New Delhi, Jul 6: India’s largest public sector lender, State Bank of India (SBI), has announced a new initiative: a fully digital end-to-end journey for the SBI Surya Ghar Loan.
SBI Surya Ghar Loan For Solar Roof Top — Check Eligibility, Interest Rate, Tenor, Documents Required, And Other Details
| S.N. | Parameter | Eligibility Conditions (Up-to 3 KW) |
Eligibility Conditions (> 3 KW to 10 KW) |
|---|---|---|---|
| 1. | Purpose | Installation of Solar Roof Top Upto 3 KW | Installation of Solar Roof Top more than 3 KW and upto 10 KW |
| 2. | Loan Amount | Maximum Loan Amount Rs. 2 lacs | Maximum Loan Amount Rs. 6 lacs |
| 3. | Age & Other Eligibility Conditions | Age upto 65 years (loan must be closed before borrower reaches 70 years of age) All Individual Applicants Applicant having CIBIL Score of 680 & above (NTC also eligible) Have Roof Top Rights on which the installation is proposed. Have sufficient Roof area as mandated by MNRE from time to time. Latest Electricity Bill. Savings Account mandatory. |
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| 4. | PAN | PAN optional for CIBIL | PAN mandatory |
| 5. | Margin | Minimum 10% of the Project Cost | Minimum 20% of the Project Cost |
| 6. | Interest Rate(Floating Interest Rate) | EBLR – 2.15% Effective Rate as on date: 7% | For Home Loan customers EBLR + 0% – Effective Rate as on date – 9.15% For Non-Home Loan CustomersEBLR + 1% – Effective Rate as on date – 10.15% |
| 7. | Tenor | Maximum 120 months (inclusive of Moratorium period) No Minimum period (No pre-payment penalty) |
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| 8. | Security | Hypothecation of Assets | |
| 9. | Processing Fees | NIL | |
| 10. | Subsidy | 1KW – Rs. 30000 2KW – Rs. 60000 3KW – Rs. 78000 To be Claimed by Borrower from Suryaghar.gov.in (MNRE website)(Loan Account Number to be provided for credit of Subsidy Amount in the Loan Account) |
Subsidy Amount – Rs. 78000 To be Claimed by Borrower from Suryaghar.gov.in (MNRE website)(Loan Account Number to be provided for credit of Subsidy Amount in the Loan Account) |
| 11. | Net Annual Income | No Requirement | Minimum – Rs. 3 lacs. |
| 12. | Documents required | KYC Documents. Copy of Electricity Bill |
KYC Documents ITR Returns / Form-16 last 2 years. Salary statement (6 Months) Copy of Electricity Bill |
| 13. | Moratorium | 6 Months from the date of Disbursement | |
| 14. | Disbursement | Disbursement to be made directly to the Vendor / EPC Contractor after submission of all the required feasibility reports as mandated by MNRE. Disbursement of Loan Amount + Borrower’s Margin |
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| 15. | Other Covenants | All applications are to be first registered at https://pmsuryaghar.gov.in and after successful registration, loan is to be applied through https://www.jansamarth.in Available for Self-Sourced Journey as well as assisted journey. Insurance of Assets financed through Bank Loan NOT mandatory for Roof Top Solar capacity between 1 KW to 3 KW. Asset to be insured for the total cost of installation for capacity more than 3 KW. Cost of the insurance to be borne by the customer. |
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| 16. | Link for loan application | To apply register at https://pmsuryaghar.gov.in After successful registration, please apply at https://www.jansamarth.in |
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SBI has stated that users can opt for credit to install solar rooftops under the Government of India’s PM Surya Ghar Scheme, offering loans for up to 10 kW capacity. The entire process will be managed on SBI’s digital platform, from applicant registration on the MNRE/REC portal to loan disbursement.
What Is PM Surya Ghar Muft Bijli Yojana?
The PM Surya Ghar Muft Bijli Yojana aims to provide free electricity up to 300 units every month for one crore households. The rooftop solar scheme provides a Central Financial Assistance (CFA) of 60% of the system cost for 2 kW systems and 40% of the additional system cost for systems between 2 to 3 kW capacity. The CFA will be capped at 3 kW. At current benchmark prices, this will mean a subsidy of Rs 30,000 for a 1 kW system, Rs 60,000 for 2 kW systems, and Rs 78,000 for 3 kW systems or higher.
PM Surya Ghar Muft Bijli Yojana: How to Apply for Subsidy
Households will have to apply for the subsidy through the National Portal and will be able to select a suitable vendor for installing rooftop solar. The National Portal will assist households in their decision-making process by providing relevant information such as appropriate system sizes, a benefits calculator, vendor ratings, etc.
