Purpose

Loan is provided for installation/setting up of Grid connected Roof Top Solar system for residential purpose.

Individuals including NRI’s having independent house or Existing Housing Loan customers of our bank who are having satisfactory repayment track record.

If the main borrower is not having sufficient income for the repayment of loan, income of spouse/children can be considered for the repayment of loan provided they join the loan as co-borrowers.

• The maximum quantum of loan per individual is 75% of Project Cost (as per MNRE/KSEB approved dealer) subject to repayment capacity of borrower.
• Margin: 25% in normal case. Capital Subsidy can be treated as margin for subsidy eligible customers.

Up to Rs.1 Lakh

• Hypothecation of roof top Solar Systems/ Assets created out of Bank finance.
• Guarantee of Credit worthy person.

Above Rs 1 lakh

• Hypothecation of roof top Solar Systems/Assets created out of Bank finance.
• EM of landed property valued at least 150% of the loan amount, or assignment of LIC policy with surrender value, NSC/Term deposit of our bank with 100% coverage or term deposit of minimum 50% of the loan amount with one credit worthy guarantee.
• In the case of land and house building already mortgaged to our Bank, this loan should be linked to existing EM.
• If the Solar system is to be installed on the building already mortgaged to any other financial Institution, EM of another property valued at least 150% of the loan amount, or assignment of LIC policy with surrender value, NSC/Term deposit of our bank with 100% coverage.

• Maximum repayment period: In 120 EMIs with no repayment holiday.
• Loan to be liquidated before the date of retirement in the case of Salaried Class and shall be repaid in full before the borrower attains the age of 70 years in other cases.

• For loan interest rates click here
• For Service charges and fees click here