Global warming and climate change have gravely impacted our way of life. So, to promote sustainability and energy efficiency, SBI offers loans for rooftop solar projects unders the PM Surya Ghar scheme. This scheme provides financial aid to residential or commercial buildings that wish to install solar rooftop systems. Thereby, making solar energy more accessible through affordable financing options.
SBI solar loan scheme offers flexible loan amounts of up to ₹6 lakhs at attractive interest rates starting at 7% p.a. Besides SBI Surya Ghar scheme, SBI also offers Surya Shakti Solar Finance scheme for MSME businesses.
Check loan eligibility, scheme details, & more from this page. Read on to know more!
Table of Contents:
- ⇾ SBI Surya Ghar Yojana Highlights
- ⇾ SBI Surya Ghar Solar Loan Interest Rate
- ⇾ SBI Surya Ghar Solar Loan Scheme Features
- ⇾ SBI Surya Ghar Solar Loan Scheme Eligibility
- ⇾ Documents Required for SBI Solar Loan Scheme
- ⇾ Steps to Apply for SBI Surya Ghar Solar Loan Scheme
- ⇾ Steps to Claim SBI Solar Loan Scheme Subsidy
- ⇾ Frequently Asked Questions
SBI Surya Ghar Yojana Highlights
The table below will give you an overview of the SBI Surya Ghar solar loan scheme:
| Loan Amount | ₹2 lakhs to ₹6 lakhs |
| Tenure | Up to 120 months |
| Solar project capacity | Up to 10KW |
| Minimum Income | ₹3 lakhs (For installations of above 3KW to 10 KW |
| Subsidy | ₹30,000 - ₹78,000 |
| Moratorium | 6 months from date of disbursement |
| Preferred Credit Score | 680 & above |
| SBI Savings Account | Mandatory |
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SBI Surya Ghar Solar Loan Interest Rate
The SBI solar loan interest rates are floating rates that are competitive to make solar rooftop installation affordable to all customers. The interest rates will vary based on the capacity of the solar rooftop system and whether you have a home loan with SBI or not. Here are the SBI solar loan interest rates:
| Capacity | Interest Rates |
|---|---|
| Up to 3KW | EBLR 2.15% Effective rate as on date: 7.00% |
| >3 KW to 10 KW | For Home Loan customers: EBLR + 0% - Effective rate as on date: 9.15% For Non-Home Loan customers: EBLR + 1% - Effective rate as on date: 10.15% |
Get a quick loan starting at 11.99% p.a.
SBI Surya Ghar Solar Loan Scheme Features
The SBI Solar Loan Scheme offers several important features and exciting benefits, these are:
Purpose of SBI Surya Ghar Loan
The loan is designed for the installation of solar rooftop systems with a capacity of 3 KW to 10 KW for residential and businesses looking to switch to green energy.
SBI Surya Ghar Loan Amount
You can get a loan amount of a maximum ₹2 lakhs for installations up to 3KW and a maximum of ₹6 lakhs for installations above 3KW to 10 KW.
SBI Solar Loan Margins
The minimum margin requirement is 10% of the project cost for installations of up to 3KW and 20% of the project cost for installations of above 3KW to 10KW.
SBI Surya Ghar Loan Interest Rate (Floating)
The effective interest rate for up to 3KW is EBLR - 2.15%, currently translating to 7%. And the interest rate for more than 3 KW and up to 10 KW:
- For Home Loan customers: EBLR + 0%, currently 9.15%.
- For Non-Home Loan customers: EBLR + 1%, currently 10.15%.
SBI Surya Ghar Loan Tenure
The maximum tenure is 120 months, including a moratorium period of 6 months. However, there is no minimum period, so you can repay anytime with no prepayment penalties.
Suya Ghar Loan Security
The loan is secured by the hypothecation of assets.
SBI Surya Ghar Loan Processing Fees
The processing fees for the SBI Solar Loan Scheme are waived.
SBI Surya Ghar Loan Subsidy
Subsidy amounts are ₹30,000 for 1 KW, ₹60,000 for 2 KW, and ₹78,000 for 3 KW to 10KW. This amount must be claimed by the borrower from Suryaghar.gov.in (MNRE website) using the loan account number.
SBI Surya Ghar Loan Disbursement
The loan amount is disbursed directly to the vendor or EPC contractor after the submission of all required feasibility reports as mandated by MNRE.
SBI Surya Ghar Loan Application Process
Applications must first be registered at https://pmsuryaghar.gov.in and the loan application submitted through https://www.jansamarth.in. The scheme is available for both self-sourced and assisted journeys.
SBI Surya Ghar Loan Insurance
Insurance of assets financed through the bank loan is not mandatory for rooftop solar installations up to 3 KW. For capacities above 3 KW, insurance covering the total cost of installation is required, with the cost borne by the customer.
SBI Surya Ghar Solar Loan Scheme Eligibility
There are certain eligibility criteria that you must meet to get the SBI Surya Ghar solar rooftop loan scheme, these are:
- Age Limit: Applicants up to 65 years old can apply. The loan must be repaid before the borrower turns 70 years.
- Eligibility for Individuals: All individual applicants with a CIBIL score of 680 or above are eligible. Non-Technical Candidates (NTC) are also considered.
- Rooftop Rights: Applicants must have the rights to the rooftop where the installation is planned.
- Roof Area: A sufficient rooftop area must be available, as per the guidelines set by the Ministry of New and Renewable Energy (MNRE).
- Electricity Bill: A recent electricity bill is required.
- Savings Account: Borrower must have a savings account with SBI.
- Net Annual Income: While there is no specific income requirement for installation of up to 3KW, a minimum annual income requirement of ₹3 lakhs is required for installations of more than 3KW to 10KW.
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Documents Required for SBI Solar Loan Scheme
There are several documents required for SBI solar loan, these are:
Up to 3 KW:
- KYC Documents
- PAN is optional if the CIBIL score is acceptable
- Copy of Electricity Bill
More than 3 KW and up to 10 KW:
- KYC Documents
- PAN is mandatory for all applicants.
- Income Tax Returns / Form-16 for the last 2 years
- Salary Statement for the past 6 months
- Copy of Electricity Bill
Steps to Apply for SBI Surya Ghar Solar Loan Scheme
Applying for the SBI solar loan can be easily done, here are the steps you can follow:
- Step 1: Eligibility Check: Verify your eligibility based on the criteria mentioned above.
- Step 2: Document Preparation: Gather all required documents.
- Step 3: Online Registration: Register on Suryaghar.gov.in for subsidy and Jansamarth.in for loan application.
- Step 4: Submit Application: Complete and submit the loan application form along with the required documents.
- Step 5: Submit Documents: Submit all the required documents.
- Step 6: Disbursement: Once approved, the loan amount will be disbursed directly to the vendor or EPC contractor, and the installation can proceed.
Steps to Claim SBI Solar Loan Scheme Subsidy
You can claim a subsidy under the SBI Solar Loan Scheme from the MNRE website. The claiming process is simple, and designed to help borrowers reduce the overall cost of installing a solar rooftop system. Here are the steps to claim your subsidy:
Step 1: Complete the solar rooftop system installation and make sure it is functioning according to the guidelines provided by the Ministry of New and Renewable Energy (MNRE).
Step 2: Visit the official MNRE portal (https://www.pmsuryaghar.gov.in/) and register your solar rooftop system. You'll need to provide necessary details like the capacity of your system, installation details, and your loan account number.
Step 3: Once registered, you can apply for the subsidy directly through the MNRE website. The subsidy amount depends on the capacity of your solar rooftop system:
- 1KW System: ₹30,000
- 2KW System: ₹60,000
- 3KW System: ₹78,000
Step 4: After submission, the MNRE will process your subsidy claim. Once approved, the subsidy amount will be transferred directly to your SBI loan account, reducing your outstanding loan balance.
Step 5: Check Subsidy Status: You can track the status of your subsidy application through the MNRE portal to ensure timely disbursement.
Avail an instant loan in a few simple steps!
Know more about different types of business loans offered as per the government schemes by various banks & other private lenders. Check more on this from the links in the table below:
Frequently Asked Questions
The SBI Surya Ghar scheme offers loans for installing solar rooftop systems, promoting sustainable energy with competitive interest rates.
Individuals with rooftop rights and sufficient roof area, meeting SBI's criteria, are eligible for the SBI Surya Ghar loan.
The interest rates for SBI Surya Ghar range from 9.15% to 10.15%.
You can apply for SBI Surya Ghar online via the SBI website or through the PM Surya Ghar and Jan Samarth portals.
The cost of installation under the PM Surya Ghar plan varies based on capacity, with subsidies available to reduce expenses.
The documents required for the SBI Surya Ghar application are KYC documents, PAN, Form 16, 6 months salary statement, and a copy of the electricity bill.
The maximum loan amount offered in the SBI Surya Ghar scheme is ₹6 lakhs.
The repayment tenure for the SBI Surya Ghar loan is up to 120 months.
No, there are no processing fees for the SBI Surya Ghar loan.
The PM Surya Ghar plan provides loans for installing solar rooftops and promoting green energy with subsidies at affordable interest rates.
The Surya Ghar scheme offers affordable loans for solar rooftop installations and government subsidies for sustainable energy thereby, reducing electricity bills.
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