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Bank of Baroda, for rural India, with rural India.

Loan for Installation of Solar Photovoltaic Pump Sets

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

Loan for Installation of Solar Photovoltaic Pump Sets : Benefits

  • Nil Processing charges for aggregate Loan upto Rs 3.00 Lakhs
  • Nil Inspection charges for aggregate Loan upto Rs 3.00 Lakh
  • Low Margin: Minimum of 20% of the total project outlay.
  • Long Repayment period upto 10 Years

Loan for Installation of Solar Photovoltaic Pump Sets : Features

A loan to purchase solar photovoltaic water pumping system that consists of PV array, motor pumping set, interconnect cables, and electronics.

Loan for Installation of Solar Photovoltaic Pump Sets : Eligibility Criteria

Individuals, group of individuals, SHGs, JLGs, NGOs, farmer clubs, farmers’ producer organization.

Loan for Installation of Solar Photovoltaic Pump Sets : Document Required

  • KYC Documents (AADHAR, Voter ID, PAN Card, Driving License etc.)
  • Passport Size photo
  • Quotation/Invoice
  • Land Records
  • Project Report
  • IT Return

Loan for Installation of Solar Photovoltaic Pump Sets : Fees & Charges

Processing charges:

  • Aggregate Agriculture exposure of Rs. 3.00 Lakhs- Nil

For Term Loan

  • Above Rs 3 Lakhs - 1 % of the limit sanctioned with a maximum of Rs 100 lacs.

Inspection Charges

  • Agriculture exposure upto Rs. 3.00 Lakhs- Nil
  • Above Rs 3 lakhs to Rs 10 Lakhs - Rs 250
  • Above Rs 10 Lakhs to Rs 1 Crore - Rs 1000
  • Above Rs 1 Crore - Rs 5000

Loan for Installation of Solar Photovoltaic Pump Sets : Most Important Terms & Conditions (MITC)

Nature of Facility Term Loan
Margin Minimum of 20% of the total project outlay.
Repayment Period Maximum of 10 years.
Security

Loan up to Rs. 1,00,000

Hypothecation of solar photovoltaic pumps

Loan above Rs. 1,00,000 and up to Rs. 5,00,000

Hypothecation of solar photovoltaic pumps

Third-party guarantee

Loan above Rs. 5,00,000

Mortgage of land

Rate of Interest
Limit upto Rs.3 Lakhs One year MCLR+ SP
Limit above Rs.3 Lakhs and less than Rs.25 Lakhs One year MCLR+ SP+ 1.25%
Limit Rs.25 Lakhs and above
Loan period less than -3- years One year MCLR+ SP+ 2.00%
For Loan period -3- years and above
3 years & above and upto 5 years One year MCLR+ SP+ 2.10%
Above 5 years and upto 7 years One year MCLR+ SP +2.15%

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