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Union Bank of India’s Solar Farm Financing in India
Financing Options from Union Bank of India
A loan is available for the installation of Grid-Connected Roof Top Solar (RTS) systems for residential use only. This loan covers setting up a Grid-Connected Roof Top Solar system of up to 25 KW for individuals with existing independent houses.The scheme will be available across India.
Union Rooftop Solar Initiative
| Parameter | URTS-Composite | URTS- Standalone | URTS-PM Suryaghar: Muft Bijli Yojna |
| Purpose | Installation of Roof Top Solar | Installation of Roof Top Solar | Installation of Roof Top Solar up to 3kw |
| Project Size | Above 3 kw to 25 kw | Above 3 kw to 25 kw | Up to 3 kw |
| Maximum loan | Up to Rs 15 lakhs | Up to Rs 15 lakhs | Up to Rs 2.0 lakhs |
| Eligible Entities/Borrowers | a. Existing Home Loan borrowers
b. Applicant having CIC score 680 & above (NTB also eligible) c. Staff members of our bank are eligible for availing loan under the scheme on terms as applicable to general public. d. Having sufficient area as mandated by MNRE e. Latest electricity bill. |
a. Individuals who have not availed home loans.
b. Borrowers who have availed home loan with other banks (subject to submission of NOC from Bank). c. Staff members of our bank are eligible for availing loan under the scheme on terms as applicable to general public. d. Applicant having CIC score 680 & above (NTB also eligible) e. Having sufficient area as mandated by MNRE f. Latest electricity bill. |
a. Existing Home Loan borrowers
b. Individuals who have not availed home loans c. Individuals who have availed home loan with other banks (subject to submission of NOC from Bank). d. Staff members of our bank are eligible for availing loan under the scheme on terms as applicable to general public. e. Applicant having CIC score 680 & above (NTB also eligible) f. Having sufficient area as mandated by MNRE from time to time. g. Latest electricity bill. |
| ROI | As applicable under Union Home | CIC Score Floating ROI 750 & Above EBLR + 1.00% pa Below 750 EBLR + 1.50% pa |
EBLR-2.25 % (presently 7% pa) |
| Quantum of Finance | The maximum quantum of loan per individual is 80 % of Project Cost (as per MNRE approved dealer). | The maximum quantum of loan per individual is 80 % of Project Cost (as per MNRE approved dealer). | The maximum quantum of loan per individual is 90 % of Project Cost (as per MNRE approved dealer). |
| Margin | 20 % of project cost (Equipment & installation). | 20 % of project cost (Equipment & installation). | 10 % of project cost (Equipment & installation). |
| Repayment Period | Maximum 10 years | Maximum 10 years | Maximum 10 years |
| Moratorium | 6 months | 6 months | 6 months |
| Subsidy | Subsidy amount- Rs. 78000/- To be claimed by borrower (Loan account number to be provided for credit of subsidy amount in loan account) |
Subsidy amount- Rs. 78000/-
To be claimed by borrower (Loan account number to be provided for credit of subsidy amount in loan account) |
1KW- Rs. 30000/-
2KW- Rs. 60000/- 3KW- Rs. 78000/- To be claimed by borrower (Loan account number to be provided for credit of subsidy amount in loan account) |
| Security | Hypothecation of Roof Top Solar and general lien over the title deed of property offer in existing home loan. | Hypothecation of Roof Top Solar | Hypothecation of Roof Top Solar |
| Net Annual income | As per income document | As per income document | No requirement. |
| Processing charge | 0.50% of loan amount plus GST | 0.50% of loan amount plus GST | NIL |
| Disbursement | Disbursement to be made directly to vendor/EPC contractor after submission of all the required feasibility reports as mandated by MNRE. Disbursement of loan amount+ borrower margin (subsidy to be claimed by borrower/vendor quoting the loan account) |
Disbursement to be made directly to vendor/EPC contractor after submission of all the required feasibility reports as mandated by MNRE. Disbursement of loan amount+ borrower margin (subsidy to be claimed by borrower/vendor quoting the loan account) |
Disbursement to be made directly to vendor/EPC contractor after submission of all the required feasibility reports as mandated by MNRE. Disbursement of loan amount+ borrower margin (subsidy to be claimed by borrower/vendor quoting the loan account) |
| Other covenants | Will be sourced through Jan Samarth Portal only
Available for customer induced journey as well as assisted journey. |
Will be sourced through Jan Samarth Portal only
Available for customer induced journey as well as assisted journey. |
Will be sourced through Jan Samarth Portal only
Available for customer induced journey as well as assisted journey. |
| In principle offer | NA | NA | Digital in-principle Sanction to be given based on self-declaration by the applicant. Final Sanction to be based on verification of relevant documents and assessment by the respective Banks. |
Qualified Entities/Borrowers
Resident Indian Citizens and Non-Resident Indians (NRIs) [including Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCIs), who are considered NRIs] eligible for the Home Loan scheme will also be eligible for the URTS scheme.
They must own an independent house in their name.
Individually or in conjunction with other eligible family members, as defined by the home loan scheme guidelines.
All proposed co-owners of the property for which the loan is being sought must also be included as applicants for the loan.
For new home loan customers, URTS can be approved concurrently with the home loan sanction. However, the disbursement of the URTS loan will occur only after the property is completed/possessed and the security is perfected.
To qualify for the URTS, existing Home Loan applicants must have a satisfactory repayment history for their Home Loan EMI, with no overdue amounts in their Home Loan account. Specifically, the account should not have been classified under the SMA category in the past six months.
The applicant must have a minimum retail score of 50 according to the Investment Grade or Scoring Chart.
Adding an HUF as an applicant or co-applicant for the loan, where the HUF’s income is to be considered or the HUF is the owner/co-owner of the property, constitutes a deviation and requires approval from CRLC-I. If approved, all major coparceners must act as individual guarantors for the loan.
Qualified Entities/Age
The applicant must be at least 18 years old.
The maximum allowable age at the end of repayment for both salaried and non-salaried borrowers is 75 years.
Therefore, individuals with a steady source of income after the age of 60 may be considered for repayment extending beyond 60 years of age.
The maximum age and tenure guidelines apply only to applicants whose income is used to assess loan repayment.
For instance, if a father and son are joint applicants for a loan but only the son’s income is used to determine repayment capacity and the eligible loan amount, then only the son’s age should be considered to determine the maximum possible repayment period.