Purpose: Loan for installation of Solar rooftop / ground mounted grid-connected solar panel systems and equipment for personal use
Features
Target Group: All existing salaried personal segment customers maintaining salary account with Bank.
Type of facility: Term Loan
Quantum of Loan: Minimum Rs. 50,000 and Maximum Rs.10 lakhs.
Borrower’s Margin / Contribution: 20% (minimum)
Rate of interest: Attractive Interest rate, 200 bps above 1-Year MCLR (effective rate wef 15.07.2023 is 10.55%)
*Existing home loan borrowers will get 20 bps concession in rate of interest subject to extension of mortgage.
Other existing SBI customers with good track record will get 10 bps concession in rate of interest.
Repayment Period: Minimum 6 months and Maximum 5 years.
Processing charges: 0.50% of loan amount + applicable GST, subject to minimum of Rs.500
Processing of loans: Centralised Processing for quick Turn Around Time (TAT)
Eligibility
- All existing salaried personal segment customers maintaining salary account with Bank.
- CIBIL score of 670 and above.
- Minimum NAI (Net Annual Income) of Rs.3 lakhs and above.
- EMI/NMI ratio: For NAI < = Rs. 3 lakhs & upto Rs. 5 lakhs is 40% and for NAI > Rs.5 lakhs is 50
Documents Required
Proforma Invoice / Quotation for equipment, installation etc.
Feasibility approval from Jurisdictional ESCOM (wherever applicable)
Electricity bill for last 6 months.
KYC documents (as per Bank’s guidelines)
Last 2 years ITR returns / Form 16
Salary statement for last 6 months.
For application:
