SBI Solar Roof Top Finance – Interest Rates, Documents
SBI (State bank of India) offers Loan for installation of Solar rooftop / ground mounted grid-connected solar panel systems and equipment for personal use.
Features
- Target Group: All existing salaried personal segment customers maintaining salary account with Bank.
- Type of facility: Term Loan
- Quantum of Loan: Minimum Rs. 50,000 and Maximum Rs.10 lakhs.
- Borrower’s Margin / Contribution: 20% (minimum)
- Rate of interest: Attractive Interest rate, 200 bps above 1-Year MCLR (effective rate wef 15.03.2024 is 10.5%)
*Existing home loan borrowers will get 20 bps concession in rate of interest subject to extension of mortgage. - Other existing SBI customers with good track record will get 10 bps concession in rate of interest.
- Repayment Period: Minimum 6 months and Maximum 5 years.
- Processing charges: 0.50% of loan amount + applicable GST, subject to minimum of Rs.500
- Processing of loans: Centralised Processing for quick Turn Around Time (TAT)
Eligibility for SBI Solar Roof Top Finance
- All existing salaried personal segment customers maintaining salary account with Bank.
- CIBIL score of 670 and above.
- Minimum NAI (Net Annual Income) of Rs.3 lakhs and above.
- EMI/NMI ratio: For NAI < = Rs. 3 lakhs & upto Rs. 5 lakhs is 40% and for NAI > Rs.5 lakhs is 50
Eligible security
Hypothecation of assets created out of Bank finance as primary security and if housing loan borrower opts for extension of mortgage, housing property as collateral security.
Documents Required for SBI Solar Roof Top
- Proforma Invoice / Quotation for equipment, installation etc.
- Feasibility approval from Jurisdictional ESCOM (wherever applicable)
- Electricity bill for last 6 months.
- KYC documents (as per Bank’s guidelines)
- Last 2 years ITR returns / Form 16
- Salary statement for last 6 months.
