In this article we will give you detailed information about Punjab National Bank (PNB) Scheme for Financing of Roof Top Solar Power Systems under PM Surya Ghar Muft Bijli Yojana.
Let’s discuss in detail…
| Category | Details |
|---|---|
| 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. |
| Purpose and 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) |
| Finance Amount | For installation of rooftop Solar power systems: up-to 3kW- 10% 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 up-to 3kW- No income requirement. (no assessment is required) 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 | For installation of rooftop solar power system more than 3 KW and up-to 10kW. 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. |
| Repayment Tenure | Maximum 10 years |
| 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. |
| Moratorium | 6 months from the date of disbursement. Interest accrued to be paid as and when charges. |
| Classification | The loan for purchase of rooftop solar power system will be classified under the priority sector. |
| Tie-up Arrangement | MNRE is implementing the program through power distribution companies/DISCOMs of various States. All Residential solar rooftop systems sold by empanelled vendors of Ministry of New & Renewable Energy (MNRE). State-wise list of empanelled DISCOM vendor is available at official website of MNRE |
| Security | Hypothecation of equipment(s) to be purchased. For installation of rooftop Solar power systems up-to 3kW: 3 rd party guarantee waived. 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 | 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/- 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). |
| Insurance | It is to be ensured that the units are insured at least for the term of the loan. |
| Processing fees/upfront fees | Nil |
| 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. |
Rate of Interest for Punjab National Bank loan scheme for PM Surya Ghar Muft Bijli Yojana
| CIBIL TU or Equivalent | ROI for Existing/Fresh Home Loan Borrower | ROI for Non-Home Loan Borrower |
|---|---|---|
| For Installation of Rooftop Solar Power System up to 3 kW – Floating Option | ||
| 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.) |
| For Installation of Rooftop Solar Power System up to 3 kW – Fixed Option | ||
| 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. |
Loan Offers from Other Bank: – Loan Offers
Note: Check this article to know more in detail about – Subsidy Structure
Apply now: – https://pmsuryaghar.gov.in/
Hi, I am Aaditya a passionate blogger. My aim is to promote the latest Government schemes to the end users. I have been in this blogging industry since 2019 and successfully running multiple sites on different niches. Through our regular blog me and my team aims to troubleshoot your problems and help you out.
