Solar Urja Loan

Take an initiative towards green-environment with Saraswat Co-operative Bank Ltd. 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 @12.15% p.a. (PLR - 3.45) w.e.f 20.06.2025

Reset of Floating Interest Rate on Equated Monthly Instalment [EMI] based Loan:

Option to Switch ROI Type:
Borrowers shall have the option to switch their loan from Floating Rate of Interest (ROI) to Fixed ROI and vice versa, subject to a maximum of two (2) switches in a financial year during the entire tenure of the loan.

Applicable Charges:
A request charge of 0.50% shall be levied on the outstanding loan balance at the time of the switch, irrespective of whether the switch is from fixed to floating or floating to fixed ROI.

Penal Charges:

Penal charges in the range of 1% to 2% p.a. each, subject to maximum of 2% p.a. for non-compliance of terms and conditions of loan contract, till such time the same is complied with.

Processing Fee:

0.25% of loan amount (Min Rs.1000/- + GST)
(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:

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

Personal Guarantee:

For individual Borrower: One guarantor + Spouse Guarantee
In case of Pvt Ltd company, personal guarantee of all the Directors
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:

Rs.1000/-

Documents required:

Prescribed loan application form
KYC documents of individual / firm / company / promoters.
Latest Electricity Bill paid copy in the name of applicant.
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.
In case of businessman, last 3 years’ profit & loss & balance sheet, ITR copies of last 3 years.
Latest 12 months bank statement.
Basic project details along with Project cost including breakup into major heads.
All other documents as per bank's prescribed norms.