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Banks Offering Loans for Grid Connected Solar Rooftop Systems*

Sr. Parameter State Bank of India Canara Bank - Housing cum Punjab National Bank Syndicate Bank - SyndSolar Indian Renewable Energy
No. Solar Loan Scheme Development Agency Limited
(IREDA)
1 Target Group Sole proprietorship firms, Existing/New housing loan
partnership firms including customers availing loan for
Limited Liability Partnership independent house
(LLP), Limited Companies, construction.
Private Limited Companies, House owners who intend to
Trusts, Associations, Special install solar rooftop system who
Purpose Vehicle (SPV), Non- have not availed Housing loan
Banking Finance Companies with any bank are also covered.
(NBFCs) and Registered
Societies.
2 Eligibility Criteria Sole Proprietorship, Partnership 1. Salaried individuals As per “General Eligibility
Firm including LLP and confirmed in the service Conditions” mentioned in
Company/SPV/NBFC with a minimum service of Chapter 3 of IREDA
Borrower or their parent three years. “Financing Norms and
company/sponsor should have: 2. Individuals engaged in Schemes” document.
1. At least one year business/professionals and
experience/past track self-employed persons.
record in power sector. Such applicants should have
2. Credit Rating Agency (CRA) been in the
rating of SB-10 and better business/profession for a
and/or External Credit minimum period of three
Rating (ECR) of years.
investment grade. 3. The age of the borrowers
[Note: ECR is mandatory for should be less than 60 years
exposure of INR 10 crore at the time of availing the
and above]. loan.
4. Persons 60 years and above
are eligible, subject to
certain stipulations.
5. Should have free rooftop to
install the solar equipment.
6. Net Take Home (NTH)
should be 25 percent.
Sr. Parameter State Bank of India Canara Bank - Housing cum Punjab National Bank Syndicate Bank - SyndSolar Indian Renewable Energy
No. Solar Loan Scheme Development Agency Limited
(IREDA)
3 Loan Amount Upto 75 percent of project cost Housing Loan Component: 25 percent of project cost. Shall be 70 percent of the
1. General Housing Finance Capital subsidy, if any, provided project cost with minimum
Scheme: Four times of by Ministry of New and promoter’s contribution of 30
Gross Annual Income Renewable Energy (MNRE) may percent. However, IREDA may
2. Housing Loan Scheme for be taken as a part of margin. extend loan upto 75 percent
NRIs: Four times of Gross Loan amount: 75 percent of the depending on creditworthiness.
Annual Income project cost with maximum of
3. Housing Loan to INR 3,75,000.
Agriculturists: Four times of
average annual income
4. YUVA AWAS RIN Scheme:
Six years gross salary

Solar Loan Component:


1. 20 percent of eligible
quantum under Housing
Loan Component or
2. 80 percent of the cost of
the solar system or
3. INR 10.00 Lakh, whichever
is less.
4 Type of Facility 1. Term Loan 1. Term Loan: Need Based
2. Need based Working Capital 2. Working Capital under
against receivables Receivables: Need Based
3. Need based Non Fund Based 3. NFB (LC/Letter of
(NFB) (Letter of Credit Guarantee): Need Based
[LC]/Bank Guarantee [BG])
facility
Sr. Parameter State Bank of India Canara Bank - Housing cum Punjab National Bank Syndicate Bank - SyndSolar Indian Renewable Energy
No. Solar Loan Scheme Development Agency Limited
(IREDA)
5 Pricing (Rate of One year Marginal Cost of Funds For Women: Minimum of one year MCLR At MCLR 1. Projects are graded into
Interest) Based Lending Rate (MCLR) plus For Amount upto 30 lakh - One upto a maximum spread of 30 four grades based on risk
spread in the range of 20 bps to year MCLR + 0.05 percent to 50 bps based on risk rating of assessment
50 bps based on risk rating of For Amount of 30 - 75 lakh - the borrowing firm/company. 2. Present applicable rates
the customer. One year MCLR + 0.15 percent are 9.80 to 10.75 percent
For Amount above 75 lakhs -
One year MCLR + 0.20 percent

For Other Borrowers:


For Amount upto 30 lakh - One
year MCLR + 0.10 percent
For Amount of 30 - 75 lakh -
One year MCLR + 0.20 percent
For Amount above 75 lakhs -
One year MCLR + 0.25 percent

One year MCLR of the Bank (to


be reset every year) - 8.3
percent w.e.f.
September 07, 2017
6 Fixed Asset Coverage Above 1.25 Minimum 1.25
Ratio (FACR) in a
Year
7 DSCR Average Gross DSCR at P75: 1.35
Average Gross DSCR at P90: 1.15
8 Interest Coverage Minimum two
Ratio (at Borrower
and Individual
project level)
9 Net Long Term Debt 04:01
/Earnings Before
Interest Taxes
Depreciation and
Amortization
(EBITDA) - Maximum
(at borrower and
also at
Sr. Parameter State Bank of India Canara Bank - Housing cum Punjab National Bank Syndicate Bank - SyndSolar Indian Renewable Energy
No. Solar Loan Scheme Development Agency Limited
(IREDA)
Individual sub-
project level)
10 Loan Repayment Door-to-Door tenor upto 15 Maximum 20 years in Equated Door-to-Door tenor of Upto 10 years with moratorium
Period years. Monthly Instalments (EMIs) OR maximum 15 years, which period of 12 months from the
(Maximum) the repayment period comprises of Commercial Operation Date
stipulated under housing loan, construction/installation, (COD). Maximum construction
whichever is earlier. moratorium and repayment period shall be 12 months from
period. the first disbursement.
11 Moratorium Upto 12 months post the Date of One year after the first
Commencement of Commercial disbursement or four months
Operations (DCCO). from COD, whichever is earlier.
12 Primary Security 1. Exclusive first charge on all Mortgage of House. Exclusive first charge on fixed
fixed assets, movable Hypothecation of assets created assets (present as well as
assets, and current assets, out of loan, i.e., Solar future) relating to the project/
lease hold rights, cash Equipment. program.
flows and project related
accounts and rights
therein, current as well as
future relating to the
project (Terms and
Conditions [T&C] applicable).
2. Assignment of Project
documents.
13 Collateral Security The bank may seek additional Loan for Solar Rooftop Project Company shall provide
security (collateral) if FACR falls to Micro Small and Medium collateral security of immovable
below 1.25. Enterprises (MSME) up to INR non-agricultural properties in
10 lakh shall be without urban and rural areas
collateral security as per (Minimum 10-20 percent of
Government guidelines. loan amount) and/or BG/fixed
For others: Notwithstanding the Deposit (FD) depending on
security stipulated, the viability of the project and
sanctioning authority may credit worthiness.
where it is deemed necessary,
on a case to case basis may
stipulate such collateral security
as required.
Sr. Parameter State Bank of India Canara Bank - Housing cum Punjab National Bank Syndicate Bank - SyndSolar Indian Renewable Energy
No. Solar Loan Scheme Development Agency Limited
(IREDA)
14 Guarantee 1. In case of Sole Personal guarantee of Waived
Proprietorship/Partnership proprietor/partner/director to
Firm/Company, personal be obtained. In case of SPV,
guarantee of proprietor/ corporate guarantee of
partners/directors. promoter company shall be
2. In case of SPVs/ explored.
Associates/Subsidiaries,
corporate guarantee of
sponsor can be further
explored.
15 Debt Service Reserve Equivalent to six months DSRA equivalent to minimum
Account (DSRA) principal and interest. three months principal and
interest to be maintained after
the date of commercial
operations.
16 Statutory Clearances The required project The required project
and Power Purchase agreements (including PPA) agreements (including PPA)/
Agreement (PPA) /clearances/approvals (as clearances/approvals should be
applicable) should be in place, in place, before disbursement
before disbursement of the first of the first tranche for each
tranche for each individual individual loans under the
loan under the overall overall sanctioned credit
sanctioned credit facility. facility.
17 Others Mandatory compliance of World Compliance with Asian Registration fee payable along
Bank guidelines on Development Bank (ADB) with application:
procurement and environment, guidelines on procurement and 1. Upto 10 crores – INR 25,000
health, safety and social EHSS, gender, and child labour. 2. 10 crore to 70 crore – INR
(EHSS) related to solar rooftop 50,000
projects. 3. Above 70 crore – INR
1,00,000
18 Financing Mode Program and project modes Applications can be submitted
in aggregator or direct category.
19 Purpose To install solar rooftop systems
on houses.
20 Size/Capacity of Solar 1 kWp (8 sq. m area required
Rooftop System for 1 kWp solar rooftop system)
Sr. Parameter State Bank of India Canara Bank - Housing cum Punjab National Bank Syndicate Bank - SyndSolar Indian Renewable Energy
No. Solar Loan Scheme Development Agency Limited
(IREDA)
21 Project Cost Approximate project cost of 1
kWp solar rooftop system is 1
lakh. However, actual estimate
will be made by the agency
installing the system. Higher
loan amount may be considered
depending upon the capacity of
solar rooftop system, rooftop
space available, cut back, etc.

22 Processing/ Nominal processing fee of 0.50 Nil


Documentation percent (Minimum INR 1,500
Charges and Maximum INR 10,000).
23 Link of Website https://www.sbi.co.in/ http://www.canarabank.com/e https://www.pnbindia.in/ https://www.syndicatebank.in/ http://www.ireda.gov.in/
nglish/ english/home.aspx

*Please Note: This document has been prepared by compiling data available as an open source. Please check the schemes of individual banks for updated information.