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PM Surya Ghar Muft Bijli Yojana with SBI loan: The government’s PM Surya Ghar Muft Bijli Yojana, which was introduced a few months ago, intends to enable homes to use solar energy, lower their electricity costs, and even make additional money by selling excess power to DISCOMs.
According to an ET report, anyone who have enough roof space and roof rights may apply for the PM Surya Ghar Muft Bijli Yojana, which allows them to install solar panels up to a maximum of 3 KW in power.
PM Surya Ghar Muft Bijli Yojana: Qualifications for participation
According to a March 1, 2024, Press Information Bureau (PIB) release:
- Candidates have to be citizens of India.
- They should live in their own house with a roof that is appropriate for installing solar panels.
- There must be a working electrical connection in the home.
- There should not have been another solar panel subsidy given to the household.
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SBI loan for PM Surya Ghar Muft Bijli Yojana: Frequently asked questions
Required paperwork
The only documentation needed for loans up to a 3 KW solar rooftop capacity are an electricity bill and proof of identification and address for KYC.
For loans between three and ten KW:
- Documents proving identity and address are necessary, but so are income records and a bank statement.
- Form 16 from the previous two years is needed for those on salaries.
- The latest two years’ worth of income tax returns are needed from applicants who are self-employed.
Qualification for Loan
- There are no income requirements for loans with a maximum capacity of 3 KW. However, the applicant’s net yearly income must be Rs. 3 lakhs or more for installations with a capacity of up to 10 KW or more.
- A loan of Rs. 2,00,000 is provided for Solar Roof Top installations up to 3 KW in capacity.
- The maximum loan amount for Solar Roof Top installations above 3 KW and up to 10 KW in capacity is Rs. 6,00,000.
- A minimum margin of 10% of the project cost is necessary for the installation of solar rooftop systems up to 3 KW in capacity.
- If the loan is being used to install solar panels on a rooftop up to 3 KW in capacity, the interest rate is 7% annually.
- The annual percentage rate of interest is 10.15% in the case of loans above 3 KW and up to 10 KW in capacity.
- Up till the age of 65, you are eligible to apply for a loan under the SBI Surya Ghar Scheme. That being said, the loan needs to be paid back before you turn 70.
Loan application procedure
- The SBI Surya Ghar Scheme does not charge a processing fee.
- Form 60 and PAN/IT Return are not required for loans with a maximum capacity of 3 KW. However, it is required for loans with a capacity of more than 3 KW and up to 10 KW.
- A minimum CIBIL score of 680 is necessary, and clients with write-offs or defaults are not accepted.
- The maximum repayment time is ten years, which includes a six-month moratorium. There is no set minimum payback period.
- If the loan is closed early, there is no prepayment penalty.
- Direct payment of the loan is made to the vendor, channel partner, or EPC contractor’s account.
Insurance and subsidies
- By providing the loan account number, the borrower can claim the subsidy at the Ministry of New and Renewable Energy (MNRE) website.
- Solar rooftop panel and equipment insurance is required for installations with a capacity more than 3 KW and up to 10 KW.
[…] ALSO READ- PM Surya Ghar Muft Bijli Yojana: SBI loan eligibility, terms, procedure, subsidy, and more […]