Purpose

* To finance Solar Lighting Systems and small capacity Photo Voltaic lighting System under Jawaharlal Nehru National Solar Mission. Only models approved by Ministry of New and Renewable Energy will be financed.

Eligibility

* Individuals, groups of individuals, SHGs/JLGs/NGOs, Farmers' Clubs etc.,

Nature of facility

* Term Loan

Quantum of Loan

* Based on the unit cost of the model being purchased.

Margin

* 10% (No margin for loans under agriculture up to Rs.1.00 lac)

Security

* Primary -
- Hypothecation of the Pumping System.
* Collateral -
- Third party guarantee with worth up to the loan amount.
- No collateral on loans up to Rs.1.00 lac given under agriculture

Interest Rate

Limit upto Rs.50,000/-
Above Rs.50,000/- upto Rs.5.00 lacs
Above Rs.5.00 lacs upto Rs.25.00 lacs
Above Rs.25.00 lacs

MCLR + 0.50%
MCLR + 1.00%
MCLR + 1.50%
MCLR + 2.00%

Processing Charges

* On loans up to Rs.25,000/- : Nil
* On loans above Rs.25,000/-: @ Rs.120/- per lac or part thereof, maximum Rs.20,000/-.

Documentation Charges

Nil

Repayment

* Within 5 years.