Are you looking to utilize solar energy to power your home or business and reduce your carbon footprint? Uttar Bihar Gramin Bank offers the Capital Subsidy Scheme for Installation of Solar Off-Grid systems, aimed at helping individuals and organizations adopt solar energy. Here’s what you need to know:
Table of Contents
Purpose
The Capital Subsidy Scheme encourages the use of solar energy for various purposes, promoting sustainability and clean energy practices.
Eligibility
This scheme is open to individuals, Self-Help Groups (SHGs), Joint Liability Groups (JLGs), Farmers Clubs, and others. To qualify, you should not have a history of defaulting on loans from any bank or financial institution.
Loan
Loans are available only for solar models approved by the Ministry of New and Renewable Energy (MNRE).
Margin
A margin of 10% of the unit cost is required.
Subsidy
Beneficiaries can avail a subsidy of 40% of the benchmark cost to make solar installations more affordable.
Lock-In Period
There is a lock-in period of 3 years for the scheme.
Security
The solar system itself serves as security, with hypothecation in place.
Disbursement of Loan
Loan amounts are disbursed by way of cheque/draft directly to the supplier, simplifying the process.
Repayment Period
Beneficiaries have a maximum repayment period of 5 years, with installment payments scheduled monthly, quarterly, or semi-annually, based on their income source.
Rate of Interest
The interest rate is set at 11% on a monthly basis (subject to change).
With Uttar Bihar Gramin Bank’s Capital Subsidy Scheme for Installation of Solar Off-Grid systems, you can embrace solar power and contribute to a sustainable future. Our casual and customer-friendly approach ensures that you can discuss your unique energy needs with us, and we’ll assist you in adopting solar energy solutions that are right for you.
Don’t miss this opportunity to harness the power of the sun. Reach out to Uttar Bihar Gramin Bank today and embark on your journey towards clean, renewable energy with our solar installation subsidy scheme.
