IOB Tejas
Indian Overseas Bank's term loan for MSMEs to put up grid connected rooftop or ground mounted solar of up to 2 MW for their own use.
Last updated on
- Status
- Open
- Run by
- Indian Overseas Bank
What you get
- From above ₹20 lakh up to ₹9 crore
- Repay over up to 120 months, including a moratorium of up to 6 months
- Margin of 10% for well rated accounts, otherwise at least 20% of project cost
- No fresh collateral for existing borrowers with 3 years with the bank
- Interest concession for youth and women borrowers
Who can apply
- Micro, small and medium enterprises.
- The most on offer is ₹9 crore.
- Udyam registration is needed. It is free.
- Solar system must be grid connected with net metering and for the unit's own use
- Solar modules must be on the MNRE approved list
- New borrowers need a credit score of 650 or more for every promoter
- Other borrowers need collateral of 25% to 35%
How to apply
- Get a site feasibility report and a generation and savings calculation from your solar vendor
- Take these to your nearest IOB branch
- The loan is paid directly to the solar installer
In person, nearest Indian Overseas Bank branch
In Kerala, any Indian Overseas Bank branch in Kerala
Documents to keep ready
- Site feasibility report
- Electricity generation and savings calculation from the solar vendor
- Due diligence report on the solar installer
Where we found this
An independent guide by The Company of Four, not a government website. Schemes change often, so check every detail on the official website before you apply. Links marked ↗ open external websites that we do not run, and we are not responsible for their content. Seen something out of date? Tell us and we will look into it.