| S.No. | Item | Eligibility Criteria (Loan Amount up to ₹2 lakh) | Eligibility Conditions (Loan Amount more than ₹2 lakh) |
|---|---|---|---|
| 1 | Objective | Solar Rooftop Installation | Solar Rooftop Installation |
| 2 | Loan Amount | Maximum loan amount ₹2 Lakh | Maximum loan amount ₹6 lakh |
| 3 | Age and Other Eligibility Conditions | Age up to 65 years (repayment of loan before the borrower turns 70 years of age).All individual applicants.Applicants with CIBIL score of 680 and above, New to Credit (NTC) customers are also eligible.Discom Consumer number required only for validation.There should be adequate rooftop area as mandated by MNRE from time to time.Savings account mandatory with the bank. | |
| 4 | PAN | Not Required | PAN is mandatory |
| 5 | Margin | Minimum 10% of total project cost shall be contributed by the Borrower | Minimum 20% of total project cost shall be contributed by the Borrower |
| 6 | Interest Rate (Floating) | RBI Repo rate + 0.50 % Rate of Interest @6.00% p.a. (as on date) | For Home Loan customers (same rate as Home Loan) For Non-Home Loan customers (Home Loan RoI + 100 bps) |
| 7 | Duration | Maximum 120 months (including moratorium period) No minimum period No prepayment charges | |
| 8 | Securities | Hypothecation of Assets i.e. Roof top solar equipment created out of Bank Finance | |
| 9 | Processing Fee | Zero | |
| 10 | Financial Assistance (Subsidy) | ₹30,000 (1kW),₹60,000 (2kW),₹78,000 (3kW)Claim to be made by borrower on PM Surya Ghar Portal – https://pmsuryaghar.gov.in | Subsidy Amount- ₹78,000 Claim to be made by borrower on PM Surya Ghar Portal – https://pmsuryaghar.gov.in |
| 11 | Net Annual Income | Not required | Minimum ₹3 lakh |
| 12 | Required Documents | Aadhaar Number | KYC documents,ITR Returns/Form-16 (for last 2 years),6 month’s salary statement,Copy of electricity bill |
| 13 | Moratorium Period | 6 months from the date of disbursement. (Moratorium Period is the time during which the borrower is not required to make any loan repayment after the loan is disbursed by the Bank.) | |
| 14 | Disbursement | Disbursement of loan will be made to Vendor in two tranches. | |
| 15 | Other Covenants | The application can be done by yourself or with assistance.No mandatory insurance for loan upto 3kW.For loan more than 3 kW, insurance will be taken for the total cost of installation. The cost of insurance will be borne by the customer.In case of applicants aged 65 years and above, addition of one co-borrower (spouse/children) is allowed under the scheme. | |
| 16 | Link for Loan Application | Application for loan to be initiated by logging into PM Surya Ghar Portal – https://pmsuryaghar.gov.in | |