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What is PM Surya Ghar Muft Bijli
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How does PM Surya Ghar Muft Bijlee Yojana work?
Here is a look at banks that offer loans to those who opt instal solar rooftop panels under the PM Surya Ghar Muft Bijli Yojana, as per the scheme’s National Portal. (All data as on March 15, 2024 according to information available on the PM Surya Ghar Muft Bijli Yojana Nation Portal)
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SBI PM Surya Ghar Muft Bijlee Yojana loan details
Margin: Minimum 10% of the Project Cost
Security: Hypothecation of Assets
Processing Fees: NIL
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 (Subsidy to be claimed by Borrower quoting the Loan Account Number)
Maximum Loan amount: Rs 2 lakhs
Maximum loan tenure: Maximum 120 months (inclusive of Moratorium period) No Minimum period (No pre-payment penalty)
Net Interest rate to customer (% p.a.): EBLR – 2.15% Effective Rate as on date: 7%
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Canara Bank PM Surya Ghar Muft Bijlee Yojana loan details
Purpose: For Installation of Rooftop Solar Yojana On-Grid System (Residential only) Upto 3KW
Margin: Minimum 10% of Total Project cost shall be contributed by the Borrower
Security: Hypothecation of the Equipment to be Purchased out of the Loan Component
Security & All Other Charges: NIL
Disbursement: Loan amount along with the applicable margin shall be directly disbursed to
the vendor/EPC Constractor after execution of all required loan Documents.
Maximum Loan amount: Maximum upto Rs.2.00 lakh (including subsidy).
Maximum Loan Tenure: 10 Years.
Net Interest rate to customer (% p.a.)
Floating ROI Regime # 7.00% (RLLR – 2.25%)
*Fixed ROI Regime # 7.75% RLLR + FRP (0.75) – 2.25%
Present RLLR is 9.25% # Subject to ultimate lending rate not falling below RBI Repo rate or 7% whichever is hig
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Bank of Baroda PM Surya Ghar Muft Bijlee Yojana loan details
Maximum Loan amount: Max. Rs. 2.00 Lakh (for solar unit up to 3KW) and Rs. 10.00 Lakh (for Solar unit above 3 KW to 10 KW)
Maximum Loan Tenure: 10 Years (including 6 months moratorium)
Net Interest rate to customer (% p.a.)
For Solar units up to 3 KW : 7% P.A.
For Solar units above 3 KW to 10 KW : Starting from 9.15% p.a., Based on CIBIL Score. (Available in both Floating and Fixed rate).
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Bank of India PM Surya Ghar Muft Bijlee Yojana loan details
Purpose: Loan for installation of Solar Roof Top/Ground Mounted grid connected solar panel systems and equipments for personal use
CIBIL Personal Score should be 675 & Above, (-1/0/NoHit)
Borrower/Co-Borrower should be owner of the House
Margin: Minimum 5%, wherever Subsidy is Available/other Case Minimum 10%
Processing Charges: NIL
Disbursement: Disbursement to be made directly to the Vendor/EPC contractor after submission of all the required feasibility reports as mandated by MNRE. All Application will be sourced throught PM Surya Ghar: Muft Bijli Yojana & JanSamarth Portal
Maximum Loan amount: 2 Lakhs
Maximum Loan Tenure: Max 10 years excluding moratorium
Net Interest rate to customer (% p.a.): RBLR- 2.25% Minimum 7.00% p.a.
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Union Bank of India PM Surya Ghar Muft Bijlee Yojana loan details
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