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 Indian Overseas Bank {IOB SURYA}-
Pm Surya Ghar Loan IOB Surya Scheme–
| Sr. No. | Scheme Norm | IOB Surya Scheme | |
|---|---|---|---|
| 1 | Purpose | Purchase/Installation ofa. Solar Heatersb. Home/Indoor Lighting Systemsc. Off Grid/Grid Connected Roof Top Solar system | |
| 2 | Eligibility | Individual Borrowers and Non Individual Borrowers subject to repayment capacity | |
| 3 | Loan Amount | For Individual Borrowers -Max. Rs. 20 Lakhs For Non Individual Borrowers-Max. Rs. 10 Lakhs. Non Individual Borrowers can avail higher loan under our Bank’s IOB Tejas Scheme. | |
| 4 | Repayment Period | Max. 120 Months | |
| 5 | Holiday Period/Moratorium Period | For Purchase and Installation of Rooftop Solar System-6 Months or installation and commissioning of RTS whichever is earlier. For Other equipment-Repayment without any Holiday/Moratorium period. | |
| 6 | Interest Rates(Floating and revised from time to time) | For RTS upto 3kW -7% Floating Floating ROI -For RTS above 3 kW and other equipments-9.35% to 10.50% Fixed ROI-13% | |
| 7 | Processing Charges | RTS Upto 10 kW: Nil RTS above 10 kW and other solar equipment: 0.40% of Loan Amount Processing charges, subject to maximum Rs. 5000/- | |
| 8 | Security | Prime: Hypothecation of RTS equipment Collateral: For Loans for RTS upto 10 kW: -Nil For Loan for RTS above 10 kW: Mortgage of Property or other Liquid Security such as Life Insurance Policy, NSC, KVP/Term Deposit /SGB etc. For Loans for other Solar Equipments: Prime: Hypothecation of Equipment purchased. Collateral: For Loans upto Rs. 1 Lakh:-Nil For Loans above Rs. 1 Lakh :: Mortgage of House/Flat/Plot or Liquid Security in the form of Life Insurance Policy, NSC, KVP/Term Deposit/SGB etc. to the extent of 100% of loan amount. | |
| 9 | Income Proof | For Loans for RTS upto 3kW:No minimum income eligibility criteria. However, repayment capacity to be assessed. For Loans for RTS above 3 kW: Minimum Net Annual Income shall be Rs. 3 Lakh. For Loans for other solar equipment: No minimum annual income criteria, however THP norms to be complied. For Salaried Borrower: 2 Year ITR or 3 Months Salary Slip For Self Employed: 2 Year ITR Others: Borrowers who are not under the category to file mandatory ITR may submit income proof issued by Revenue Authorities. | |
| 10 | Subsidy if any | As per Govt. Rules | |
Pm Surya Ghar Loan IOB HL Surya Scheme–
| Sr. No. | Scheme Norm | IOB HL Surya Scheme |
|---|---|---|
| 1 | Purpose | Purchase/Installation of Grid Connected Rooftop Solar System |
| 2 | Eligibility | New and Existing Housing Loan Customers. |
| 3 | Loan Amount | Rs. 20 Lakhs |
| 4 | Repayment Period | Repayment aligned with Housing Loan. Borrower may avail shorter repayment period also |
| 5 | Holiday Period/Moratorium Period | 6 Months |
| 6 | Interest Rates(Floating and revised from time to time) | For RTS upto 3kW -7% Floating Floating ROI-For RTS above 3 kW -As per Housing Loan Interest Rate as per Rating. Fixed ROI-13% |
| 7 | Processing Charges | Nil |
| 8 | Security | Prime: Hypothecation of Equipments purchase out of Loan Collateral: Undertaking for Extension of Mortgage of House Property |
| 9 | Income Proof | For Salaried Borrower: 2 Year ITR or 3 Months Salary Slip For Self Employed: 2 Year ITR Others: Borrowers who are not under the category to file mandatory ITR may submit income proof issued by Revenue Authorities. |
| 10 | Subsidy if any |
Also Read-Contact Detail of DISCOMs
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 |