V Solar

Purpose

  • Financing purchase and installation of domestic Solar home lighting system including electrification and necessary accessories etc., preferably UNEP approved vendors/manufacturers.
  • Financing purchase and installation of domestic solar water heating system including electrification and necessary accessories carrying BIS mark.

Eligibility

  • All individuals (including agriculturists, salaried class, professionals and our own employees).
  • Self Help Groups.
  • Institutions, Associations, Small Business establishments, schools, hospitals, hostels, etc.,

Income Criteria

  • In the case of salaried class, he /she should have a minimum service to ensure that the entire liability is liquidated at least one year prior to retirement. He / she should have minimum 40% net take home salary of the gross pay to service the loan.
  • Professionals and other non-salaried class should have a minimum net yearly income of Rs. 50,000/- & their repaying capacity.
  • In the case of agriculturists, loans under the scheme may be considered based on their income generation potential/repaying capacity.

Quantum of Loan

  • Maximum amount of Rs. 25,000/=in case of V-Solar lighting. Or Loan amount should not exceed 85% of the project cost whichever is the least.
  • In the case of V-Solar Heating; the Loan amount should not exceed 85% of the proforma invoice/quotation including the cost of accessories.

Repayment

  • Repayable in 60 EMIs with an initial moratorium period of 3 months from the date of the loan.

Security

  • For loans up to to Rs. 25000/= no third party guarantee or collateral security to be taken/insisted.
  • For loans above Rs. 25000/= or loan granted for non-priority- Hypothecation of assets created out of Bank finance and a suitable third party guarantee or adequate collateral /liquid securities to cover the loan amount should be obtained.

Documents to be produced by applicant

  • Documentary proof regarding income such as salary certificates, income tax assessment order, proof of agriculture income etc., should be obtained to ensure that the applicant has adequate income & repaying capacity.
  • In case of business establishment where higher capacity, say over 500 LPD is required, branches may obtain balance sheets/other financial statements for the last 3 years to ensure their credit worthiness.
  • In case of agriculturist’s loans under the scheme, based on their income generation.
  • Copy UNEP approval/ BIS certificate Proforma invoice / quotation. It should also be ensured that the dealer / supplier give installation certificate along with its guarantee.

Pre-sanction Documents

  • Application Form-2-25
  • Age proof
  • Address proof
  • Income proof-Salary Certificate/Income Tax Assessment order/agriculture income etc.,
  • Proforma invoice from approved supplier.
  • Documentary evidence that the manufacturer / vendor is from the approved list.
  • Guarantor details
  • Pre-Sanction Inspection report.
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