Rate of interest :–
SPECIAL RATE OF INTEREST – @ 9.50 %
Undertaking from applicant to against the amount of subsidy to be received in any form from Government Agency
Margin :–
25% of total assets including GST
Eligibility :–
a) Loan shall be granted to individual.
b) Applicant must have duly satisfied KYC Norms.
c) Applicant should not be a defaulter of any bank.
d) Income as per IT Returns
e) CIBIL Score of the applicant / guarantors not below 700.
f) Applicant should own house property in his name or family members.
g) 40% deduction from gross income to be earmarked for household expenses. It should not be less than Rs.10, 000/-. Net income to be ascertained for repayment of existing obligations as well as proposed EMI of Solar Loan
Guarantor :–
Two credit worthy guarantors
Scop :–
The Scheme is available for Individuals only
Purpose of the Scheme :–
For procurement and erection of Solar panel system with steel/other alloy structure & all necessary accessories for domestic utilization purpose only
Maximum Loan Amount :–
Up to Rs.10.00 Lakh. |
Security :–
Prime Security -Assets created out of loan sanctioned. |
Repayment Period & Terms :–
Maximum up to 84 months. (Including Moratorium Period maximum 04 months) subject to yearly review supported by income proof & site visit)
Nature of Charge on security/ies Subsidy :–
Undertaking from applicant to against the amount of subsidy to be received in any form from Government Agency
Disbursement :–
Direct to vendor as per quotations, applicant to deposit margin money with the Bank. Disbursal to be done for full value, otherwise proof of margin payment to be kept on record.
Processing Charges [on loan amount] :-
@ 0.50% of Loan Sanctioned Amount
Insurance :-
Comprehensive Insurance cover on primary as well as collateral securities with bank clause
Other Conditions :-
This Scheme will be governed as per our Credit Policy & applicant has to fulfil all norms narrated under this Scheme. – If the residential house / flat is in a housing society, NOC from the society should be obtained. If the applicant has availed any kind finance from other Bank /FI OR mortgaged the said residential property where the solar system is to be installed then NOC from the lending institution be obtained. – Electric Bill should be in the name of applicant / family member. – Cost benefit analysis should be in favour of applicant.
Foreclosure Charges :-
No any Foreclosure Charges |
Prepayment Charges :-
No any prepayment charges
