Purpose

* To finance Solar Photo Voltaic Pumping System for small irrigation projects.

Eligibility

* Individual farmers/SHGs/JLGs/group formed for minor irrigation projects etc.

Nature of facility

* Term Loan

Quantum of Loan

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

Margin

* 15%.

Security

* Primary
- Hypothecation of the Pumping System.
* Collateral
- On loans above Rs.1.00 lac charge on agricultural land valued at more than the loan amount.

Interest Rate

Limit upto Rs.50,000/-
Above Rs.50,000/- upto Rs.5.00 lacs
Above Rs.5.00 lacs upto Rs.10.00 lacs

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

Processing Charges

* @ Rs.120/- per lac or part thereof, maximum Rs.20,000/-.

Documentation Charges

*Nil

Repayment

* Within 10 years.