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 Punjab National Bank{Rooftop Solar Finance Scheme}-
PM Surya Ghar Loan upto 3KW-
Eligibility:
Individual singly or jointly with parents /Spouse /earning children (whether married or unmarried)/ earning daughter in law, subject to fulfilling following conditions:
a.Applicant(s) having CIC score 680 (of CIBIL TU) or Equivalent, including -1/0/Nil/No hit.
b.Applicant/ co-applicant should be owner of residential property, having rooftop rights on which installation is proposed.
c.Have sufficient roof area as mandated by MNRE from time to time.
d.Applicant/ co-applicant should have latest electricity bill confirming the ownership of residential property.
e. Maximum Age of the applicant- 75 years.
Loan Amount:
Maximum Loan amount: Rs. 6 Lakhs, depending upon the capacity of rooftop solar power system. (@ Rs. 50,000/- to 70,000/- per kW)
Margin:
For installation of rooftop Solar power systems: up-to 3kW- 10%
Rate of Interest:
For installation of rooftop solar power system up-to 3kW-
1 Under Floating option: RLLR+BSP-2.25% i.e. presently 7.00% p.a.
Repayment Tenure:
Maximum 10 Year
Documents Required:
a.Application Form and Sanction Letter (as per Annexure-2)
b.KYC documents PAN no., Adhaar Card etc.
c.Quotation along with submission of all the required feasibility reports as mandated by MNRE.
d.One Year ITR (wherever applicable)
e.Account statement last 6 months
f.Latest Electricity bill.
g.Any document confirming the ownership of property such as Tax receipt/sale deed etc.
Disbursement:
Disbursement of loan amount for rooftop solar system along with the Borrower`s contribution 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.
Security:
Hypothecation of equipment(s) to be purchased.
For installation of rooftop Solar power systems up-to 3kW: 3 rd party guarantee waived.
Subsidy:
MNRE has introduce the subsidy for installation of solar rooftop system in residential households.
The same is as under:
For installation of Solar rooftop up-to 3kW:
1KW- Rs. 30,000/-
2KW- Rs. 60,000/-
3KW- Rs. 78,000/-
PM Surya Ghar Loan For(3KWTO10KW)-
Eligibility:
Individual singly or jointly with parents /Spouse /earning children (whether married or unmarried)/ earning daughter in law, subject to fulfilling following conditions:
a.Applicant(s) having CIC score 680 (of CIBIL TU) or Equivalent, including -1/0/Nil/No hit.
b.Applicant/ co-applicant should be owner of residential property, having rooftop rights on which installation is proposed.
c.Have sufficient roof area as mandated by MNRE from time to time.
d.Applicant/ co-applicant should have latest electricity bill confirming the ownership of residential property.
e. Maximum Age of the applicant- 75 years.
Loan Amount:
Installation of new rooftop solar power system at residential house with maximum capacity up to 10 kw.
Maximum Loan amount: Rs. 6 Lakhs, depending upon the capacity of rooftop solar power system. (@ Rs. 50,000/- to 70,000/- per kW)
Margin:
For installation of rooftop Solar power systems more than 3 KW and up-to 10kW: 20%
Net Annual income:
For installation of rooftop Solar power systems more than 3 KW and up-to 10kW- Minimum Annual Income of Rs. 3 Lacs .
Income Assessment:
For installation of rooftop solar power system more than 3 KW and up-to 10kW
Repayment should be fixed on a realistic basis, which should not exceed the prescribed limit of Gross Annual Salary/Income(GAS/I)of the borrower(s). For this purpose, all deductions including the proposed Loan installment should not exceed 50% of Gross Annual Salary/Income(GAS/I)of the borrower(s).
Regularity of Income:
The regularity of income of the borrower(s) over the entire span of loan should be clearly established before sanction of loan.
ITR of minimum One year and Account Statement for 6 months be taken & perused.
Rate of Interest:
Under Floating option:
CIBIL TU or equivalent | ROI for existing/ fresh Home Loan Borrower | ROI for Non-Home Loan Borrower |
800 and above | RLLR+BSP-0.85% (presently 8.40% p.a.) | RLLR+BSP+0.15% (presently 9.40% p.a.) |
750 to 799(including-1/0/ No hit/ Nil) | RLLR+BSP-0.80% (presently 8.45% p.a.) | RLLR+BSP+0.20% (presently 9.45% p.a.) |
680 to 749 | RLLR+BSP-0.35%(presently 8.90% p.a.) | RLLR+BSP+0.65%(presently 9.90% p.a.) |
Under Fixed option:
CIBIL TU or equivalent | ROI for existing/ fresh Home Loan Borrower | ROI for Non-Home Loan Borrower |
800 and above | 9.40% p.a. | 10.40% p.a. |
750 to 799(including-1/0/No hit/Nil) | 9.45% p.a. | 10.45% p.a. |
680 to 749 | 9.90% p.a. | 10.90% p.a. |
Tenure And Document Needed:
Maximum 10 Year.
a.Application Form and Sanction Letter (as per Annexure-2)
b.KYC documents PAN no., Adhaar Card etc.
c.Quotation along with submission of all the required feasibility reports as mandated by MNRE.
d.One Year ITR (wherever applicable)
e.Account statement last 6 months
f.Latest Electricity bill.
g.Any document confirming the ownership of property such as Tax receipt/sale deed etc.
Disbursement & Moratorium:
Disbursement of loan amount for rooftop solar system along with the Borrower`s contribution 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.
6 months from the date of disbursement. Interest accrued to be paid as and when charges.
Security:
For installation of Roof top solar power systems more than 3 KW and up-to 10kW: third-party guarantee with net means of at-least equal to loan amount to be taken.
Subsidy:
For installation of Solar Roof top more than 3 KW and up-to 10kW:
capped at Rs. 78,000/-
To be claimed by borrower (Loan account number to be provided for credit of subsidy amount in the loan account).
Misc:
1) All Applications will be sourced through Jan Samarth Portal, available for self-sourced as well as assisted journey.
2) Digital In principal 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 respective branch.
Also Read-PM Surya Ghar Registration 2024: Muft Bijli Yojana Online Apply
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 | 👇 |
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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 |