SBI Surya Ghar Scheme for solar rooftop financing: All you need to know

The government recently launched a campaign to raise awareness and generate applications from interested households for the Surya Ghar Muft Bijli Yojana for rooftop Solar Scheme. The SBI Surya Ghar Yojna for Solar Rooftop is offering loans for the installation of solar panels on rooftops. Here are some important FAQs on the SBI Surya Ghar Yojna.

Who is eligible to take SBI Surya Ghar Loan for Solar Roof Top finance?

All individual applicants who have sufficient roof area and rooftop rights on which the installation is proposed, can avail this loan for installation of solar roof top of up to 3 KW capacity.

 

If installation of Solar Rooftop (SRT) is for more than 3 KW & up to 10 KW capacity, what would be eligibility?

Following customers, who have sufficient roof area and rooftop rights on which the installation is proposed, are eligible to avail loan in this category:
 

(a) All salaried customers, with/without maintaining a salary account with SBI.

(b) Pensioners maintaining a pension account with SBI.

(c) Professionals, Self-employed, Businessmen and others who are income tax assesses.

(d) All Agriculturists who are not income tax assesses.

How much loan amount is available in SBI Surya Ghar Scheme?

Installation of Solar Roof Top of up to 3 KW capacity: Rs 2,00,000.
Installation of Solar Roof Top of more than 3 KW and up to 10 KW capacity:  Rs 6,00,000.

However, there is no minimum loan amount prescribed under this scheme.

Is there any minimum income criteria to avail this loan?

No, if loan is for installation of Solar Roof Top up to 3 KW capacity.

However, to avail loan for more than 3 KW & up to 10 KW capacity installation, net annual income should be Rs 3 lakh and above.

Up to what age, you can avail loan under SBI Surya Ghar Scheme?

The maximum age to apply for the loan is up to 65 years. However, the loan must be closed before the customer attains the age of 70 years.

Do you need to pay a processing fee also?

No, it has been waived for SBI Surya Ghar Scheme.

Is PAN / IT Return /Form 60 mandatory for availing this loan?

No, if loan is required for installation of solar roof Top of up to 3 KW capacity.
 

However, in cases of loan for installation of solar roof top of more than 3 KW & up to 10 KW capacity, it is mandatory .

What is the minimum CIBIL score for this loan?

Minimum 680 CIBIL score is required. However, customers with default / write off in CIBIL are not eligible.

Are NTC (New to Credit) customers also eligible for this loan?

Yes

Do I need to have a Savings Bank Account with SBI?

Yes, it is mandatory. However, if a customer does not have a Savings Bank account with SBI, she/ he can open a new SB account and apply for the loan.

What is the minimum repayment period?

No minimum repayment has been prescribed for this loan.

What is the maximum repayment period?

10 years (Including moratorium period of 6 months).

Is there any prepayment penalty you I close the loan before its tenor is over?

No.

How will be loan disbursed?

Loan disbursement would be made directly to the account of Vendor / Channel Partner / EPC Contractor.

How can you claim subsidy?

Subsidy can be claimed by the borrower at MNRE site, by quoting the loan account number.

Is insurance of solar roof top panel & equipment mandatory?

No, if loan is for installation of Solar Roof Top up to 3 KW capacity.

However, it is mandatory if loan is for installation of solar roof top of more than 3 KW & up to 10 KW capacity.

Which documents are required by the bank to apply for loan?

(a) For loan up to solar rooftop capacity of 3 KW, only electricity bill and KYC documents are required, which are address proof and identification proof.

(b) If loan is applied for solar rooftop capacity of more than 3KW to up to 10 KW, in addition to identification proof, address proof, income documents along with bank statement is also required. For salaried person last 2 years form 16 is required and for self-employed applicants Income tax return of last 2 years is required.

How can I apply for loan?

By visiting Bank’s website bank.sbi, under Loans, please go to SBI Surya Ghar Scheme and opt for Apply Now.

Alternatively, you can also apply / register first at https://pmsuryaghar.gov.in and then at https://www.jansamarth.in .Rd