State Bank Of India (SBI) Finance Options

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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 State Bank Of India{PM Surya Ghar – Loan for Solar Roof Top}-

Table of Contents

Pm Surya Ghar Loan upto 3KW-

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S.N.ParameterEligibility Conditions
(Up-to 3 KW)
1.PurposeInstallation of Solar Rooftop Upto 3 KW
2.Loan AmountMaximum Loan Amount Rs. 2 lacs
3.Age & Other Eligibility ConditionsAge up to 65 years (loan must be closed before the borrower reaches 70 years of age)
All Individual Applicants
Applicant having CIBIL Score of 680 & above (NTC also eligible)
Have RoofTop 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.
4.PANPAN optional for CIBIL
5.MarginMinimum 10% of the Project Cost
6.Interest Rate(Floating Interest Rate)EBLR – 2.15% Effective Rate as on date: 7%
7.TenorMaximum 120 months (inclusive of Moratorium period)
No Minimum period
(No pre-payment penalty)
8.SecurityHypothecation of Assets
9.Processing FeesNIL
10.Subsidy1KW – 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)
11.Net Annual IncomeNo Requirement
12.Documents requiredKYC Documents.
Copy of Electricity Bill
13.Moratorium6 Months from the date of Disbursement
14.DisbursementDisbursement 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
(Subsidy to be claimed by Borrower quoting the Loan Account Number)
15.Other CovenantsAll applications will be sourced through Jan Samarth Portal Only
.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.
16.In-Principle OfferDigital In-Principle Approval will be given based on Self Declaration by the Applicant. Final Sanction will be based on verification of relevant documents and assessment.
17.Link for loan applicationTo apply register at https://pmsuryaghar.gov.inAfter successful registration, please apply at https://www.jansamarth.in

Pm Surya Ghar Loan Between (>3KWto10KW)-

S.N.ParameterEligibility Conditions
(> 3 KW to 10 KW)
1.PurposeInstallation of Solar Roof Top more than 3 KW and upto 10 KW
2.Loan AmountMaximum Loan Amount Rs. 6 lacs
3.Age & Other Eligibility ConditionsAge 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.
4.PANPAN mandatory
5.MarginMinimum 20% of the Project Cost
6.Interest Rate(Floating Interest Rate)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.TenorMaximum 120 months (inclusive of Moratorium period)
No Minimum period
(No pre-payment penalty)
8.SecurityHypothecation of Assets
9.Processing FeesNIL
10.SubsidySubsidy 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 IncomeMinimum – Rs. 3 lacs.
12.Documents requiredKYC Documents
ITR Returns / Form-16 last 2 years.
Salary statement (6 Months)
Copy of Electricity Bill
13.Moratorium6 Months from the date of Disbursement
14.DisbursementDisbursement 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
(Subsidy to be claimed by Borrower quoting the Loan Account Number)
15.Other CovenantsAll applications will be sourced through Jan Samarth Portal Only
.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.
16.In-Principle OfferDigital In-Principle Approval will be given based on Self Declaration by the Applicant. Final Sanction will be based on verification of relevant documents and assessment.
17.Link for loan applicationTo apply register at https://pmsuryaghar.gov.inAfter successful registration, please apply at https://www.jansamarth.in

Also Read- PM Surya Ghar Yojana Subsidy Structure

Important Links👇
Solar Rooftop CalculatorClick Here
Subsidy StructureClick Here
Vendor List / DetailsClick Here
State Wise Vendor ListClick Here
RegistrationClick Here
LoginClick Here
DISCOM Portal LinkClick Here
DISCOM Contact DetailsClick Here
Bank Financing OptionsClick Here
PM Vishwakarma YojanaClick Here

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