SBI loan for PM Surya Ghar Muft Bijli Yojana: Loan amount you can avail, tenure, interest, eligibility

For the installation of solar rooftop panels with a maximum capacity of 3 KW, any individual applicant with adequate roof area and roof top rights on which the installation is envisaged may apply for the PM Surya Ghar Muft Bijli Yojana for Solar Roof Top Finance

What is PM Surya Ghar Muft Bijli Yojana

The government launched PM Surya Muft Bijli Yojana a couple of months ago. After opting for the scheme, households will be able to save money on their electricity bills while also earning more money by selling surplus power to DISCOMs

Also read: Who is eligible to apply for free electricity under PM Surya Ghar Muft Bijli Yojana?

Who is eligible to apply for PM Surya Ghar Muft Bijli Yojana

According to Press Information Bureau (PIB) release issued on March 1, 2024:

• The applicant must be an Indian citizen.
• Must own a house with a roof that is suitable for installing solar panels.
• The household must have a valid electricity connection.
• The household must not have availed of any other subsidy for solar panels.

Also read: PM Surya Ghar Muft Bijli Yojana: Solar rooftop installation loans of SBI vs Canara Bank vs Union Bank of India vs Bank of Baroda vs Bank of India

Here are some important FAQs on SBI Surya Ghar Yojna for Solar Roof Top Finance, according to the SBI website.

Is there any minimum income criteria to avail this loan?

A: No, if loan is for installation of Solar Roof Top up to 3 KW capacity. However, to avail loan for more than 3 KW & up to 10 KW capacity installation, net annual income should be Rs 3 lacs and above .

How much loan amount is available in SBI Surya Ghar Scheme?

• Installation of Solar Roof Top of up to 3 KW capacity: Rs. 2,00,000
• Installation of Solar Roof Top of more than 3 KW and up to 10 KW capacity: RS Rs. 6,00,000

How much margin money I have to bring for availing loan?

A: (a) Minimum 10% of the project cost - For installation of solar roof top of up to 3 KW capacity.
(b) Minimum 20% of the project cost - For installation of solar roof top of more than 3 KW & up to 10 KW capacity.

What is the rate of interest in this scheme?

A: As on date (12.03.2024),

• (a) 7% p.a. , if loan is for installation of Solar roof top of up to 3 KW capacity.
• (b) 10.15% p.a. , if loan is for more than 3 KW and up to 10 KW capacity.

Also read: PM Surya Ghar Muft Bijli Yojana: Step-by-step guide on how to get subsidy in your bank account within 30 days

• Up to what age, I can avail loan under SBI Surya Ghar Scheme?

A: The maximum age to apply for the loan is up to 65 years. However, the loan must be closed before customer attains the age of 70 years.

Do I need to pay processing fee also?
A: No, it has been waived for SBI Surya Ghar Scheme.

Is PAN / IT Return /Form 60 mandatory for availing this loan?
A: No, if loan is required for installation of solar roof Top of up to 3 KW capacity.
However, in cases of loan for installation of solar roof top of more than 3 KW & up to 10 KW capacity, it is mandatory .

What is minimum CIBIL score for this loan?
A: 680. However, customers with default / write off in CIBIL are not eligible.

What is the minimum repayment period?

A: No minimum repayment has been prescribed for this loan.

What is the maximum repayment period?

A: 10 years (Including moratorium period of 6 months).

Is there any prepayment penalty if I close the loan before it’s tenor is over?
Ans: No.

How will be loan disbursed?
A: Loan disbursement would be made directly to the account of Vendor / Channel Partner / EPC Contractor.

How can I claim subsidy?
A: Subsidy can be claimed by the borrower at MNRE site, by quoting the loan account number.

Is insurance of solar roof top panel & equipment mandatory?
A: No, if loan is for installation of Solar Roof Top up to 3 KW capacity.
However, it is mandatory if loan is for installation of solar roof top of more than 3 KW & up to 10 KW capacity.

Which documents are required by the Bank to apply for loan?

A: (a) For loan up to solar rooftop capacity of 3 KW, only electricity bill and KYC documents are required, which are address proof and identification proof.
(b) If loan is applied for solar rooftop capacity of more than 3KW to up to 10 KW, in addition to identification proof, address proof, income documents along with bank statement is also required. For salaried person last 2 years form 16 is required and for self-employed applicants Income tax return of last 2 years is required.