Financing Solar Home Lighting Scheme

Financing Solar Home Lighting Scheme

Type of Facility

Term Loan (TL)

Purpose

Purchase of brand new solar lighting system with necessary accessories for usage in Agro Processing units

Eligibility

• Small & Marginal farmers
• Share Croppers / Tenant Farmers
• Agri-Entrepreneurs

Components

• Model I One White LED Lumaniare
• Model II Two White LED Lumaniare
• Model III Three White LED Lumaniare & One DC Fan of wattage upto 10 W
• Model IV Four White LED

Amount

  80-85% of the project cost including the cost of accessories

Margin

Upto Rs. 1.60 lakh - Nil

Above Rs.1.60 lakh – 15-20% of the cost of equipment including cost of accessories

Rate of Interest

Up to Rs.10.00 lakh     : 1 Year MCLR + BSS@0.50% + 2.00%

Above Rs.10.00 lakh    : 1 Year MCLR +BSS@0.50%+ 3.00%

Security

Upto Rs. 1.60 lakh - Hypothecation of Equipment & Accessories

   Above Rs.1.60 lakh –  Hypothecation of Equipment & Accessories & Third Party     Guaranty/ Mortgage of land

Repayment

   Minimum 3-5 years

Paper requirement

   Applicant: -

• Loan application
• All 7/12, 8 A, 6 D extracts, Boundaries of the applicant
• No dues certificates of the applicant from surrounding financial institutions including PACS
• Legal search from advocate on Bank’s panel for loans above Rs.1.60 lakh where land is to be mortgaged
• Copy of Quotations / Estimates

• Guarantor form
• All 7/12, 8 A & PACS dues certificate of the guarantors