PM Surya Ghar Muft Bijli Yojana is a scheme launched by the Government of India in its 2024-25 budget for rooftop solar plant project with an investment of over 75,000 crore rupees to provide solar power for about 1 crore households and to provide them 300 units of free electricity every month. Prime Minister of India, Narendra Modi announced this scheme on February 13, 2024. Under PMSG Yojana, beneficiaries receive a fixed one time subsidy amount from government directly into their bank accounts. Beneficiaries are also eligible for bank loans at concessional rates. The scheme aims to increase income, reduce electricity bills and create employment opportunities for people.
| Average monthly power consumption(units) | Suitable rooftop solar plant capacity(kW) | Subsidy support |
|---|---|---|
| 0 – 150 | 1 – 2 | Rs 30,000 to Rs 60,000 |
| 150 – 300 | 2 – 3 | Rs 60,000 to Rs 78,000 |
| >300 | Above 3 | Rs. 78,000 |
SBI Surya Ghar Solar Loan Amount and Age Limit
- Loan Amount:
- Upto 3 KW – Maximum Loan Amount Rs. 2 lacs
- More than 3 KW till 10 KW – Maximum Loan Amount Rs. 6 lacs
- Age Limit:
- Age upto 65 years (loan must be closed before borrower reaches 70 years of age)
- Applicant having CIBIL Score of 680 & above (NTC also eligible)
- Have Roof Top Rights on which the installation is proposed.
- Have sufficient Roof area as mandated by MNRE from time to time.
- Latest Electricity Bill.
- Savings Account mandatory.
SBI Surya Ghar Solar Loan Documents
- Upto 3 KW
- KYC Documents
- Copy of Electricity Bill
- More than 3 KW till 10 KW
- KYC Documents
- ITR Returns / Form-16 last 2 years
- Salary statement (6 Months)
- Copy of Electricity Bill
SBI Surya Ghar Solar Loan Insurance
- 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.
SBI Surya Ghar Solar Loan How to Apply: Online Application Link
You can easily apply online for SBI Surya Ghar Solar Loan scheme. The complete online application process is very simple and easy. 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.
| Parameter | Eligibility Conditions (Up-to 3 KW) | Eligibility Conditions (> 3 KW to 10 KW) |
|---|---|---|
| Loan Amount | Maximum Loan Amount Rs. 2 lacs | Maximum Loan Amount Rs. 6 lacs |
| PAN | PAN optional for CIBIL | PAN mandatory |
| Margin | Minimum 10% of the Project Cost | Minimum 20% of the Project Cost |
| Interest Rate(Floating Interest Rate) | EBLR – 2.15% Effective Rate as on date: 6.75% | EBLR + 0% – Effective Rate as on date – 8.90% |
| Tenor | Maximum 120 months (inclusive of Moratorium period) No Minimum period (No pre-payment penalty) | |
| Security | Hypothecation of Assets | |
| Processing Fees | NIL | |
| Net Annual Income | No Requirement | Minimum – Rs. 3 lacs. |
| Moratorium | 6 Months from the date of Disbursement | |
| 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 | |
