SBI Surya Ghar Loan For Solar Roof Top --Eligibility, Interest Rate, Documents Required

New Delhi: India's largest public sector lender, State Bank of India (SBI) has announced an initiative, which is a fully digital end-to-end journey for SBI Surya Ghar Loan. 

SBI has said that the users can opt for credit for installing solar rooftops under the Government of India's PM Surya Ghar Scheme, offering loans for up to 10 KW capacity. The entire process will be managed on SBI’s digital platform, from applicant registration on the MNRE/REC portal to loan disbursement.

SBI Surya Ghar Loan For Solar Roof Top -- Check Eligibility, Interest Rate, Tenor, Documents Required, And Other Details

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 Applicants Applicant 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. 30000 2KW – Rs. 60000 3KW – 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)	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 Documents ITR 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
15.	Other Covenants	All applications are to be first registered at https://pmsuryaghar.gov.in and after successful registration, loan is to be applied through https://www.jansamarth.in 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.	Link for loan application	To apply register at https://pmsuryaghar.gov.in After successful registration, please apply at https://www.jansamarth.in

What Is PM Surya Ghar Muft Bijli Yojana?

The PM Surya Ghar Muft Bijli Yojana that aims to provide free electricity up to 300 units every month for One Crore households. The rooftop solar scheme provides a CFA of 60% of system cost for 2 kW systems and 40% of additional system cost for systems between 2 to 3 kW capacity. The CFA will be capped at 3 kW. At current benchmark prices, this will mean Rs 30,000 subsidy for 1 kW system, Rs 60,000 for 2 kW systems and Rs 78,000 for 3 kW systems or higher.

PM Surya Ghar Muft Bijli Yojana: How To apply for subsidy

The households will have to apply for subsidy through the National Portal and will be able to select a suitable vendor for installing rooftop solar. The National Portal will assist the households in their decision-making process by providing relevant information such as appropriate system sizes, benefits calculator, vendor rating etc.