Canara Rooftop Solar CRTS PMSGY above 3kW to 10kW

Competitive Rate of Interest.
Reducing Balance Interest Rate.
Avail loan for installation of Roof Top Solar On-Grid Photovoltaic (PV) System (Residential) above 3kW to 10kW
No processing charges.
Longer Repayment Period.

For installation of Roof Top Solar on grid Photovoltaic (PV) System (Residential) above 3 KW and upto 10 KW which includes cost & installation of Grid Interactive Rooftop Solar Photovoltaic (PV) Equipment.

Quantum

Maximum upto Rs.6.00 lakh (including subsidy)

Margin

Minimum 20% of total project cost shall be contributed by the Borrower

Net Annual Income/NTH

Rs. 3.00 Lakh Minimum Annual Income

NTH: Applicant should have minimum monthly net take home income of 25% of their gross income OR Rs. 10,000/- whichever is higher after meeting the existing loan instalments along with the proposed loan.

Repayment

Repayment period can be fixed in consultation with the borrowers subject to maximum period of 10 years. However, repayment shall be fixed in such a manner that the Borrower age shall not exceed 75 years by the end of the repayment tenor. The maximum age and repayment norms are to be considered only in respect of those applicants, whose income is being considered for the purpose of repayment of loan.
In equated monthly instalments (EMIs).
Repayment holiday - 6 months from the date of 1st disbursement on case to case basis as per requirement.

Security

Hypothecation of the equipment to be purchased out of the loan component.

Service & all other Charges

Waived

Subsidy

Suitable Rooftop Solar Plant Capacity	Subsidy Support
More than 3KW-10 KW	Rs 78,000/-

Note:The subsidy shall be claimed by the borrower through National Portal available under https://solarrooftop.gov.in/ shall be credited to the loan account.

All individuals i.e Resident Indian Citizens & Non-Resident Indians (NRI) [Persons of Indian Origin (PIOs) & Overseas Citizenship of India (OCI)] are eligible under subject scheme.
Salaried/Non-Salaried and Professionals Class who are credit worthy including ex-employees & our employees.
Age: Minimum entry age 18 years & Maximum entry Age 75 years. Wherever the age of the applicant is beyond 65 years the loan shall be sanctioned along with the co-obligation of legal heir aged below 60 years.
CIC Score: 680 & above and (-1 to 99 in case of borrower having no credit history)
The applicant shall have Roof Top Rights on which the installation is proposed and roof shall have the sufficient area as mandated by MNRE from time to time.
The latest electricity bill in applicant’s name and regularly paying the electricity bill.

Stipulated Loan Application with 2 passport size photos of Applicant / Co-applicants.
KYC documents of Applicant/ Co-applicants as per extant guidelines.
Latest Electricity Bill in the name of the applicant
For Salaried/Employed/ Self Employed/Professional and other beneficiaries- Salary Certificate, Salary Slips, Form 16, ITRs, Income Certificate from Revenue Authority etc whichever is applicable to be obtained, verified and satisfied.
Technical Feasibility Report provided by Competent Authority of respective Distribution Company (DISCOM) based on site survey.
Quotation from empanelled list of vendors available at State Nodal Agencies (SNA)/DISCOM/MNRE website
Model Agreement (duly stamped & executed) Between Applicant and the registered/empanelled Vendor for installation of rooftop solar system.
Any other documents as required by Bank.

Canara Rooftop Solar CRTS PMSGY upto 3kW