A large cap private bank (HDFC Bank) which market capitalization is over 141 billion USD (March, 2024) is now offering personal loan product for the residential owners to install rooftop solar system under the new central government scheme called Pradhanmantri Surya Ghar Muft Bijli Yojana.
HDFC Bank also participate this initiative to helps residentials owners to utilise solar energy instead of conventional energy sources of electricity. There are huge benefits to install rooftop solar and if you have no financial abilities then HDFC Bank provides personal solar loan to the home owners. Let’s check the full details.
Headings
- 1 Financing Options from HDFC Bank for Rooftop Solar under PM Surya Ghar Yojana 2024
- 1.1 Notable Features of HDFC Rooftop Solar Loan
- 1.2 Is it possible to apply online for HDFC Solar Loan?
- 1.3 Quick Information – HDFC Solar Finance
- 1.4 Eligibility Criteria
- 1.5 How to Apply for PM Surya Ghar Solar Loan from HDFC Bank?
- 1.6 Beyond the HDFC Finance – Benefits of Rooftop Solar Panel system under the Surya Ghar Scheme
- 1.7 HDFC Nodal Officer Contact Details
- 1.8 The Final Takeaway
Financing Options from HDFC Bank for Rooftop Solar under PM Surya Ghar Yojana 2024
Here we want to inform you that HDFC Bank offers personal loan product as a solar loan for the PM Surya Ghar Muft Bijli Yojana. There are no difference between the solar loan and personal loan criteria for the scheme. You can avail the fund of 40 lakhs for rooftop solar from the bank with less paper work. Let’s check the other features of HDFC Solar Loan.
Notable Features of HDFC Rooftop Solar Loan
- Rate of Interest (ROI): HDFC Bank offers interest rate same as the personal loan borrowers. It means if you want to install rooftop solar and want to get a loan from the bank then you have to pay from 11% to 12.5% of interest per annum.
- HDFC Solar Loan Amount: Bank offers higher solar loan amount then the other banks. It’s about 40 lakhs rupees for the solar panel installation.
- Repayment Period: If you go with HDFC Solar loan for Pm Surya Ghar Yojana then you will get more tenure compare to the other banks. HDFC offers 60 months/Installments for the loan repayment period.
- Less Paper Work: You don’t required so many papers to disbursement of the loan amount.
Is it possible to apply online for HDFC Solar Loan?
Yes, but in this situation bank clears that solar loan offers same as personal loan offers. And if you go with online application then you must familiar with all terms and conditions of the loan process. Our suggestion is that you have to choose offline application process for loan by visiting nearest branch. For your information, you can visit this link for online application.
Quick Information – HDFC Solar Finance
| Bank Name | HDFC Bank |
| Loan For | Rooftop Solar |
| Loan under | PM Surya Ghar Muft Bijli Yojana (PM-SGMBY) |
| Interest Rate | 11% to 12.5% per annum (flat) |
| Type of Loan | Residential/Personal |
| Loan Tenure | Maximum 5 Years |
| Loan Amount | Maximum Rs 40 Lakhs |
| Mode of Application | Offline/Online |
Eligibility Criteria
If you are eligible for PM Surya Ghar Scheme and you are not defaulter in past as well as CIBIL score is good than you are eligible for HDFC solar loan.
How to Apply for PM Surya Ghar Solar Loan from HDFC Bank?
You have to follow these steps for the solar loan from HDFC Bank for your rooftop solar installation.
Step 1: Visit nearest branch of HDFC Bank.
Step 2: Set the meeting with loan officer and tell them for your solar loan requirement.
Step 3: He/She will provide full details of their personal loan criteria and also check that you are eligible or not!
Step 4: If you found as a eligible to avail HDFC solar panel loan then you have to fill the loan application form and submit the necessary documents.
Step 5: After completing the process you are getting the loan amount for your rooftop solar panel.
Note: If you have any queries regarding the loan details please contact the nodal officer. Contact details will be provided further in this article.
Beyond the HDFC Finance – Benefits of Rooftop Solar Panel system under the Surya Ghar Scheme
- Free from Paying Electricity Bill:- If you want to install RTS System it will cause you to free from Paying high Electricity bills every month.
- Easy to Recover the Cost of Installation:- Yes, it’s possible to recover the cost of the your solar panel system within 5 years and take benefits up to 20 to 25 years from the solar energy.
- Less Maintenance Required:- Plus point of the solar panel is it has less maintenance required to clean the panel modules. It doesn’t requires major equipment to clean the panels regularly.
- Central Govt Subsidy Benefits:- It is the main benefits you got for the solar panel installation. Central Govt of India provides up to 60% subsidy for the solar panel installation cost.
- Hike in Property Value:- If you install the solar panel system then it will automatically hike the value of your property.
HDFC Nodal Officer Contact Details
Name: Narayan Rajagopalan
Designation: Sr Vice President-II – Compliance
Email: narayan.rajgopalan@hdfcbank.com
Contact Number: +91 938000 4428
The Final Takeaway
If your final decision to go with HDFC solar loan then please refer this article and read carefully again. For more details you can contact the nodal officer pointed by the HDFC Bank. For this type of information about the PM Surya Ghar Muft Bijli Yojana you have to check the home page of this website.
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