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.

Age:

• 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.