SBI Surya Shakti Solar Finance Scheme under MSME Loans

Features

• Target Group : Existing and Prospective SME & Business enterprises, having requirement for installation of Solar rooftop / ground mounted grid-connected systems upto 1 MW capacity.
• Type of facility : Term Loan
• Quantum of Loan : Maximum: Rs.4 Crores
• Borrower’s Margin / Contribution : 20% (minimum)
• Pricing : Attractive Interest rates based on rating of the Borrower.
  EBLR linked (for MSMEs) & 6 months MCLR linked (for Non-MSMEs)
• Repayment Period : Upto 10 years (maximum incl. initial moratorium of 6 months)
• Upfront fees / charges : 1% of Term loan amount + applicable GST
• Processing of loans : Centralised Processing for quick Turn Around Time (TAT)

Eligibility

• Existing and Prospective SME & Business enterprises having requirement for installing solar rooftop / ground mounted projects for captive use.
• CIBIL Score of all Promoters not less than 650.
• Solar systems to be Grid connected.
• Net Metering Arrangement.
• MSME unit should have Udyam Registration Number (URN)
• Post installation of solar rooftop / ground mounted grid-connected system Electricity Cost Savings shall cover at least the monthly repayment obligations.

Financial benchmarks:

• Average Gross DSCR considering all Term Loans: 1.20 (minimum)
• Fixed Asset Coverage Ratio (FACR): 1.10 (minimum)
• Interest Coverage Ratio (ICR): 1.75 (minimum)
• Debt:Equity : 4:1(maximum)
• Debt / EBIDTA: 6 (maximum)

Terms & Conditions

• Collateral Security : Not mandatory, if security coverage is adequate as per Bank’s assessment.
• Guarantee : Personal Guarantee of Promoters (proprietor / partners / directors, etc.)
• Pre-payment charges : Nil