SURYA SHAKTI – SOLAR FINANCE

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Surya Shakti – Solar Finance
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Purpose

To provide finance to SME & Business Enterprises for installation of Solar rooftop / ground mounted grid-connected systems upto 1 MW capacity for captive use.

Features

  • Target Group : Existing and Prospective SME & Business enterprises, having requirement for installation of Solar rooftop / ground mounted grid-connected systems upto 1 MW capacity.
  • Type of facility : Term Loan
  • Quantum of Loan : Maximum: Rs.4 Crores
  • Borrower’s Margin / Contribution : 20% (minimum)
  • Pricing : Attractive Interest rates based on rating of the Borrower.
    EBLR linked (for MSMEs) & 6 months MCLR linked (for Non-MSMEs)
  • Repayment Period : Upto 10 years (maximum incl. initial moratorium of 6 months)
  • Upfront fees / charges : 1% of Term loan amount + applicable GST
  • Processing of loans : Centralised Processing for quick Turn Around Time (TAT)

Eligibility

  • Existing and Prospective SME & Business enterprises having requirement for installing solar rooftop / ground mounted projects for captive use.
  • CIBIL Score of all Promoters not less than 650.
  • Solar systems to be Grid connected.
  • Net Metering Arrangement.
  • MSME unit should have Udyam Registration Number (URN)
  • Post installation of solar rooftop / ground mounted grid-connected system Electricity Cost Savings shall cover at least the monthly repayment obligations.
Financial benchmarks:
  • Average Gross DSCR considering all Term Loans: 1.20 (minimum)
  • Fixed Asset Coverage Ratio (FACR): 1.10 (minimum)
  • Interest Coverage Ratio (ICR): 1.75 (minimum)
  • Debt:Equity : 4:1(maximum)
  • Debt / EBIDTA: 6 (maximum)

Terms & Conditions

  • Collateral Security : Not mandatory, if security coverage is adequate as per Bank’s assessment.
  • Guarantee : Personal Guarantee of Promoters (proprietor / partners / directors, etc.)
  • Pre-payment charges : Nil

Online Portal
(Apply now)

Last Updated On : Friday, 10-06-2022

Interest Rates

8.40%* p.a.

w.e.f. 01.09.2023

*T&C Apply.

 

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