Purpose – To provide user friendly substitute of Kerosene lamps for Home lighting; stands by arrangement for home lighting at the time of load shedding; Assist rural people who are mostly the farmers and artisan to take up economic activities after sunset.
Area of Operation – All Branches of the Bank
Eligibility – All regular farm borrowers; All regular borrowers of SSI and tiny enterprises, Small traders / businessmen & self employed persons; Any other household doing productive activities having known source of income to repay the loan.
Type of Loan – TL under PS; can be classified as ‘Agriculture’, ‘SSI’, or ‘Services’ according to occupation of the borrower
Quantum of Loan – Maximum loan amount shall be 80% of project cost. If capital subsidy is available, the project cost should be taken net of subsidy for arriving at the eligible loan amount & loan amount in such cases will be 90% of the project cost. Maximum ceiling is Rs. 50,000/-
Margin – 20% of the project cost. If capital subsidy is available 10% margin may be insisted. The cast of system consist of Solar Photovoltaic module, charge controller, battery, lamps, switches, plug points etc.
Service Charges – 1 % of the Project Cost (Minimum Rs. 250/-)
Interest Rate – 10.50% with quarterly compounding