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 Union Bank{URTS}-
PM Surya Ghar Loan upto 3KW-
| Parameter | URTS-PM Suryaghar: Muft Bijli Yojna |
| Purpose | Installation of Roof Top Solar up to 3kw |
| Project Size | Up to 3 kw |
| Maximum loan | Up to Rs 2.0 lakhs |
| Eligible Entities/Borrowers | a. Existing Home Loan borrowers b. Individuals who have not availed home loans c. Individuals who have availed home loan with other banks (subject to submission of NOC from Bank). d. Staff members of our bank are eligible for availing loan under the scheme on terms as applicable to general public. e. Applicant having CIC score 680 & above (NTB also eligible) f. Having sufficient area as mandated by MNRE from time to time. g. Latest electricity bill. |
| ROI | EBLR-2.25 % (presently 7% pa) |
| Quantum of Finance | The maximum quantum of loan per individual is 90 % of Project Cost (as per MNRE approved dealer). |
| Margin | 10 % of project cost (Equipment & installation). |
| Repayment Period | Maximum 10 years |
| Moratorium | 6 months |
| Subsidy | 1KW- Rs. 30000/-2KW- Rs. 60000/-3KW- Rs. 78000/- To be claimed by borrower (Loan account number to be provided for credit of subsidy amount in loan account) |
| Security | Hypothecation of Roof Top Solar |
| Net Annual income | No requirement. |
| Processing charge | NIL |
| Disbursement | Disbursement to be made directly to vendor/EPC contractor after submission of all the required feasibility reports as mandated by MNRE. Disbursement of loan amount+ borrower margin (subsidy to be claimed by borrower/vendor quoting the loan account) |
| Other covenants | Will be sourced through Jan Samarth Portal only Available for customer induced journey as well as assisted journey. |
| In principle 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 respective Banks. |
PM Surya Ghar Loan For URTS-Standalone(3KW-25KW)-
| Parameter | URTS- Standalone |
| Purpose | Installation of Roof Top Solar |
| Project Size | Above 3 kw to 25 kw |
| Maximum loan | Up to Rs 15 lakhs |
| Eligible Entities/Borrowers | a. Individuals who have not availed home loans. b. Borrowers who have availed home loan with other banks (subject to submission of NOC from Bank). c. Staff members of our bank are eligible for availing loan under the scheme on terms as applicable to general public. d. Applicant having CIC score 680 & above (NTB also eligible) e. Having sufficient area as mandated by MNRE f. Latest electricity bill. |
| ROI | CIC ScoreFloating ROI750 & AboveEBLR + 1.00% pa Below 750EBLR + 1.50% pa |
| Quantum of Finance | The maximum quantum of loan per individual is 80 % of Project Cost (as per MNRE approved dealer). |
| Margin | 20 % of project cost (Equipment & installation). |
| Repayment Period | Maximum 10 years |
| Moratorium | 6 months |
| Subsidy | Subsidy amount- Rs. 78000/- To be claimed by borrower (Loan account number to be provided for credit of subsidy amount in loan account) |
| Security | Hypothecation of Roof Top Solar |
| Net Annual income | As per income document |
| Processing charge | 0.50% of loan amount plus GST |
| Disbursement | Disbursement to be made directly to vendor/EPC contractor after submission of all the required feasibility reports as mandated by MNRE. Disbursement of loan amount+ borrower margin (subsidy to be claimed by borrower/vendor quoting the loan account) |
| Other covenants | Will be sourced through Jan Samarth Portal only Available for customer induced journey as well as assisted journey. |
| In principle offer | NA |
PM Surya Ghar Loan For URTS-COMPOSITE(3KW-25KW)-
| Parameter | URTS-Composite |
| Purpose | Installation of Roof Top Solar |
| Project Size | Above 3 kw to 25 kw |
| Maximum loan | Up to Rs 15 lakhs |
| Eligible Entities/Borrowers | a. Existing Home Loan borrowers b. Applicant having CIC score 680 & above (NTB also eligible) c. Staff members of our bank are eligible for availing loan under the scheme on terms as applicable to general public. d. Having sufficient area as mandated by MNREe. Latest electricity bill. |
| ROI | As applicable under Union Home |
| Quantum of Finance | The maximum quantum of loan per individual is 80 % of Project Cost (as per MNRE approved dealer). |
| Margin | 20 % of project cost (Equipment & installation). |
| Repayment Period | Maximum 10 years |
| Moratorium | 6 months |
| Subsidy | Subsidy amount- Rs. 78000/- To be claimed by borrower (Loan account number to be provided for credit of subsidy amount in loan account) |
| Security | Hypothecation of Roof Top Solar and general lien over the title deed of property offer in existing home loan. |
| Net Annual income | As per income document |
| Processing charge | 0.50% of loan amount plus GST |
| Disbursement | Disbursement to be made directly to vendor/EPC contractor after submission of all the required feasibility reports as mandated by MNRE. Disbursement of loan amount+ borrower margin (subsidy to be claimed by borrower/vendor quoting the loan account) |
| Other covenants | Will be sourced through Jan Samarth Portal only Available for customer induced journey as well as assisted journey. |
| In principle offer | NA |
Also Read- PM Surya Ghar Login- Apply Online For Muft Bijli Yojana
| 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 |