![What is State Bank of India’s Rooftop Solar loan scheme?](https://img-cdn.thepublive.com/fit-in/1280x960/filters:format(webp)/ground-report/media/media_files/pUiVGPBjPRXpSzgG7dmW.jpg)
CCAFS/2014/Prashan Copyright: Prashanth Vishwanathan
Prime Minister Narendra Modi has launched the Surya Ghar Muft Bijli Yojana, a scheme to facilitate the installation of rooftop solar panels for households across India, promoting clean energy adoption. The government has initiated an awareness campaign to encourage households to submit applications for this initiative.
What is SBI's Rooftop Solar loan scheme?
Under the Surya Ghar Yojana, the SBI bank offers loans for solar panel installation on residential rooftops, making clean energy more accessible and affordable.
SBI recently partnered with HomeScape by Amplus Solar, a leading provider of residential solar installations. This collaboration allows HomeScape customers to secure loans of up to INR 200,000 for installations up to 3 kW and INR 600,000 for installations up to 10 kW.
HomeScape offer for Customers
HomeScape by Amplus Solar is an empanelled installation vendor for the Ministry of New and Renewable Energy's (MNRE) PM Surya Ghar Yojana, ensuring adherence to the highest standards and quality assurance.
The financing scheme offers a 7% interest rate for solar rooftop installations up to 3 kW and 10.15% for 3-10 kW installations. Existing SBI home loan customers can benefit from a reduced 9.15% interest rate, with a maximum 120-month tenure for flexible repayment.
The SBI Surya Ghar Yojana is open to all individuals up to 65 years across India, promoting access to clean energy and contributing to sustainable development goals.
HomeScape by Amplus Solar offers comprehensive solutions, including support with the documentation process and hassle-free installations. Customers are also guided through securing loans under this new partnership, ensuring a seamless experience.
Orb Energy offer for customers
In addition to collaborating with Amplus Solar, SBI has partnered with Orb Energy for its Surya Shakti Solar Finance scheme, making Orb Energy an authorized vendor for the scheme, expanding options for customers seeking rooftop solar systems.
Under the Surya Shakti Solar Finance scheme, SBI will offer loans up to INR 1 billion to commercial and industrial customers, with a minimum 20% down payment and extended repayment terms. For residential consumers, the bank will provide loans up to INR 1 million for solar system installations.
The SBI Surya Ghar Yojana is a package that addresses rooftop solar adoption, including financing, installation, and streamlining the application process. Here are key highlights and FAQs:
Check if you are eligible for loan
S.N.
|
Parameter
|
Eligibility Conditions
(Up-to 3 KW) |
Eligibility Conditions
(> 3 KW to 10 KW) |
---|---|---|---|
1. | Purpose | Installation of Solar rooftop to 3 KW | Installation of Solar Roofs Top more than 3 KW and up to 10 KW |
2. | Loan Amount | Maximum Loan Amount Rs. 2 lacs | Maximum Loan Amount Rs. 6 lacs |
3. | Age & Other Eligibility Conditions |
|
|
Loan Amounts |
|
||
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) |
|
|
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 |
|
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 |
|
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12. | Documents required |
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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 |
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How to Apply Online for SBI Loan for PM Surya Ghar Yojana?
Eligible applicants can apply online for an SBI Loan for Rooftop Solar through the central government's Jan Samarth portal. Follow these steps:
- Register on Jan Samarth Portal: Visit the Jan Samarth portal and complete the registration process.
- Navigate to Renewable Energy Finance Section: Once registered, go to the renewable energy finance section.
- Apply for Solar Loan: Follow the prompts to apply for the solar loan.
For more details, visit SBI’s Rooftop Loan Official Page.
To apply register at https://pmsuryaghar.gov.in
After successful registration, please apply at https://www.jansamarth.in
How to apply for PM Surya Ghar Yojana Loan at SBI Branch?
With the SBI Surya Ghar Yojana and its partnerships, the bank is enabling households to harness solar energy and contribute to India's clean energy transition.
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