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Solar System Loan from SBI in India
Financing Options from State Bank of India (SBI)
PM Surya Ghar Loan
Many people are planning to install solar panels under the PM Surya Ghar Muft Bijli Yojana scheme, but their primary concern is the budget. To address this, the government will provide a subsidy to beneficiaries, and there is also a bank financing option available to help those who may not be able to arrange the funds upfront for installation.
Pm Surya Ghar Loan upto 3KW
| S.N. | Parameter | Eligibility Conditions (Up-to 3 KW) |
| 1 | Purpose | Installation of Solar Rooftop Upto 3 KW |
| 2 | Loan Amount | Maximum Loan Amount Rs. 2 lacs |
| 3 | Age & Other Eligibility Conditions | Age 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 | PAN | PAN optional for CIBIL |
| 5 | Margin | Minimum 10% of the Project Cost |
| 6 | Interest Rate(Floating Interest Rate) | EBLR – 2.15% Effective Rate as on date: 7% |
| 7 | Tenor | Maximum 120 months (inclusive of Moratorium period) No Minimum period (No pre-payment penalty) |
| 8 | Security | Hypothecation of Assets |
| 9 | Processing Fees | NIL |
| 10 | Subsidy | 1KW – 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 Income | No Requirement |
| 12 | Documents required | KYC Documents. Copy of Electricity Bill |
| 13 | Moratorium | 6 Months from the date of Disbursement |
| 14 | Disbursement | Disbursement 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 Covenants | All 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 Offer | Digital 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 application | To apply register at https://pmsuryaghar.gov.in After successful registration, please apply at https://www.jansamarth.in |
Pm Surya Ghar Loan Between (>3KWto10KW)-
| S.N. | Parameter | Eligibility Conditions (> 3 KW to 10 KW) |
| 1 | Purpose | Installation of Solar Roof Top more than 3 KW and upto 10 KW |
| 2 | Loan Amount | Maximum Loan Amount Rs. 6 lacs |
| 3 | Age & Other Eligibility Conditions | Age 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 | PAN | PAN mandatory |
| 5 | Margin | Minimum 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 | Tenor | Maximum 120 months (inclusive of Moratorium period) No Minimum period (No pre-payment penalty) |
| 8 | Security | Hypothecation of Assets |
| 9 | Processing Fees | NIL |
| 10 | Subsidy | Subsidy 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 Income | Minimum – Rs. 3 lacs. |
| 12 | Documents required | KYC Documents ITR Returns / Form-16 last 2 years. Salary statement (6 Months) Copy of Electricity Bill |
| 13 | Moratorium | 6 Months from the date of Disbursement |
| 14 | Disbursement | Disbursement 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 Covenants | All 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 Offer | Digital 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 application | To apply register at https://pmsuryaghar.gov.in After successful registration, please apply at https://www.jansamarth.in |