In this article we are providing you details about SBI PM Surya Ghar – Loan for Solar Roof Top for installation of Rooftop Solar Panel in your house. State Bank of India offers two types of loan.
SBI PM Surya Ghar – Loan for Solar Roof Top offers two different features for the beneficiary installing solar up to 3 KW and more than 3KW and up to 10 KW.
Product 1 is for the people who are installing Rooftop Solar up to the capacity of 3KW. However, Product 2 is for the people who are installing solar system above 3KW.
| S.N. | Parameter | Eligibility Conditions (Up-to 3 KW) | Eligibility Conditions (> 3 KW to 10 KW) |
|---|---|---|---|
| 1. | Purpose | Installation of Solar Roof Top Upto 3 KW | Installation of Solar Roof Top more than 3 KW and upto 10 KW |
| 2. | Loan Amount | Maximum Loan Amount Rs. 2 lacs | 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 ApplicantsApplicant 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 optional for CIBIL | PAN mandatory |
| 5. | Margin | Minimum 10% of the Project Cost | Minimum 20% of the Project Cost |
| 6. | Interest Rate(Floating Interest Rate) | EBLR – 2.15% Effective Rate as on date: 7% | 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 | 1KW – Rs. 300002KW – Rs. 600003KW – Rs. 78000To 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) | 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 | No Requirement | Minimum – Rs. 3 lacs. |
| 12. | Documents required | KYC Documents.Copy of Electricity Bill | KYC DocumentsITR 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 | |
Also Read: – Check the subsidy structure for PM Surya Ghar Yojana
Details of Nodal Officer from the Bank
| Name | Designation | Mobile | |
|---|---|---|---|
| Pankaj Kumar Sinha | Deputy General Manager | dgmecom[dot]pbbu[at]sbi[dot]co[dot]in | 7600040400 |
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