State Bank of India (SBI), biggest public sector bank unveiling new solar loan to provide free electricity to their consumer through applying under Pradhan Mantri Surya Ghar Muft Bijli Yojana (PM-SGMBY).
Everyday lakhs of saving account opened in the SBI and Target of Surya Ghar Yojana is to install 1 Crore Rooftop Solar Panel in the country. Combining the goal, SBI introduced low interest and maximum loan tenure plan for the residential owners to aware about new sbi solar rooftop plan.
Guys, in this article you will get all the details of SBI’s Rooftop Solar Scheme which is started to achieve the goal of PM’s Muft Bijli Yojana. Details has been covered like Interest rate, loan tenure, loan amount, eligibility, documents and how to get a SBI solar loan etc. let’s dive into it.
Headings
- 1 SBI introduced Loan Facility for Rooftop Solar Scheme under pmsuryaghar.gov.in
- 1.1 State Bank of India Providing Competitive Interest Rate and Loan Amount
- 1.2 Attractive Features of SBI Solar Loan Scheme for PM-SGMBY
- 1.3 Eligibility Details for the solar loan scheme in SBI
- 1.4 Quick Information Overview
- 1.5 How to Apply Online for SBI Loan for PM Surya Ghar Yojana?
- 1.6 Offline Application Process by Visiting SBI Branch
- 1.7 Contact Number
SBI introduced Loan Facility for Rooftop Solar Scheme under pmsuryaghar.gov.in
State Bank of India introduced two plans in their solar loan scheme. First plan for those who want to install up to 3 kW Solar panel capacity while another one is for those who want to install 3 to 10 KW Capacity rooftop solar (RTS) plant for residential purpose. Both plans provide different rate of interest (ROI) ranging from 7.00% to 10.15% for different loan amount for Rooftop Solar.
State Bank of India Providing Competitive Interest Rate and Loan Amount
Most of the poor and medium income groups family required maximum of 3 Kilowatt Solar Panel. But here we provide information for bothe plans. Let’s check it in detail.
- SBI Solar Loan Interest Rate (ROI)
- Upto 3 KW Capacity: If you also in this category then you have to pay collateral free 7.00% rate of interest with 2.15 EBLR (External Benchmark Lending Rate).
- 3 to 10 KW Capacity: For those whose home loan currently continuing in SBI have to pay 9.15% interest rate for their rooftop solar loan with 0% EBLR and those who are non home loan customer will have to pay 10.15% ROI with 1% EBLR.
- Loan Amount
- Upto 3 KW RTS Capacity: State Bank of India provide them maximum loan amount of Rs 2 Lakh.
- 3 to 10 KW RTS Capacity: Maximum 6 lakhs rupees solar loan available.
Solar Loan Amount Disbursement Rule
As per the PM Surya Ghar Official Website declaration, Disbursement of the loan amount to the directly vendor or EPC contractor the submission of all the needed feasibility documents as mandated by the official department (MNRE). Beneficiaries can claim subsidy amount under the PM Surya Ghar Yojana by providing the loan account number.
Attractive Features of SBI Solar Loan Scheme for PM-SGMBY
- Instant Disbursement:- As per the disbursement rule, your feasibility documents clear with the MNRE Department guidelines then instantly Disbursement of your loan amount.
- Collateral Free Loan:- Whatever you have to install RTS Capacity, doesn’t matter you will get totally collateral free loan from the SBI bank for rooftop solar plant.
- Easy Application Process:- Beneficiaries can apply either online or offline through visiting the branch with simple steps.
- Maximum Loan Repayment Period:- You will get easy finance tenure with maximum limit of 120 Installments it means up to 10 years.
- Zero Processing Charges:- Applicant don’t have to pay any charges on the name of loan processing fees.
- No Minimum Repayment Period:- There are minimum period for the loan amount Repayment. Also there are no pre payment penalty.
Eligibility Details for the solar loan scheme in SBI
- All individuals are eligible to apply for solar loan through SBI bank.
- Applicant have ownership of the rooftop where they want to install rooftop solar system.
- Enough space required on the rooftop.
- Applicant should have to pay full loan amount before the age of 70 years.
- CIBIL Score of the applicant is 680 or more than that are eligible.
- Applicant must have saving account with Aadhaar linked.
Quick Information Overview
| Details of Loan | Upto 3 KW | 3 to 10 KW |
|---|---|---|
| Loan Amount | Rs 2 Lakh | Rs 6 Lakh |
| SBI Solar Loan Interest Rate | ~ 7.0% | ~ 9.15% |
| PAN Card | If CIBIL Score is good then PAN is optional | Required |
| Margin | Minimum 10% of total project cost | Minimum 20% of total project cost |
| Annual Income Required | Not Required | Minimum Rs 3 Lakh |
| Documents | KYC + Electricity bill | KYC + Electricity bill + Salary Slip or ITR/Form 16 (Last 2 Years) |
| Mode of Application | Online or Offline | Online or Offline |
| Processing Charges | NIL | NIL |
| Loan Tenure | 10 Years | 10 Years |
How to Apply Online for SBI Loan for PM Surya Ghar Yojana?
As per the bank statement, eligible applicant can apply online for SBI Loan for Rooftop Solar through central government Jan Samarth portal. Where you have to first register on it and after go to the renewable energy finance section you can apply for solar loan. If you want to know more details then please visit SBI’s Rooftop Loan Official Page.
But as per the common review, if you applied through offline way then you will not confuse at any point of the loan process. Out recommendation is also with common review. So let’s discuss about offline application process.
Offline Application Process by Visiting SBI Branch
Contact Number
If you have any questions regarding the scheme then please contact the responsible persons through their mobile number.
- Pankaj Kumar Sinha:- +91 76000 40400
- Sanjay Ghosh:- +91 7632 996090
Guys, we hope this article helped you a lot to know the information about SBI Solar loan for Pradhan Mantri Surya Ghar Yojana. Please share it with others and be helpful. If you want to know any updates about the scheme then please follow our Home Page; PM Surya Ghar Muft Bijli Yojana.
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