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SURYA SHAKTI LOAN SCHEME
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Purpose
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To install rooftop solar projects in industrial / educational / hospitals as well as household premises
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Max. Amount
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Rs.10.00 Lakh for individual
Rs.50.00 Lakh for other than individual
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Eligibility
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· 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)
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Repayment
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Up to 84 EMIs including moratorium.
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Rate ofInterest
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9% p.a. floating
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Margin
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30% of the total project cost
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Prime Security
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Bank’s charge by way of hypothecation to be created on rooftop panel assets to be purchased out of bank finance
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Collateral Securities
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Collateral Securities :
a. Upto Rs.10.00 – NIL
b. Above Rs.10.00 Lakh – Minimum 25% of advance
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Surety
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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
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Service Charges
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0.50% of the sanctioned amount
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Share Linkage
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Applicant: 2.5% of the loan amount sanctioned
Surety: Rs.1000/- for advances above Rs.25.00 Lakh
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Insurance
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Comprehensive insurance of all assets hypothecated /mortgaged to the Bank.
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