Canara Rooftop Solar CRTS PMSGY upto 3kW

Lower Rate of Interest.
Reducing Balance Interest Rate.
Avail loan for installation of Roof Top Solar On-Grid Photovoltaic (PV) System (Residential) upto 3 kW
No minimum Annual Income & NTH criteria.
No processing charges.
Longer Repayment Period.

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

Quantum

Maximum upto Rs.2.00 lakh (including subsidy)

Margin

Minimum 10% of total project cost shall be contributed by the Borrower.

Net Annual Income/NTH

No minimum Annual Income & NTH criteria. However, repayment capacity shall be ensured on the basis of self-declaration income declared by the customer.

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. Wherever Co-obligation is applicable, the repayment norms are to be considered based on the age of the Co-obligant.
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

Average Monthly Electricity Consumption (units)	Suitable Rooftop Solar Plant Capacity	Subsidy Support
0-150	1 – 2 kW	Rs 30,000 to Rs 60,000/-
150-300	>2 – 3 kW	Rs 60,000 to 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
Self-declaration of income by the customer
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 above 3kW to 10kW