1

Purpose

Purchase/Installation of

a. Solar Heaters

b. Home/Indoor Lighting Systems

c. Off Grid/Grid Connected Roof Top Solar system

Purchase/Installation of Grid Connected Rooftop Solar System

2

Eligibility

Individual Borrowers and Non Individual Borrowers subject to repayment capacity

New and Existing Housing Loan Customers

3

Loan Amount

For Individual Borrowers -Max. Rs. 20 Lakhs

For Non Individual Borrowers-Max. Rs. 10 Lakhs. Non Individual Borrowers can avail higher loan under our Bank's IOB Tejas Scheme.

Rs. 20 Lakhs

4

Repayment Period

Max. 120 Months

Repayment aligned with Housing Loan. Borrower may avail shorter repayment period also

5

Holiday Period/Moratorium Period

For Purchase and Installation of Rooftop Solar System-6 Months or installation and commissioning of RTS whichever is earlier.

For Other equipment-Repayment without any Holiday/Moratorium period.

6 Months

6

Interest Rates (Floating and revised from time to time)

For RTS upto 3kW -7% Floating

Floating ROI -For RTS above 3 kW and other equipments-9.35% to 10.50%

Fixed ROI-13%

For RTS upto 3kW -7% Floating

Floating ROI-For RTS above 3 kW -As per Housing Loan Interest Rate as per Rating.

Fixed ROI-13%

7

Processing Charges

RTS Upto 10 kW: Nil

RTS above 10 kW and other solar equipment: 0.40% of Loan Amount

Processing charges, subject to maximum Rs. 5000/-

Nil

8

Security

Prime: Hypothecation of RTS equipment

Collateral:

For Loans for RTS upto 10 kW: -Nil

For Loan for RTS above 10 kW:  Mortgage of Property or other Liquid Security such as Life Insurance Policy, NSC, KVP/Term Deposit /SGB etc.

For Loans for other Solar Equipments:

Prime: Hypothecation of Equipment purchased.

Collateral:

For Loans upto Rs. 1 Lakh:-Nil

For Loans above Rs. 1 Lakh: Mortgage of House/Flat/Plot or Liquid Security in the form of Life Insurance Policy, NSC, KVP/Term Deposit/SGB etc. to the extent of 100% of loan amount.

Prime: Hypothecation of Equipments purchase out of Loan

Collateral: Undertaking for Extension of Mortgage of House Property

9

Income Proof

For Loans for RTS upto 3kW:No minimum income eligibility criteria. However, repayment capacity to be assessed.

For Loans for RTS above 3 kW: Minimum Net Annual Income shall be Rs. 3 Lakh.

For Loans for other solar equipment: No minimum annual income criteria, however THP norms to be complied.

For Salaried Borrower: 2 Year ITR or 3 Months Salary Slip

For Self Employed: 2 Year ITR

Others: Borrowers who are not under the category to file mandatory ITR may submit income proof issued by Revenue Authorities.

For Salaried Borrower: 2 Year ITR or 3 Months Salary Slip

For Self Employed: 2 Year ITR

Others: Borrowers who are not under the category to file mandatory ITR may submit income proof issued by Revenue Authorities.

10

Subsidy if Any

As per Govt. Rules

11

Rooftop Solar Vendors (Empanelled with MNRE) - (Click here)