Purpose
For installation of Roof Top Solar System (RTS) on grid Photovoltaic (PV) System up to 10KW in residential sector which includes cost & installation of Grid Interactive Rooftop Solar Photovoltaic (PV) Equipment in order to empower residential households to generate their own electricity.
Eligibility
- Salaried/Non-Salaried and Professional Class who are credit-worthy and have a stable source of income.
- Existing Housing Loan Borrower(s) having a satisfactory track record of repayment.
Age of the Applicant
- Minimum age of Applicant: 21 years.
- Maximum age of Applicant at loan maturity: 70 Years.
Type of Loan
Term Loan.
Quantum of Loan
- Up to 3kW: 90% of Project cost (as per MNRE approved dealer) or Rs. 2.00 Lakh, whichever is lower (including subsidy).
- Above 3kW to 10kW: 80% of Project cost (as per MNRE approved dealer) or Rs. 6.00 Lakh, whichever is lower (including subsidy).
Margin
- Up to 3kW: 10% of Project cost.
- Above 3kW to 10kW: 20% of Project cost.
Security
- Up to 3kW: Hypothecation of assets created out of Bank loan (Registration of Hypothecation charges with CERSAI shall be done).
- Above 3kW to 10kW:
- Primary Security: Hypothecation of assets created out of Bank loan (Registration of Hypothecation charges with CERSAI shall be done).
- Collateral Security: 3rd Party Guarantee of two persons having individual net-worth of at least 100% of the loan amount.
Repayment
Maximum 10 years including moratorium up to 6 months.
Subsidy
- Rs. 30,000/- per kW up to 2 kW.
- Rs. 18,000/- per kW for additional capacity up to 3 kW.
- Total Subsidy for systems larger than 3 kW capped at Rs 78,000/-.
Processing Charges
NIL
*Conditions Apply