As interest in adopting solar panels grows under the PM Surya Ghar Muft Bijli Yojana, concerns about affordability are being addressed through government subsidies and bank financing options. The State Bank of India (SBI) is playing a crucial role in facilitating this transition by offering loans tailored specifically for rooftop solar installations.
Loan Details by SBI Under PM Surya Ghar- Loan for Solar Roof Top:
Under this scheme, SBI provides loans for solar rooftop installations based on specific criteria related to capacity and eligibility.
S.No. |
Item |
Eligibility Criteria |
Eligibility Criteria |
1. |
Objective |
Installation of solar rooftop up to 3 kW |
Installation of solar rooftop above 3 KW and up to 10 KW |
2. |
Loan |
Maximum loan amount Rs. 2 lakhs |
Maximum loan amount Rs. 6 lakhs |
3. |
Age and Other Eligibility Conditions |
|
|
4. |
Pan |
PAN alternative for CIBIL |
PAN mandatory |
5. |
Margin |
Minimum 10% of project cost |
Minimum 20% of project cost |
6. |
Interest Rate (Floating Interest Rate) |
EBLR- 2.15% Current effective rate: 7% |
EBLR for Home Loan customers + 0% – Current effective rate – 9.15% EBLR |
7. |
Duration |
Maximum 120 months (including moratorium period) |
|
8. |
Security |
hypothecation of assets |
|
9. |
Processing Fee |
Zero |
|
10. |
Subsidy |
|
Subsidy amount – Rs. 78000 |
11. |
Net Annual Income |
Not Necessary |
Minimum – Rs. 3 lakhs |
12. |
Required Documents |
|
|
13. |
Moratorium Period |
6 months from the date of disbursement |
|
14. |
Disbursement |
Disbursement will be made directly to the vendor/EPC contractor after submission of all requisite feasibility reports as mandated by MNRE. Loan amount + Disbursement of borrower's margin |
|
15. |
Other Covenants |
|
|
16. |
In-Principle Approval |
In-principle approval will be given through digital medium based on self-declaration by the applicant. The final sanction will be based on the verification and evaluation of relevant documents. |
|
17. |
Link for Loan Application |
Link for registration – https://pmsuryaghar.gov.in Link for loan application – https://www.jansamarth.in |
By utilizing both government subsidies under the PM Surya Ghar Muft Bijli Yojana and SBI's loan scheme, people can transition towards sustainable and cost-effective energy solutions. This initiative not only promotes energy independence but also contributes to a greener environment.
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Who is eligible for the SBI Surya Ghar Loan for Solar Rooftop Finance?
Individual applicants with sufficient rooftop area and rights, aiming to install solar rooftop systems up to 3 kW capacity, can apply for this loan.
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How much margin money is required to secure the loan?
- For solar rooftop installations up to 3 kW capacity, a minimum of 10% of the project cost is needed.
- For solar rooftop installations above 3 kW and up to 10 kW capacity, a minimum of 20% of the project cost is required.