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Cent Solar Scheme

Purpose

 

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

 

Eligibility

Applicant must have sufficient income to serve the instalment and interest

 

Nature of facility

Term Loan

 

Margin

*For loans up to Rs 1.60 Lakh  :  NIL
*For loans above Rs 1.60 Lakh : 15

 

Quantum of Loan

Solar lights / Water heaters : Up to Rs 5.00 Lakh
Solar Pump Sets : Up to Rs 10.00 Lakh

 

Interest 

 

Up to Rs 3.00 Lakh

Above Rs 3.00 Lakh

MCLR + 1.00% 

MCLR + 1.50% 

 

Repayment

Maximum within 7 years in Equal Monthly/ Quarterly/Half Yearly/ Yearly instalments  

 

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.