Andhra Bank
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Toll Free Number : 1800 425 1515

 
AB Surya Sakthi
 
Implementation period


The scheme will be in operation up to 31.03.2010 and continuation of the scheme  shall be informed by Head office from time to time.

 
Loan amount


85% of the ex-factory/Ex-show room cost of the system

 
Who can avail finance


Eligibility

i) Employees of Central/State Government, Public sector undertakings
ii) Salaried employees with confirmed service of 5 years and take home monthly salary of not less than Rs.2000/- after meeting the proposed loan installment.
iii) Professional and self employed persons with Annual net income of Rs.60000/- as evidenced by Income tax return or Chartered Accountants certificate and supported by satisfactory P&C from their BankersIn addition to the above, any individual, Institution non commercial organization or commercial organizations including Hotels, hospital etc., are also eligible for finance.

Note : End users (other than individuals) have to give an undertaking that no depreciation allowance will be claimed under Income Tax rules)


 

 
Rate of interest

A) Interest to be debited to the loan account by the Bank Base Rate + Spread + TP i.e., 10.25 + 4+ 0.25 = 14.50 % p.a.

B)Ultimate interest to be charged to the borrower

Domestic 2 %, Institutional 3%, Commercial 5%
C) Interest subsidy to be claimed from IREDA A-B
 
Repayment


Maximum period of  5 years

 
Processing and other service charges


To be levied as applicable to consumer durable loans.

 
Penal rate of interest


@ 2% over and above the stipulated interest rate for defaulted loans for the defaulted installments/amount.

 
Security


A) Hypothecation of solar water heaters and its accessories financed by the bank.

B) Suitable guarantor / co obligation good for the loan amount and adequate approved securities as collateral.

 
Insurance


The unit should be insured for full value and for all possible risks

 
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