Maharashtra Bank : Financing Solar Home Lighting Scheme

 Financing Solar Home Lighting Scheme

Type of Facility        

 Term Loan (TL)

Purpose    :   

Purchase of brand new solar lighting system with necessary accessories for usage in Agro Processing units

Eligibility

Small & Marginal farmers

Share Croppers / Tenant Farmers

Agri-Entrepreneurs

Components

Model I One White LED Lumaniare

Model II Two White LED Lumaniare

Model III Three White LED Lumaniare & One DC Fan of wattage upto 10 W

Model IV Four White LED

Amount

80-85% of the project cost including the cost of accessories

Margin

Upto Rs. 1.60 lakh - Nil

Above Rs.1.60 lakh – 15-20% of the cost of equipment including cost of accessories

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 & Accessories

Above Rs.1.60 lakh – Hypothecation of Equipment & Accessories & Third Party Guaranty/ Mortgage of land.

Repayment: 

Minimum 3-5 years

Paper requirement

Applicant: -Loan application

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

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

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

4.Copy of Quotations / Estimates

5.Guarantor for loans above Rs.1.60 lakh : -

6.Guarantor form

7..All 7/12, 8 A & PACS dues certificate of the guarantors