum of Loan |
Solar lights / Water heaters : Up to Rs 5.00 Lakh Solar Pump Sets : Up to Rs 10.00 Lakh |
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Interest
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Up to Rs 3.00 Lakh : MCLR + 1.00% Above Rs 3.00 Lakh: MCLR + 1.50% |
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Repayment |
Maximum within 7 years in Equal Monthly/ Quarterly/Half Yearly/ Yearly instalments |
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Security |
Primary : Hypothecation Assets created out of bank finance. Collateral : All Loans (existing & proposed loan) under Agriculture put together Limit up to Rs 2.00 Lakh : NIL Limit above Rs 2.00 Lakh: Charge on farm land or other collaterals mortgageable property/ Time deposit/ LIC policy/KVP/NSC, which is minimum 50% of the loan amount. |
