A loan for Solar Panel is a great initiative taken by the bank for part of PM SURYAGHAR YOJANA.
The Ministry of New and Renewable Energy (MNRE) has declared the initiation of Phase II of the Grid-connected Rooftop Solar Scheme. This initiative aims to harness solar power by installing solar panels on residential roofs. Under this scheme Ministry is providing central financial assistance (CFA) up to Rs.78000/- based on the capacity of the Solar Unit. The scheme is being implemented in the states by local Electricity Distribution Companies (DISCOMs). The ministry has set an ambitious target of installing one crore solar systems. The Government of India has given the name i.e. PM-Surya Ghar: Muft Bijli Yojna.
Now Bank is offering loans for solar panels under PM Surya Ghar Yojana along with attractive interest rates with nil processing charges. now let’s see how to apply for it.
How To Apply for a Loan For Solar Panel Under PM Suryaghar Yojana?
Step 1
First, you need to check your eligibility whether you are eligible under all eligible parameter
Step 2
After checking your eligibility you should obtain a quotation from a certified and reputable solar panel provider. The provider should be approved by DISCOM.
Step 3
After that, you have to apply for the loan on the Jan Samarth Portal i.e. https://jansamarth.in portal. It is mandatory.
Step 4
After you apply Bank will call you about your request for a loan and obtain original documents from you for scrutinized purposes.
Steps 5.
After scrutinising documents, bank officials visit your home where the solar panel has to be installed to check the eligibility of the place
Steps 6
After finding all satisfactory details from you for a loan of solar panels Bank sanctions loan and directly disbursed to the Service provider account by way of a demand draft or NEFT as per the quotation submitted by you.
What is The Eligibility For a Loan For Solar Panel Under PM Suryaghar Yojana?
- All individual applicants are eligible
- Applicant must have cibil score above 680
- Applicant must have rooftop rights on which the installation is proposed
- Have sufficient roof area as mandated by MNRE from time to time
- Applicant must have the latest electricity bill
- The Minimum Age of the Applicant is 21 years
- Maximum Age of the applicant is up to the retirement age of the borrower for salaried persons and up to 65 years for non-salaried persons
What Are The Documents Required for Loan For Solar Panel Under PM Suryaghar Yojana?
- Aadhar Card, PAN card, Driving Licence, Passport, Voter Card etc
- Last Three Months’ salary slips along with form no 16 for salaried person
- The last Two-year Income Tax Returns along with the computation sheet for the non-salaried person
- Electricity bill required,
- Quotation
What Are The Purposes of Loan for Solar Panel Under PM Suryaghar Yojana?
The purpose of the finance loan for the solar panels under PM Suryaghar Yojana is to install grid-connected RTS (Roof Top Solar) for residential purposes only up to a capacity of 10 KW.
(The project cost includes Design, Supply, Installation, AMC, testing & commissioning of Grid connected Rooftop Solar Systems in residential premises)
What Is The Loan Limit of Loan for Solar Panels under PM Suryaghar Yojana?
- Maximum loan can be Rs 6,00,000/- under this scheme For Solar Units more than 3 KW to 10KW.
What Are The Loan Period of Loan for Solar Panel Under PM Suryaghar Yojana?
- Maximum loan period you can get up to 120 months
What Are The Security of Loans for Solar Panels Under PM Suryaghar Yojana?
- The bank will hypothecation charge of solar panel and all related components
What is The Moratorium Period of Loan for Solar Panel Under PM Suryaghar Yojana?
- Bank can allow a six-month moratorium period from the date of disbursement but interest to be serviced during the moratorium period
What are the Processing Changes of Loans for Solar Panel Under PM Suryaghar Yojana?
- Nil, There are no processing charges taken by the bank
What Is the Interest rate of a Loan for solar panels Under PM Suryaghar Yojana?
- Bank offers Interest rates on solar panels ranging from 8.50% To 11.00%.
What Is The Margin Required for Loan for Solar Panel PM Suryaghar Yojana?
- The margin varies from bank to bank but UP TO 3KW 10% Margin is required and More than 3KW & UP TO 10 KW 20% Margin is required.
What Is The Subsidy Structure of Solar Panel Loan Under PM Suryaghar Yojana?
| Average Monthly Electricity Consumption (Units) | Suitable Rooftop Solar Plant Capacity | Subsidy Support |
| 0-150 | 1-2 KW | Rs 30,000 to Rs 60,000 |
| Above 150 to 300 | Above 2 KW to 3 KW | Rs 60,000 to Rs 78,000 |
| More Than 300 | Above 3 KW | Rs 78,000 |
Rs 30,0000/- per KW up to 2 KW 18,000/- per KW for additional capacity up to 3KW Total Subsidy for systems larger than 3 KW capped Rs 78000/-
Other Terms and Conditions
- Subsidy under PM SURYAGHAR YOJANA to be claimed by the borrower by providing loan account number for credit of subsidy amount in the respective loan account.
- ONLY individually manufactured solar panels/modules (both solar cells and modules shall be made in India) shall be used for the installation of the rooftop solar plant.
- All applications are to be routed through the Jan Samarth Portal mandatory using the URL https://www.Jansamarth.in.
- Disbursement is to be made directly to the DISCOM-approved vendor
- Only new plants and machinery shall be allowed for installation and shall not be allowed to shift anywhere once installed.
- Quotation for the Solar system to be purchased should be issued by DISCOM empanelled vendors only and the genuineness of the same has to be verified by a branch from the web portal (pmsuryaghar.gov.in).
