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Features of the scheme:
a. Eligible systems: Solar Water Heaters with both Flat Plate or Evacuated Tubular Collectors (of any size)
b. Borrowers: Any end user such as Individuals, institutions, non- commercial organizations/commercial organizations (hotels, hospitals etc).
c. Loan amount: Upto 85% of the cost of the project as per cost indicated in the enclosed sheets. No separate ceilings stipulated.
In order to be eligible for claiming the Interest Subsidy, the equipment has to be purchased from manufacturers/suppliers approved by the MNES. Details of such "approved" vendors is appended to this circular.
The borrowers are free to select vendors of their choice taking into consideration competitive pricing, after sales service etc.
d. Duration of loan Repayment starts 3 months after the release of funds to the consumers. Maximum repayment period Five years inclusive of this 3 months moratorium period. Repayment would be in Equated Monthly Installments.
e. Rate of interest
2% p.a to domestic users,
3% p.a to institutional users not availing accelerated depreciation and
5% p.a to industrial/commercial users availing depreciation.
Bank may charge penal interest as applicable in case of default.
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