Get Free Electricity with PM Surya Ghar Yojana: SBI Offers Loans up to Rs 6 Lakh

S.No.

Item

Eligibility Criteria
(Up to 3 KW)

Eligibility Criteria
(> 3 kW to 10 kW)

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

• Age up to 65 years (repayment of loan before the borrower turns 70 years of age)

• All individual applicants

• Applicants with CIBIL score 680 and above (NTC also eligible)

• Permission/authority should be obtained to install the proposed equipment on the roof.

• There should be adequate roof area as mandated by MNRE from time to time.

• Latest electricity bill.

• Savings account mandatory.

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
for Non-Home Loan customers + 1% – Current effective rate – 10.15%

7.

Duration

Maximum 120 months (including moratorium period)
No minimum tenure
(No pre-payment charges)

8.

Security

hypothecation of assets

9.

Processing Fee

Zero

10.

Subsidy

• 1KW – Rs. 30000

• 2KW – Rs. 60000

• 3KW – Rs 78000.

• Claim will be made by the borrower on suryaghar.gov.in (MNRE website) (Please provide loan account number for crediting the subsidy amount in the loan account)

Subsidy amount – Rs. 78000
to be claimed by the borrower on suryaghar.gov.in (MNRE website) (Please provide loan account number to credit the subsidy amount in the loan account)

11.

Net Annual Income

Not Necessary

Minimum – Rs. 3 lakhs

12.

Required Documents

• KYC documents

• Copy of the Electricity Bill

• KYC documents

• ITR Return/Form-16 for the last 2 years

• Salary Details (6 Months)

• Copy of Electricity Bill

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
(Subsidy will be claimed by the borrower quoting the loan account number)

15.

Other Covenants

• All applications will be received through Jan Samarth Portal only.

• The application can be done by yourself or with assistance.

• Insurance of assets financed through bank loans is not mandatory for rooftop solar capacity ranging from 1 kW to 3 kW.

• For assets with a capacity above 3 KW, the total cost of installation will be insured. The cost of insurance will be borne by the customer.

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