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Loans for purchasing solar system-Equipments, lightings consumer items etc.,

Loans are granted to the needy people for purchasing solar items such as lighting system, pumsets solar fans and other consumer items of solar energy. These loans are granted under loan rules of the Bank meant for the purpose.

  1. Eligibility: Borrower should become member of the financing cooperative society or nominal member of the Bank as the case may be.
  2. Repayment capacity should be there to the applicant.
  3. Assured monthly/yearly income should be there to the borrowing person.
  4. Party should be the resident of the locality.
  5. Residential house should be confirmed with confirmed with proof of revenue receipts or so....for installation. Purpose of the equipment purchased.
  6. Employees of Central/State Govt./Public sector/Govt. Sponsored institutions/university/Schools, town/city muncipal corporations, other persons acceptable by the Bank may avail these loans.
  7. Lendings are through the Branches directly or through PACS of the area concerned.
  8. Maximum loan limit: 5 times of monthly income of the borrowers or 2 times of the yearly income of the applicant subject to the maximum limit of Rs.0.50 Lakhs or as decided by the Bank.
  9. Repayment period: Maximum 5 years.
  10. Hypothecation of the purchased items and one or two personal securities. If the loan is more than Rs.0.50Lakhs them security of immovable properties is to be given.