Indian Bank which is a public sector bank recently tie up with Tata Power Solar Systems Ltd to powering up people’s home with solar energy at very low cost of finance facilities. Those who are unable to install solar panel system with their own finance now has option to avail solar loan from Indian bank.
If you also fall into category of people those who don’t have enough finance capacity then you can go with IB (Indian Bank) home loan new rooftop solar scheme under Pradhan Mantri Surya Ghar Yojana.
Let’s discuss what is the rate of interest, loan amount, repayment period and eligibility criteria for granted the loan facility from the Indian bank.
Headings
- 1 Indian Bank partner with Tata Power to boost residential solar under New PM Surya Ghar Muft Bijli Yojana 2024
- 1.1 Exploring Interest Rate and Loan Amount for Solar Panel from Indian bank
- 1.2 Who are eligible to avail solar loan from Indian Bank?
- 1.3 Necessary documents
- 1.4 Loan Tenure
- 1.5 Overview – PM Surya Ghar Yojana Indian bank loan
- 1.6 Application Process for Indian bank solar loan
- 1.7 Bottom Line – Solar Finance options from Indian bank
Indian Bank partner with Tata Power to boost residential solar under New PM Surya Ghar Muft Bijli Yojana 2024
Indian bank recently tie up with TPSSL (Tata Power Solar Systems Ltd) to increase the residential solar capacity in India under the PM Surya Ghar Yojana. Bank offers two loan type products in which applicant categorised in two parts one is residential rooftop solar capacity up to 3 Kilowatt and second one is 3 to 10 KW capacity.
Due to partner with Tata Power now every individual citizen will be able to take a solar loan from Indian bank and install Tata Solar Panel at minimum cost. Let’s now discuss the rate of interest as well as how much amount you will get as a solar loan from the Indian bank (IB).
Exploring Interest Rate and Loan Amount for Solar Panel from Indian bank
For now Indian bank also offers the same interest rate as SBI Solar loan Interest rate to boost the residential rooftop solar capacity in the country. Let’s explore in details here.
- Interest Rate: As per the officials data, Indian bank offers 7.0% rate of interest for those who want to install maximum 3 KW solar panel system. Here we want to inform you that interest rate is depends on Repo rate. So for now it’s calculation is [Repo rate (6.5%) + Prime Spread (2.70%) – BSD (2.20%) = 7.0%]. For those who want to install 3 to 10 KW Capacity of solar plant on the rooftop and those are home loan customer then they have to pay same rate of interest of home loan but non home loan customer have to pay home loan ROI addition 100 bps too.
- Solar Loan Amount: Indian bank provides Rs 2 Lakh as a solar loan amount for those who want to install maximum 3 KW solar panel system but it will increase up to 6 lakh in case of rooftop solar system capacity will between 3 to 10 KW.
Who are eligible to avail solar loan from Indian Bank?
If you want to avail the finance facility from the Indian bank then you have to follow the listed rules here to be eligible.
- All individual Indian citizens or family are eligible to avail solar finance options from the Indian bank.
- Indian bank provide solar loan only for the new solar panel unit. If you buy old unit from others then you are not eligible to avail solar loan to powering your home with solar panels.
- Applicant should be eligible for PM Surya Ghar Muft Bijli Yojana.
- CIBIL Score of the applicant should be 680 or above.
- You are eligible for the subsidy amount as per the stated on PM Surya Ghar Yojana Official Website.
Necessary documents
All the documents which are necessary to be eligible or apply for PM Surya Ghar Muft Bijli Yojana (PM-SGMBY) is required like recent electricity bill as well as Aadhaar card and bank details of the applicant. From the bank side you need only PAN card in case if you want to install 3 to 10 KW rooftop solar (RTS) system.
Loan Tenure
Indian bank provides facility to repayment the loan amount within 10 years of long period. It means all the applicant has 120 months or 120 Installments to repay their solar loan amount.
Overview – PM Surya Ghar Yojana Indian bank loan
| Benefits | Up to 3 KW | 3 to 10 KW |
|---|---|---|
| Loan Amount | Rs 2 Lakh | Rs 6 Lakh |
| Rate of interest | 7.00% | 8.4 to 10.8% |
| Annual Income required | Not at all | Rs. 3 Lakh |
| Margin | Minimum 10% of the project cost | Minimum 20% |
| PAN Card | Not Required | Required |
| Repayment Period | 10 Years | Same as up to 3 KW |
| Moratorium | 6 months from the date of disbursement | Same as up to 3 KW |
| Processing Charges | Rs. 0 | Same as up to 3 KW |
| Any pre-payment penalty | No | Same as up to 3 KW |
| Official Website | https://www.indianbank.in/ | https://www.indianbank.in/ |
| Contact Number | +91 8808877416 | vivek.kumar3@indianbank.co.in |
Application Process for Indian bank solar loan
Friends, there are 2 ways to apply for Indian bank solar loan to avail the benefits of PM Surya Ghar Yojana Scheme. Both methods will be discussed below.
How to Apply Online?
If you want to apply online for Indian bank home loan new rooftop solar scheme then you have to first register on the PM Surya Ghar Portal and after that register on the Jan Samarth portal. After that click on the Renewable energy option in the portal and you can easily apply online for the Indian bank solar panel loan.
Online application also easy but there will be chance of mistakes. So we also recommended offline way which is discussed below.
Apply through Indian bank branch
In this method of application, you just visit the nearest branch of Indian bank and ask to the officer about PM Surya Ghar Yojana Loan from Indian bank. After they will collect the required documents and provide application form. After completing the process you loan amount will be deposited to the vendor bank account.
Bottom Line – Solar Finance options from Indian bank
We hope you got the full details of Indian bank solar loan scheme details. For now it’s very low rate of interest bank offers solar loan. If you liked this offer then please also share to your friends and relatives that’s why they also take benefits of the scheme. Also visit regularly this website https://pmsuryaghar.in/ for latest updates.
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