Type of Facility

Term Loan (TL)

Purpose

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

Eligibility

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

Components

• Solar PV Panel
• One of the following motor pump sets compatible with the photovoltaic array:
  1. Surface mounted centrifugal pump set
  2. Submersible pump set
  3. Floating pump set
  4. Any other type of motor pump set after approval from MNRE

Amount

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

Margin

Upto Rs. 2.00 lakh - Nil

Above Rs.2.00 lakh – 15 to 25 %

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. 2.00 lakh - Hypothecation of Equipment & Accessories

Above Rs.2.00 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