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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
*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.