Syndicate Bank Offers SyndSolar Loan for Solar PV Panel Installation on House Roof Top





Electrical energy is the most versatile and reliable form of energy we have in our day today life. Our life demands more facilities, utilizing cheaper, pollution-free electrical energy, ie., green energy for lighting, refrigeration, cooking, hygiene, atmospheric comfort, appliances and electronic gadgets. The quality of our life directly related to accessibility and consumption of electricity.

Syndicate Bank Offers SyndSolar Scheme for Solar PV Roof Top Installation

Photo-voltaic (PV) is the technology that allows to tap solar energy without any kind of pollution. It allows every house owner to become producer of electric energy, consume what he produce and able to sell out excess. It creates a win-win solution for our energy needs. It is equatable, sustainable, and pollution free and accessible to every house owner.

When we use Solar PV system for our energy needs, we can assure the following:

  1. Solar PV will not pollute our environment ie., no emissions
  2. Solar PV has virtually no wear and tear - long lasting
  3. No increase in fuel cost - Once installed, Solar PV becomes market independent
  4. Solar PV is modular to any size and locations

What Is Photo-Voltaic (PV) or Solar Cell?

Photo-voltaic (PV) or Solar Cell is the technology that generates electricity when PV gets induced by light source. Here, PV is the surface of semiconductor (made by pure silicon) accepts sunlight and convert light energy into electric energy through Photovoltaic effect. This energy is in the form of  direct current (DC) electrical power that can be utilized to our equipment using a little conversion effort. As long as sunlight shines to the PV panel, we get electricity from Solar PV system.

Syndicate Bank Offers SyndSolar Scheme for Solar PV Roof Top Installation

Syndicate Bank offers SyndSolar Scheme for their existing home loan customers or new customer who want to install Solar PV system on roof top. Syndicate Bank has a pool of managers who have received special training to deal with SyndSolar Loan Scheme. The maximum amount as per the scheme shall be Rs. 3,75,000/-.

Syndicate bank accepts directive of MNRE that says "All banks are advised to encourage the home loan/ home improvement loan seekers to install rooftop solar PV and include the cost of such equipment in their home loan proposals just like non solar lighting, wiring and other such fittings".

Who Can Apply SyndSolar Bank Loan?

  1. Existing housing loan customers availing loan for independent house construction or new housing loan customers are eligible for SyndSolar Loan.
  2. House owners wish to install solar roof top system but have not availed housing loan from any other bank.

Purpose of SyndSolar Bank Loan

To install Solar Roof Top systems on houses. If it is new house, the amount of solar PV system will be added to total construction cost.

Size / Capacity of Solar PV as in Synd Solar Scheme

1 KWp (8 Sq. Mts area is required for 1 KWP solar roof top system)

Solar PV Project Cost

Approximate project cost of 1 KWp solar roof top system is 1,00,000/-. However, actual estimate will be made by the agency installing the system. Higher loan amount may be considered depending upon the capacity of solar system, roof top space available, cut back etc.

SyndSolar Margin / Quantum of Loan

Margin: 25% of project cost. Capital subsidy if any provided by Ministry of New and Renewable Energy may be taken as part of margin.
Loan amount: 75% of the cost of the project with maximum of 3,75,000/-

Synd Solar Loan Rate of Interest

Marginal Cost of funds based Lending Rate (MCLR)

Guarantor

 Waived

Processing / Documentation charges

Nil

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