Pm Surya Ghar Loan: Many of the people are planning to install Solar Panel under the scheme Pm Surya Ghar Muft Bijli Yojana, but their main concern is the budget and to overcome this government will provide a subsidy amount to the beneficiary and on other hand Bank Financing Option is also there to reduce the financial load of the person who is not able to arrange the money at the time of installation.
Here is the complete information of finance(loan) offered by Bank of Maharashtra {Maha Bank Rooftop Solar Panel Loan scheme}-
PM Surya Ghar Loan upto 3KW-
| S.no | Parameter | Eligibility Conditions(Up-to 3KW) | |
|---|---|---|---|
| 1 | Purpose | Loan is provided for installation of Grid connected RTS (Roof Top Solar) upto 3 KW for residential purpose only. | |
| 2 | Eligibility | Any Individual having Residential property in his/her name and have not availed loan with any other bank/FI against the said house except our Bank. Have sufficient Roof area as mandated by MNRE from time to time. Eligible Borrowers: – a) Permanent salaried employees of Central/ State government/ Corporate Salary Account Holders/ Employees of PSU & Private Companies. b) Pensioners of Central/ State Government/ PSU. c) Self-Employed, Professionals, Businessman/ Independent Entrepreneurs/Agriculturist who have regular source of income. In case of agriculturists not filing income tax returns, income certificate issued by Tahsildar/ Mandal Revenue Officer/Revenue Department Officer having State Level Gazetted rank can be accepted for sanction of loan. | |
| 3 | Annual Income Criteria:- | No Minimum Annual Income criteria. | |
| 4 | Co-Applicant | Only one Co-Applicant may be considered in Close Family relations for adding the Income Spouse Father Mother Brother Son Daughter Sister | |
| 5 | Minimum and Maximum Loan amount | Minimum Limit: Rs. 10,000/- Maximum Limit: Rs 2.00 Lakh | |
| 6 | Margin | Minimum Margin – 10% of project cost. (The project cost includes Design, Supply, Installation, testing & commissioning of Grid connected Rooftop Solar Photovoltaic Systems in residential premises including maintenance). | |
| 7 | Quantum of Finance | Maximum loan amount will be lowest of loan amount assessed on the basis of Permissible Deduction norms Maximum permissible Margin Norms. Loan requested amount. Maximum Loan amount as per Scheme | |
| 8 | Age | Minimum Age of applicant: -21 Years, Maximum -70- Years (Including repayment period) | |
| 9 | Subsidy | As applicable under Central Government Rooftop Solar Subsidy Programme and any state Subsidy program for Rooftop Solar. Applicant should register in National Portal for Rooftop Solar & submit the approved project details of purchasing Rooftop solar from registered/empaneled with DISCOM /MNRE. Rooftop Solar Plant Capacity Up to 3KW i. 1 KW – Rs 30000/- ii. 2 KW – Rs 60000/- iii. 3 KW – Rs 78000/- To be Claimed by Borrower (Loan Account Number to be provided for credit of Subsidy Amount in the Loan Account) In case the subsidy is received in other than loan account, suitable undertaking in the matter is to be obtained from the borrower that he/she will deposit the same in loan account. Extant guidelines of Central/State Govt. subsidy scheme are to be complied with. | |
| 10 | Rate of Interest | For Non Home Loan borrower & Home Loan Borrower) Rate of Interest Eff. ROI RLLR – 2.30% 7.00% Applicant having minimum CIBIL Score of 650 & above (NTC also eligible) | |
| 11 | Moratorium | Upto 6 Months | |
| 12 | Loan repayment period | 120 Months including moratorium | |
| 13 | Processing Fees | Nil | |
| 14 | Account Handling Charges (Includes Documentation, Inspection/supervision, NeSL and CIBIL charges) | Rs. 500 + 0.20 % of Loan amount Minimum Rs 500/- Maximum Rs 2500/- | |
| 15 | Security | Primary Security: – Hypothecation of Asset purchased i.e. Solar Roof top plant /setup. Registration of Hypothecation charges with CERSAI shall be done. | |
| 16 | Disbursement | Disbursement to be made directly to the Vendor / EPC Contractor after submission of all the required feasibility reports as mandated by MNRE. (Subsidy to be claimed by Borrower / Vendor quoting the Loan Account Number) | |
| 17 | In Principal offer | Digital In-Principle Sanction to be given based on Self Declaration by the Applicant. Final Sanction to be based on verification of relevant documents and assessment by the Banks. All applications will be sourced through Jan Samarth Portal Only Available for Self-Sourced Journey as well as assisted journey. | |
| 18 | Link for loan application | To apply register at https://pmsuryaghar.gov.in After successful registration, please apply at https://www.jansamarth.in→ Renewable energy → Apply now | |
PM Surya Ghar Loan For(3KWTO10KW)-
| S.no | Parameter | Eligibility Conditions(Above 3 KW to 10 KW) | |
|---|---|---|---|
| 1 | Purpose | Loan is provided for installation of Grid connected RTS (Roof Top Solar) (Above 3 KW to 10 KW) for residential purpose only. | |
| 2 | Eligibility | Any Individual having Residential property in his/her name and have not availed loan with any other bank/FI against the said house except our Bank. Have sufficient Roof area as mandated by MNRE from time to time.Eligible Borrowers: a) Permanent salaried employees of Central/ State government/ Corporate Salary Account Holders/ Employees of PSU & Private Companies. b) Pensioners of Central/ State Government/ PSU. c) Self-Employed, Professionals, Businessman/ Independent Entrepreneurs/Agriculturist who have regular source of income. In case of agriculturists not filing income tax returns, income certificate issued by Tahsildar/ Mandal Revenue Officer/Revenue Department Officer having State Level Gazetted rank can be accepted for sanction of loan. | |
| 3 | Annual Income Criteria:- | Minimum Annual Income – Rs. 3.00 Lakh | |
| 4 | Co-Applicant | Only one Co-Applicant may be considered in Close Family relations for adding the Income Spouse Father Mother Brother Son Daughter Sister | |
| 5 | Minimum and Maximum Loan amount | Minimum Limit: Rs. 10,000/-Maximum Limit: Rs 10.00 Lakh | |
| 6 | Margin | Minimum Margin – 20% of project cost (The project cost includes Design, Supply, Installation, testing & commissioning of Grid connected Rooftop Solar Photovoltaic Systems in residential premises including maintenance). | |
| 7 | Quantum of Finance | Maximum loan amount will be lowest of loan amount assessed on the basis of Permissible Deduction norms Maximum permissible Margin Norms. Loan requested amount. Maximum Loan amount as per Scheme | |
| 8 | Age | Minimum Age of applicant: -21 Years, Maximum -70- Years (Including repayment period) | |
| 9 | Subsidy | As applicable under Central Government Rooftop Solar Subsidy Programme and any state Subsidy program for Rooftop Solar. Applicant should register in National Portal for Rooftop Solar & submit the approved project details of purchasing Rooftop solar from registered/empaneled with DISCOM /MNRE. Rooftop Solar Plant Capacity(Up to 4KW to 10KW) Subsidy Amount –Rs 78000/- To be Claimed by Borrower (Loan Account Number to be provided for credit of Subsidy Amount in the Loan Account) In case the subsidy is received in other than loan account, suitable undertaking in the matter is to be obtained from the borrower that he/she will deposit the same in loan account .Extant guidelines of Central/State Govt. subsidy scheme are to be complied with. | |
| 10 | Rate of Interest | For Non Home Loan borrower) CIBIL score Rate of Interest Eff. ROI 800 & above RLLR + 0.20% 9.50% 750 to 799 RLLR + 0.50% 9.80% 700 to 749 RLLR + 0.75% 10.05% 650 to 699 RLLR + 1.00% 10.30% For Home Loan customers (Same rate as Home Loan) | |
| 11 | Moratorium | Upto 6 Months | |
| 12 | Loan repayment period | 120 Months including moratorium | |
| 13 | Processing Fees | Nil | |
| 14 | Account Handling Charges (Includes Documentation, Inspection/supervision, NeSL and CIBIL charges) | Rs. 500 + 0.20 % of Loan amount Minimum Rs 500/- Maximum Rs 2500/- | |
| 15 | Security | Primary Security: – Hypothecation of Asset purchased i.e. Solar Roof top plant /setup. Registration of Hypothecation charges with CERSAI shall be done. | |
| 16 | Disbursement | Disbursement to be made directly to the Vendor / EPC Contractor after submission of all the required feasibility reports as mandated by MNRE. (Subsidy to be claimed by Borrower / Vendor quoting the Loan Account Number) | |
| 17 | In Principal offer | Digital In-Principle Sanction to be given based on Self Declaration by the Applicant. Final Sanction to be based on verification of relevant documents and assessment by the Banks. All applications will be sourced through Jan Samarth Portal Only Available for Self-Sourced Journey as well as assisted journey. | |
| 18 | Link for loan application | To apply register at https://pmsuryaghar.gov.in After successful registration, please apply at https://www.jansamarth.in→ Renewable energy → Apply now | |
Also Read-Vendor List / Details
This information is collected from the official bank website you should recheck the information on the official bank website. We are not responsible for further consequences.
| Important Links | 👇 |
|---|---|
| Solar Rooftop Calculator | Click Here |
| Subsidy Structure | Click Here |
| Vendor List / Details | Click Here |
| State Wise Vendor List | Click Here |
| Registration | Click Here |
| Login | Click Here |
| DISCOM Portal Link | Click Here |
| DISCOM Contact Details | Click Here |
| Bank Financing Options | Click Here |
| PM Vishwakarma Yojana | Click Here |