Canara Bank Rooftop Solar Loan Scheme – PM Surya Ghar Yojana (PMSGY)

Here in this article we will enlist about Canara Bank Rooftop Solar Loan Scheme for PM Surya Ghar Yojana.

Canara Bank has launched two scheme for PM Surya Ghar Yojana. Details of the same are as follows:-

• Canara Rooftop Solar (CRTS)- PM Surya Ghar Yojana (PMSGY) (CRTS – PMSGY – upto 3kW)

• Canara Rooftop Solar (CRTS) – PM Surya Ghar Yojana (PMSGY) (CRTS – PMSGY– above 3kW to 10kW)

First scheme is for those people who want to install a Rooftop Solar upto 3 kW. However, the second scheme is for people who are interested in a rooftop solar of 3kW to 10 Kw.

Lets explore each one of them one by one.

Canara Rooftop Solar (CRTS)- PM Surya Ghar Yojana (PMSGY) (CRTS – PMSGY – upto 3kW)

Canara bank offers you loan for installation of Roof Top Solar on grid Photovoltaic (PV) System (Residential) up to 3 kW.

It includes cost & installation of Grid Interactive Rooftop Solar Photovoltaic (PV) Equipment.

Benefits of Canara Bank Rooftop Solar Scheme

• It offers comparatively lower Rate of Interest.
• Reducing Balance Interest Rate.
• Canara bank offers loan at “No minimum Annual Income & Net Annual Income (NTH criteria).
• You don’t have to pay any processing charges.
• Also you can get Longer Repayment Period.

Features of Canara Bank Rooftop Solar Scheme for PM Surya Ghar Yojana

• You have to invest minimum 10% cost of the project cost. Maximum upto Rs.2.00 lakh (including subsidy).

• No minimum Annual Income & NTH criteria:- Bank gives loan with no minimum annual income & NTH criteria. However, bank ensure to check your repayment capacity on the basis of self-declaration income declared by the you.

Loan Repayment Plan :

(a) You can chart out your loan repayment plan with the bank subject to maximum period of 10 years. However, bank ensure that your age shall not exceed 70 years by the end of the repayment tenor.

(b) Bank allows you to repay you loan amount in equated monthly instalments (EMIs).

Service & all other Charges: Waived

Amount of Subsidy:-

Average Monthly Electricity Consumption (units)	Suitable Rooftop Solar Plant Capacity	Subsidy Support
0-150	1 – 2 kW	Rs 30,000 to Rs 60,000/-
150-300	>2 – 3 kW	Rs 60,000 to Rs 78,000/-

Note:  Check this article to know more in detail about – Subsidy Structure

Apply now:- https://pmsuryaghar.gov.in/

Also Check :- Loan Offers from various other banks

Eligibility Criteria to apply for Canara Bank Rooftop Solar Loan Scheme

• All individuals i.e Resident Indian Citizens & Non-Resident Indians (NRI) [Persons of Indian Origin (PIOs) & Overseas Citizenship of India (OCI)] are eligible under subject scheme.

• Salaried/Non-Salaried and Professionals Class who have the ability to repay loan are eligible.

• Age: Minimum entry age 18 years & Maximum entry Age 65 years

• CIC Score: 680 & above and (-1 to 99 in case of borrower having no credit history)

• The borrower should have Roof Top Rights on which the installation is proposed and roof shall have the sufficient area as mandated by MNRE from time to time.

• The latest electricity bill in applicant’s name and regularly paying the electricity bill.

Rate of Interest offered by Canara Bank for Rooftop Solar Scheme under PM Surya Ghar Yojana

Type of Regime	Interest Rate	Conditions
Floating ROI Regime	7.00%	RLLR – 2.25%
Fixed ROI Regime	7.75%	RLLR + FRP (0.75) – 2.25%
Present RLLR	9.25%	Subject to ultimate lending rate not falling below RBI Repo rate or 7% whichever is higher.

Canara Bank Rooftop Solar Scheme for PM Surya Ghar Yojana (PMSGY) above 3kW to 10kW

Here are the features of Canara Bank Rooftop Solar Scheme for PM Surya Ghar Yojana above 3 kW to 10 kW project:-

• Bank offers 80% cost of the project. A minimum 20% of Total Project cost shall be contributed by the Borrower.

• Security & All Other Charges – NIL

• Disbursement: Loan amount along with the applicable margin is directly disbursed to the vendor/EPC Contractor after execution of all required loan Documents.

• Maximum Loan upto Rs.6.00 lakh (including subsidy).

• Maximum Loan Tenure: 10 Years

Rate of Interest:

Type of Regime	Net Interest Rate to Customer (% p.a.)	Conditions
Floating ROI Regime	10.00%	RLLR + 0.75%
Fixed ROI Regime	10.75%	RLLR + FRP (0.75) + CRP (0.75)
Present RLLR		9.25%

Details of Nodal Officer from the Bank

Name	Designation	Email	Mobile
Kasi ravikumar	Divisional Manager	kasiravikumar[at]canarabank[dot]com	9640008055