State Bank of India (SBI) has introduced a fully digital process for the Surya Ghar Loan, aimed at promoting solar rooftop installations under the PM Surya Ghar Scheme.
Loan Details and Eligibility Criteria
Purpose
Installation of Solar Rooftop up to 3 KW & Installation of Solar Rooftop > 3 KW and up to 10 KW
Loan Amount
Up to Rs. 2 lakhs for installations up to 3 KW & Up to Rs. 6 lakhs for installations > 3 KW to 10 KW
Eligibility Conditions
- Age up to 65 years (loan must be repaid before age 70)
- CIBIL Score of 680 & above (Non-individuals also eligible)
- Ownership of rooftop with sufficient area as per MNRE guidelines
Mandatory Savings Account
Interest Rate:
For Home Loan customers: EBLR – 2.15%, Effective Rate: 7% & For Non-Home Loan customers: EBLR + 1% to EBLR + 2%, Effective Rate: 9.15% to 10.15%
Tenor:
Maximum 120 months (inclusive of moratorium period)
Documents Required:
- KYC Documents
- Latest Electricity Bill
- ITR Returns/Form-16 (last 2 years)
- Salary Statement (last 6 months)
Above Documents only
Subsidy:
Subsidy amount varies based on capacity, to be claimed from Suryaghar.gov.in. No net annual income requirement
Application Process:
Register at pmsuryaghar.gov.in. Apply for the loan at jansamarth.in after successful registration
Disbursement:
Direct disbursement to Vendor/EPC Contractor post feasibility reports submission
Insurance:
Insurance not mandatory for systems up to 3 KW & Mandatory for systems > 3 KW, cost borne by the customer
Subsidy Details and Application Process
Under the PM Surya Ghar Muft Bijli Yojana, households can avail free electricity up to 300 units monthly for One Crore households.
Key details include:
CFA Subsidy
60% of system cost for 2 kW systems, 40% for systems between 2 to 3 kW, capped at 3 kW.
Subsidy Amounts
Rs. 30,000 for 1 kW, Rs. 60,000 for 2 kW, Rs. 78,000 for 3 kW systems or higher.
Application
Apply through the National Portal for vendor selection and subsidy application.
