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Last Updated on 16/10/2019
IOB Surya


To purchase off grid renewable solar energy equipments in India as under:

  • Solar Cookers
  • Solar Heaters
  • Home / Indoor Lighting Systems

Particulars

Scheme A

Scheme B

Eligibility

All Individuals satisfying 50% take home pay norms

Institutions like Educational Institutions, Hospitals, Hotels/Restaurants etc.

Quantum of Loan

  • 85% on the project cost which includes cost of the system, accessories, Transportation & installation.
  • Minimum - Rs 30,000/-
  • Maximum of Rs 10.00 Lacs
  • 80% on the project cost which includes cost of the system, accessories, Transportation & installation.
  • Minimum - Rs 1.00 Lac
  • Maximum of Rs 10.00 Lacs

Interest Rate

11.75%

12.00%

Security

  • For Loan up to Rs 1 lac, Hypothecation of Solar Energy Equipments (financed by the Bank) along with third Party Guarantee
  • For Loan above Rs 1 Lac, 100% Collateral security shall be obtained in any form as under

1. Mortgage of land /House/flat

2. Security in the form of LIC policy/ NSC/ Term Deposits, etc.

Repayment Period

Maximum up to 5 years without holiday period.