UCO Suryodaya Loan Affordable Financing

UCO Suryodaya Loan

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S. No.

Particulars

Guidelines

1

Target Group

All individuals having residential property (singly/jointly), having home loan with our Bank/any other Bank or without home loan from any bank, are eligible under UCO Suryodaya Loan Scheme.

2

Purpose

For Setting up of Grid connected RTS (Roof Top Solar) plants for residential purpose only

3

Age

i) Minimum age – 21 Years

ii) Maximum age up to 75 years including repayment period

4

Maximum Quantum of Finance

a) Up to 3 KW : Maximum 2 Lakh

b) Above 3KW: Maximum 6 Lakh

5

Margin

Loan with Capital Subsidy from Government

Capacity	Minimum Margin
Up to 3 KW	10% of the Project Cost
Above 3 KW	20% of the Project Cost

Subsidy will not be treated as margin

6

Repayment Capacity Criteria

Capacity	Income Criteria
Up to 3 KW	Not Required
Above 3 KW	Min. Net Income of Rs. 3.00 lakh

7

Repayment Period

Maximum Repayment - 10 years including Maximum Moratorium Period of 6 months.

8

Security

Primary: Hypothecation of assets created out of bank finance.

9

Rate of Interest

(Floating)

a) Capacity up to 3 KW : UCO Float Rate – 2.30% (Strategic Discount) i.e. 6.75% at present

b) Capacity above 3 KW:

i) For Individuals having home loan with our Bank: Applicable card rate for fresh home loan.

ii) For Individuals not having home loan with our Bank:

1.00% over and above the applicable card rate for fresh home loan.

10

Disbursement

Disbursement (Loan Amount + Borrower’s Margin) to be made directly to the Vendor/EPC Contractor after submission of all the required feasibility reports as mandated by MNRE.

11

Credit Score Requirement

a) A minimum CIBIL Score of 680 is required

b) Individuals with no Credit History (score of 0 or -1) or Credit History not in the range of 300-900 are eligible

12

Subsidy

Amount of subsidy available at present, for various categories, is as follows: