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Product Details
Bank Name

Union Bank of India

Maximum Loan Tenure

The maximum quantum of loan per individual is 75% of Project Cost (as per MNRE approved dealer) or INR 10.00 lakh whichever is lower subject to repayment capacity of borrower.

Maximum Loan Amount

Maximum repayment period for the loan is 10 years, including a moratorium of not exceeding 3 months

Interest Rate

9.30% to 9.80%



Union Roof Top Solar
Down Payment

Minimum 5%.

Fees and Charges

Prepayment fee: No prepayment penalty fee for floating rate loans.
Processing fee: 0.5% of the loan amount plus GST, subject to a maximum of Rs. 15,000 plus GST.
Penal fee: 2% per annum over and above the applicable interest rate on the overdue amount for the period of default.
Legal Fee: At actuals.
Stamp Duty And Registration Charges: At Actuals.

Minimum CIBIL Score

Not specified.

Down Payment and Fees

Union Roof Top Solar

Special Features

Lower interest rate.

Eligibility Criteria

Here are the key eligibility criteria for the Union Roof Top Solar Scheme (URTS) offered by Union Bank of India:

Target Group:

  • Individuals with independent houses who own the roof or have legal permission to install the solar panels.

  • Existing home loan customers of Union Bank with a satisfactory repayment track record.

  • Salaried, non-salaried individuals, or groups (including societies, institutions, etc.) with valid electricity connections.


  • Minimum age: 18 years

  • Maximum age at loan maturity: 75 years

Financial Requirements:

  • Minimum annual income: Not explicitly mentioned, but sufficient to comfortably repay the loan and cover electricity bills.

  • Savings in electricity costs should be enough to cover the monthly loan repayment obligation.

Property and Roof Requirements:

  • Sufficient unshaded rooftop area with proper orientation for optimal solar energy generation.

  • Ownership of the property or valid leasehold rights with renewal option covering the loan tenure.

Additional Criteria:

  • No outstanding dues or classified accounts with Union Bank or any other bank.

  • Enterprises engaged in speculative activities are not eligible.

  • For new customers, collateral security may be required in the form of life insurance policies or fixed deposits.

Special Concession

Concession available for women borrowers. 

Home Saver Option


Features, Eligibility and Concession
  • Low interest rate. 

  • Low down payment requirement. 

  • No penalty on prepayment.

  • It is available for only those individuals who have an independent house.

  • Union Bank of India has limited network.

Pros & Cons
Application Procedure

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