Step into a new green era


Illuminate your houses using the power of the sun

  • Benefits
  • Features
  • Eligibility Criteria
  • Documents Required
  • Fees & Charges
  • Most Important Terms and Conditions (MITC)

Baroda Residential Rooftop Solar Scheme : Benefits

  • Up to 90% financing
  • Attractive Interest Rates
  • Concession of 0.25% in rate of interest for existing home loan borrowers of our Bank.
  • Subsidy up to 40% is available as per the Ministry of Renewal and New Energy, Govt. of India guidelines
  • No Foreclosure Charges in case of Floating Rate of interest option
  • Floating & Fixed Rate of Interest option available.

Baroda Residential Rooftop Solar Scheme : Features

  • Resident Individuals (singly or jointly) Salaried or having Income from Business / Profession/Agriculture are eligible for “Baroda Residential Rooftop Solar Scheme”.
  • Minimum age: 21 years
  • Maximum age: Up to Retirement age(for Salaried Individuals) and 65 Years (for Non-Salaried Individuals)
  • Attractive Rate of interest:
  • For solar unit up to 5 kw   Ranging from 9.00% to 11.00% based on CIBIL Score (Floating and Fixed ,Both option is available)
    For solar unit up above 5 kw and up to 10 kw   Ranging from 9.50% to 11.40% based on CIBIL Score (Floating and Fixed ,Both option is available)
    The interest rate is calculated on the daily reducing balance.
  • Maximum Tenure: 120 Months.

Baroda Residential Rooftop Solar Scheme : Eligibility Criteria

Eligibility Criteria:
  • Resident Individuals (singly or jointly) Salaried or having Income from Business / Profession/Agriculture
  • The Resident Individuals should have Residential property in his/her name or Terrace right in his/her name if residing in flat.

Purpose:

Installation of Grid connected RTS (Roof Top Solar) for residential purpose only up to capacity 10 KW


Limit:

Minimum Limit : Rs.50,000/-

Maximum Limit : Rs.10,00,000/-


Age:

Minimum: -21- Years

Maximum :

  • For Salaried Person: Up to retirement age of the Borrower (including repayment period)
  • For Non-Salaried -65- Years (Including repayment period)

Margin:

Min.10% of Non-Subsidy Portion

Baroda Residential Rooftop Solar Scheme : Documents Required

  • KYC documents of applicants/co-applicant
  • Salary slip for last 3 months and form no 16 (in case of salaried Individuals)
  • ITR for last two years (in case of Non-salaried individuals)
  • Latest income certificate from the local competent revenue authority (for farmers)
  • Bank account statement for last 6 months
  • NOC from the existing lender Bank/FI, in case the residential property on which solar is to be installed, is mortgaged with other lender Bank/FI (applicable for solar unit above 5KW to 10 KW)

Baroda Residential Rooftop Solar Scheme : Fees & Charges

0.50% of loan amount +GST Subject to

Minimum: Rs.500+GST

Maximum: Rs.5,000+GST

Baroda Residential Rooftop Solar Scheme : Most Important Terms and Conditions (MITC)

  • Applicant / co-applicant/s (whose income are considered for eligibility) should be employed / engaged in business / profession for a minimum period of -1- year for salaried and/or -2- years (for non-salaried).
  • In case of Agriculturists who are predominantly dependent on agriculture and not required to file income tax returns, the latest income certificate from the local competent revenue authority is required.
  • The scheme would remain limited to household rooftop projects only. Any industrial, commercial and other consumers or government and semi government organizations will not be eligible for the loan scheme
  • Quotation for Solar system is to be purchased should be issued by DISCOM empanelled vendors only.

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