Sr. No. |
Scheme Norm |
IOB Surya Scheme |
IOB HL Surya Scheme |
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 |
For more details and latest update, please contact any of our Branch near to you. T& C Apply. |