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Solar Panel Loan

A smart way to save energy and save money

Features & Benefits

  • Interest charged on daily reducing basis
  • No pre-payment / foreclosure charges
  • Attractive interest rate
  • Simplified documentation
  • Easy repayment options- ECS / Post-dated cheque / Standing Instruction
  • Speedy loan approval
  • Offers Insurance cover for all assets at attractive premium
  • Exposure above Rs.10 lacs to be covered under CGTMSE in case of MSME customers

Purpose

  • Installation of roof top Solar Projects in individual houses or commercial premises.

Eligibility

1. On Income

  • For Salaried Individual :
    Upto 40 times of (avg of 3 months) net monthly salary
  • For Businessmen :
    4 times of Avg. Gross Cash Accruals for last 3 years less all existing borrowings

OR

2. Quotation value

  • 70% of cost of asset to be purchased

1) or (2) whichever is lower

Quantum of loan

  • Maximum Rs. 200.00 lacs.

Rate of Interest

  • 9.50% p.a.

Documentation

  • Application in the prescribed format.
  • FI Report – As applicable.
  • Quotation from vendor
  • All other documents as per existing policy.

For Individual

  • KYC- Pan and Aadhar
  • IT returns / Form 16 of the applicant and co-applicant for last three years.
  • Latest 3 months Salary slips
  • Bank Statement for last 6 months

For Business

  • Profit and Loss and Balance Sheet for 3 yrs along with Computation of income and Bank statement for last 6 months
  • Copies of Pan card,
  • Udyam Aadhaar/ MSME registration certificate, if applicable.
  • GST registration certificate

Security

  • Primary :
    Hypothecation of solar panel
  • Collateral :
    Upto Rs.10 lacs – Nil - For Individuals
    Upto Rs.200 lacs – Nil – For MSME customers( to be covered under CGTMSE)
  • For Non MSME customers : 100% collateral

Repayment

  • 3 to 5 years (exclusive of moratorium upto 3 months)

Conditions Apply

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