SURYA SHAKTI LOAN SCHEME

Purpose

To install rooftop solar projects in industrial / educational / hospitals as well as household premises

Max. Amount

Rs.10.00 Lakh for individual

Rs.50.00 Lakh for other than individual

Eligibility

· Minimum Take home Income/Salary per month after EMI amount: 40% of Net Income subject to following:-

Minimum - Rs.12,000/-

Maximum - Rs.20,000/-

(Family members income can be clubbed for individual)

Repayment

Up to 84 EMIs including moratorium.

Rate ofInterest

9% p.a. floating

Margin

30% of the total project cost

Prime Security

Bank’s charge by way of hypothecation to be created on rooftop panel assets to be purchased out of bank finance

Collateral Securities

Collateral Securities : 

a. Upto Rs.10.00 – NIL

b. Above Rs.10.00 Lakh – Minimum 25% of advance

Surety

For individual - One Surety with net Salary/Income of Rs.25,000/- and above per month or Two Sureties with net Salary/Income of Rs.15,000/- and above per month

For Partnership Firm / LLP / Pvt. Ltd. Cos. / Trust – Personal guarantee of all Partners / Directors / Trustees

Service Charges

0.50% of the sanctioned amount 

Share Linkage

Applicant: 2.5% of the loan amount sanctioned

Surety: Rs.1000/- for advances above Rs.25.00 Lakh

Insurance

Comprehensive insurance of all assets hypothecated /mortgaged to the Bank.