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Take an initiative towards green-environment with Saraswat Bank Solar Urja Loan by installing rooftop solar projects (Off-grid and Grid connected) in industrial as well as household premises. The installation will help you save energy, increase savings by reducing electricity bills and help environment as it derives clean, pure energy from the sun.

Purpose:

To install rooftop solar projects in industrial as well as household premises.


Eligibility:

New and existing Individual salaried customers / Industrial & Commercial organizations / Proprietorship / Partnership firms / Private Limited companies / Educational Institutions / Hospital & Medical facilities / Hotels and Resorts


Limit of loan:

Term loan upto Rs.50.00 lakh

Margin:

30% of the total project cost 

Basis of Advance:

1. Based on income
For Salaried Individual:
Upto 40 times of (avg of 3 months) net monthly salary

For Businessman:
4 times of Avg. Gross Cash Accruals for last 3 years less all existing borrowings

OR
2. Based on asset value
70% of cost of asset to be purchased

(1) or (2) whichever is lower
For Individual, family member’s income can be clubbed.

Rate of interest:

Floating @10.75% p.a. (PLR - 4)


Processing Fee:

0.1% of loan amount
(No other charges such as CIBIL/ other credit agency, FI & CERSAI.)


Repayment period:

Maximum 7 years including moratorium


Primary Security:

Exclusive first charge to be created on rooftop panel assets to be purchased.

Collateral Security:

  1. Upto Rs.10 lakh - Nil
  2. Above Rs.10 lakh - 25% of loan amount

Personal Guarantee:

  1. For individual Borrower: One guarantor + Spouse Guarantee
  2. In case of Pvt Ltd company, personal guarantee of all the Directors
  3. In case of Partnerships firms: Personal guarantee of all the partners should be sought to ensure that all partners are party to the advance procured from the Bank

Shareholding: 

2.50% of loan amount, Maximum Rs.25000/-


Documents required:

  1. Prescribed loan application form
  2. KYC documents of individual / firm / company / promoters.
  3. Latest Electricity Bill paid copy in the name of applicant.
  4. In case of salaried person, salary slip for last 3 months and bank statement for last 3 months / ITR / Form 16 of latest one year.
  5. In case of businessman, last 3 years’ profit & loss & balance sheet, ITR copies of last 3 years, bank statement of business account for last 3 months.
  6. Latest 12 months bank statement.
  7. Basic project details along with Project cost including breakup into major heads.
  8. All other documents as per bank's prescribed norms.