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  • 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 borrower/s subject to maximum period of 10 years. However, repayment shall be fixed in such a manner that the Borrower age shall not exceed 70 years by the end of the repayment tenor.
  • 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 65 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.
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Last updated on 28-02-2024 05:30 PM

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