Special Credit Scheme for Purchasing of Solar Power Systems

Solar power made affordable

For the purchase of Solar Power Systems

Borrowers under following sectors are eligible to obtain facilities:

Sector	Quantum of Loan
Domestic (residential)	75% of the total cost of the Solar Power System subject to a maximum of Rs. 1.5 Mn.
SME	75% of the total cost of the Solar Power System subject to a maximum of Rs. 5.0 Mn.
Commercial	75% of the total cost of the Solar Power System subject to a maximum of Rs. 5.0 Mn.

Sector	Repayment Period
Domestic (residential)	7 years However, a maximum period of 10 years can be considered for facilities granted to housing loan customers of Bank of Ceylon (existing and new) based on the remaining period of the housing loan as follows, If the remaining period of the housing loan is equal to or more than 10 years – 10 years If the remaining period of the housing loan is less than 10 years – the remaining period of the housing loan or 7 years, whichever is higher.
SME	5 years
Commercial	7 years

The supplier of the Solar Power System should be a registered supplier at the Sustainable Energy Authority of Sri Lanka
Fire insurance should be obtained from a reputed insurance company covering all the related risks
Facilities catered to under the domestic category of this credit scheme could be considered,
i. at the time of evaluation of fresh housing loans (in case a borrower requests a credit facility from this scheme parallel with the housing loan) or,
ii. for already constructed houses (in case a borrower requests a credit facility from this scheme to purchase a solar power system at a later stage)
(a) for which a housing loan(s) has/have already been obtained or
(b) for which a housing loan(s) has/have not been obtained