Mahabank Rooftop Solar Panel Loan scheme

Purpose

Loan is provided for installation of Grid connected RTS (Roof Top Solar) upto 3 KW for residential purpose only.

Loan is provided for installation of Grid connected RTS (Roof Top Solar) (Above 3 KW to 10 KW) for residential purpose only.

Eligibility

• Any Individual having Residential property in his/her name and have not availed loan with any other bank/FI against the said house except our Bank.
• Have sufficient Roof area as mandated by MNRE from time to time.

In case of agriculturists not filing income tax returns, income certificate issued by Tahsildar/ Mandal Revenue Officer/Revenue Department Officer having State Level Gazetted rank can be accepted for sanction of loan.

Annual Income Criteria:-

No Minimum Annual Income criteria.

Minimum Annual Income – Rs. 3.00 Lakh 

Co-Applicant

Only one Co-Applicant may be considered in Close Family relations for adding the Income

• Spouse
• Father
• Mother
• Brother
• Son
• Daughter
•  Sister

Minimum and Maximum Loan amount

Minimum Limit:  Rs. 10,000/-

Maximum Limit:  Rs 2.00 Lakh

Minimum Limit:  Rs. 10,000/-

Maximum Limit:  Rs 10.00 Lakh

Margin

Minimum Margin – 10% of project cost.

(The project cost includes Design, Supply, Installation, testing & commissioning of Grid connected Rooftop Solar Photovoltaic Systems in residential premises including maintenance).

Minimum Margin - 20% of project cost

(The project cost includes Design, Supply, Installation, testing & commissioning of Grid connected Rooftop Solar Photovoltaic Systems in residential premises including maintenance).

Quantum of Finance

Maximum loan amount will be lowest of loan amount assessed on the basis of

1. Permissible Deduction norms
2. Maximum permissible Margin Norms.
3. Loan requested amount.

Maximum Loan amount as per Scheme

Age

Minimum Age of applicant: -21 Years,

Maximum -70- Years (Including repayment period)

Subsidy

As applicable under Central Government Rooftop Solar Subsidy Programme and any state Subsidy program for Rooftop Solar.

Applicant should register in National Portal for Rooftop Solar & submit the approved project details of purchasing Rooftop solar from registered/empaneled with DISCOM /MNRE.

• To be Claimed by Borrower (Loan Account Number to be provided for credit of Subsidy Amount in the Loan Account)
• In case the subsidy is received in other than loan account, suitable undertaking in the matter is to be obtained from the borrower that he/she will deposit the same in loan account.
• Extant guidelines of Central/State Govt. subsidy scheme are to be complied with.

Rate of Interest

For Non Home Loan borrower & Home Loan Borrower)

Applicant having minimum CIBIL Score of 650 & above (NTC also eligible)

For Non Home Loan borrower

For Home Loan customers

(Same rate as Home Loan)

Moratorium

Upto 6 Months

Loan repayment period  

120 Months including moratorium

Processing Fees

Nil

Account Handling Charges (Includes Documentation, Inspection/supervision, NeSL and CIBIL charges)

Rs. 500 + 0.20 % of Loan amount

Minimum Rs 500/-

Maximum Rs 2500/-

Security

Primary Security: -  Hypothecation of Asset purchased i.e. Solar Roof top plant /setup. Registration of Hypothecation charges with CERSAI shall be done.

Disbursement

Disbursement to be made directly to the Vendor / EPC Contractor after submission of all the required feasibility reports as mandated by MNRE.

(Subsidy to be claimed by Borrower / Vendor quoting the Loan Account Number)

In Principal offer

• Digital In-Principle Sanction to be given based on Self Declaration by the Applicant. Final Sanction to be based on verification of relevant documents and assessment by the Banks.
• All applications will be sourced through Jan Samarth Portal Only Available for Self-Sourced Journey as well as assisted journey.

Link for loan application

To apply register at https://pmsuryaghar.gov.in

After successful registration, please apply at https://www.jansamarth.in→ Renewable energy → Apply now