Maharashtra Bank Financing Solar Energy Based Pumpset Loans .

 Financing Solar Energy Based Pumpset Loans

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Type of Facility

Term Loan (TL)

Purpose

Installation of Solar water Pumping System

Eligibility

Farmer should have adequate source of water

For wells, it should have sufficient recouping capacity to irrigate the area

Farmer should have own economic land holding with minimum of 10 acres.

Components

Solar PV Panel

One of the following motor pump sets compatible with the photovoltaic array:

Surface mounted centrifugal pump set

Submersible pump set

Floating pump set

Any other type of motor pump set after approval from MNRE

Amount

75% of the cost of the equal.

Margin

Upto Rs. 1.60 lakh - Nil

Above Rs.1.60 lakh - Margin shall be minimum of 25%. If subsidy is available, same can be considered as margin.

Rate of Interest

Up to Rs.10.00 lakh : 1 Year MCLR + BSS@0.50% + 2.00%

Above Rs.10.00 lakh : 1 Year MCLR +BSS@0.50%+ 3.00%

Security

Upto Rs. 1.60 lakh - Hypothecation of Equipment

Above Rs.1.60 lakh- Hypothecation of Equipment & Third Party Guarantee/ Mortgage of Land

Repayment

Minimum 5-7 years

Paper requirement

1. Loan application ie Form No -138, & Enclosure – B2

All 7/12, 8 A, 6 D extracts, Boundaries of the applicant

No dues certificates of the applicant from surrounding financial institutions including PACS

Legal search from advocate on Bank’s panel for loans above Rs.1.60 lakh where land is to be mortgaged

Copy of Quotations / Estimates

2. Guarantee form F-138All 7/12, 8 A & PACS dues certificate of the guarantors