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What is State Bank of India’s Rooftop Solar loan scheme?

SBI's Surya Ghar Muft Bijli Yojana offers loans for rooftop solar installations, promoting clean energy. With partnerships, low interest rates, & flexible repayment options, it supports households in adopting solar power and contributing to sustainability

By Ground report
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What is State Bank of India’s Rooftop Solar loan scheme?

CCAFS/2014/Prashan Copyright: Prashanth Vishwanathan

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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 

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
  • The maximum age to apply for the loan is 65 years.
  • The loan must be closed before the customer attains the age of 70 years.
  • Indian citizens who own a house with a suitable roof for installing solar panels are eligible.
  • All Individual Applicants
  • Applicant having CIBIL Score of 680 & above (NTC also eligible)
  • Indian citizens who own a house with a suitable roof for installing solar panels are eligible.
  • Have sufficient Roof area as mandated by MNRE from time to time.
  • Latest Electricity Bill.
  • Savings Account mandatory.
Loan Amounts
  • For installations up to 3 kW capacity, the maximum loan amount is INR 200,000.
  • For installations between 3 kW and 10 kW capacity, the maximum loan amount is INR 600,000.
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% per annum for installations up to 3 kW capacity.
  • 10.15% per annum for installations between 3 kW and 10 kW capacity.
  • Reduced interest rate of 9.15% for existing SBI home loan customers.
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
  • There is no minimum income criteria for loans up to 3 kW capacity.
  • For loans between 3 kW and 10 kW capacity, the net annual income should be INR 300,000 or above.
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.

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:

  1. Register on Jan Samarth Portal: Visit the Jan Samarth portal and complete the registration process.
  2. Navigate to Renewable Energy Finance Section: Once registered, go to the renewable energy finance section.
  3. 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?

  1. Visit the Nearest SBI Branch: Go to your local State Bank of India branch.
  2. Contact the Loan Processing Officer: Approach the loan processing officer and inform them that you are interested in the PM Surya Ghar Yojana Loan for rooftop solar installation.
  3. Receive Guidance: The officer will provide you with detailed guidance on the loan application process, including the steps from application submission to loan disbursement.
  4. Follow Procedures and Submit Documents: Follow the instructions given by the officer, fill out the necessary forms, and submit the required documents.
  5. Complete the Process: The process is straightforward and similar to applying for a home loan.

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.Keep reading

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