Scheme for Solar Water Heating Systems under Jawaharlal Nehru National Solar Mission(JNNSM)
|Objective||To promote adoption of solar energy for the purpose of water heating.|
|Purpose||To install Solar Water heating system between capacity of 100 — 400 litres per day capacity.|
|Eligibility||All customers of the bank with proof of income to ensure repayment capacity to the satisfaction of sanctioning authority.|
|Amount of loan||80% of the benchmark cost approved by MNRE or actual cost of the unit whichever is less.|
|Margin||20% by the applicant.|
|Subsidy||30% of benchmark cost subject to ceilings prescribed for each model.|
|Rate of Interest:|
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|Repayment||Between 3-5 years. Repayment within 3 years not allowed.|
- For loans up to Rs. 25,000/- hypothecation of the system to be purchased.
- For loans above Rs. 25,000/- in addition to a) above, one guarantor acceptable to bank should be obtained. Paper security, to the extent of loan amount may be obtained in lieu of guarantor.
|Other terms conditions and||Adequate insurance cover for the system /equipments. Products of manufacturers approved by MNRE only will be financed. Payment will be made directly to the dealer/supplier along with applicant's margin.|