• For purchase & installation of Off-Grid Solar Photo –Voltaic systems (Lighting) from eligible suppliers 
  • Loan facility shall be available for purchase of any one of the photo-voltaic models indicated in Annexure-I.

Priority Sector

a) Individuals, group of individuals , SHGs, JLGs, NGO, Farmers Club, etc will be eligible for subsidy. However, Private/ Public Limited Companies/ Corporates will not be eligible.

Individuals shall mean:

Confirmed Employees of: Government/Semi-Government Undertakings, Autonomous bodies &Public Sector Undertakings.
or
Permanent employees of Private Companies or Reputed Establishments with minimum 2 years association with the current employer.
or
Professionals or self employed individuals / Businessmen with minimum standing of 2 years.

b) Rural Households having adequate income from farm & non-farm activities.

c) SHGs, JLGs, NGOs & Farmers Club should be maintaining their account with the concerned B.Unit of the Bank and must have adequate source of income to repay the loan. 

d) The unit could be located both in Urban and rural areas.

e) Only pre-approved models (Annexure-I) shall be financed.

f) Systems manufactured by companies/ installed by dealers not approved by MNRE will not be eligible for coverage under the scheme.
Individuals: 
12 times net monthly salary/income subject to the maximum for the concerned model as indicated in Annexure-I 

SHGs, JLGs, Farmers Club, etc:  
The total loan amount to be availed by a SHG/JLG,etc , including the loan already availed and the loan proposed to be availed under this scheme, should not exceed the maximum finance allowed to the group or its individual members under the normal appraisal applicable to the group.

Rural Households:
Maximum of 2 times net annual income as certified as certified by concerned Sarpanch.

Maximum of 5 years in EMI’s with no moratorium period. There shall be a minimum lock- in period of 3 years, i.e. full adjustment of loan before completion of 3 years shall not be allowed.

At least 10% of the project Cost to be deposited upfront.

Primary
Hypothecation of photovoltaic assets installed.

Collateral
No third party guarantee required in respect of permanent employees of Government/Semi-Government Undertakings, Autonomous bodies, Public Sector Undertakings drawing salary through our Bank & where letter of confirmation from employer for deduction of monthly installments is available. Letter of confirmation shall not be required for loans upto Rs 15,000.

For Others:
Third Party Guarantee of one person