Canara MSME Solar Vendor

Canara MSME Solar Vendor is introduced to provide finance to the MSME Enterprises engaged as Solar vendors/ Channel Partners/Sub- Contractors registered with MNRE, handling execution of Residential Solar Power Projects.

• Nature of facility: Working Capital - Fund-based
• Purpose: “to provide finance to the MSME Enterprises engaged as Solar vendors/ Channel Partners/Sub- Contractors registered with MNRE, handling execution of Residential Solar Power Projects.”
• Quantum of loan: Minimum loan amount: Above Rs.10.00 Lakhs.
  Maximum loan amount: Rs.5.00 Crores
• Repayment Period: Working Capital tenable for 1 Year.
• Security:
  •  Assets created out of the credit facility.
  •  CGTMSE/CGTMSE Hybrid coverage/Collateral Security
• Margin: Minimum Margin for Fund based Working capital @ 25%:
• Apply Online
• Application Form : NF 998 Application Form

• Valid Udyam registration certificate.
• Address Proof
• KYC of Vendor
• GST Registration certificate (wherever applicable)
• Stock Statement/Book Debt statement
• Details of Orders on hand
• Financial statements
• The registered Solar Vendor/ Channel Partner/ Sub- Contractor should have vintage of at least 6 months of registration and should have handled at least 10 projects in the preceding 6 months’ period
• The Quotation/ Invoice of the Solar Vendors, which contains the Cash Credit Account No., IFSC of the lending Bank with clear instructions in the invoice that the proceeds of the invoice must be remitted to the Cash Credit Account only

• Minimum Rate of Interest – RLLR*
• Maximum rate of Interest – 9.75 %

(*)Rate of interest as per prevailing guidelines of the Bank linked to RLLR of the Bank, subject to changes from time to time.