Finance Minister Nirmala Sitharaman launched the Rooftop Solar Scheme or PM Surya Ghar Muft Bijli Yojana within the 2024-25 funds. Prime Minister Narendra Modi subsequently launched the PM Surya Ghar Muft Bijli Yojana.
Under this initiative, the federal government intends to put in photo voltaic panels in a single crore homes throughout the nation. To assure that there isn’t any monetary pressure on residents, the Central Government will provide important subsidies straight to financial institution accounts and extremely useful financial institution loans.
The aim of PM Surya Ghar Muft Bijli Yojana is to extend rooftop photo voltaic installations by offering as much as Rs. 78,000 in subsidies. This applies to houses that eat greater than 300 items a month and larger methods which might be bigger than 3 KW.
Households are eligible to get a subsidy of Rs 30,000 per KW for photo voltaic panels as much as 2 KW and Rs 18,000 per KW for panels as much as 3 KW.
Households can already get hold of low-curiosity mortgage merchandise with no collateral necessities, with charges as little as 7 p.c, for putting in residential RTS methods as much as a 3 kW capability, in keeping with the Press Information Bureau (PIB).
The rate of interest is ready at 0.5 per cent greater than the present repo charge, which is determined by the Reserve Bank of India every so often. If the present Repo Rate of 6.5 p.c is lowered to, say, 5.5 per cent, then shoppers’ efficient rate of interest would drop from 7 per cent to six per cent, PIB added.
Let’s take a look at the banks that present loans to clients who select to put in photo voltaic rooftop panels beneath the PM Surya Ghar Muft Bijli Yojana, as listed on the scheme’s National Portal:
1. State Bank of India (SBI):
Purpose: Installing a 3 KW photo voltaic rooftop system.
Disbursement: Following the completion of the mandatory feasibility assessments as wanted by MNRE, fee shall be issued on to the seller or EPC contractor. For fee of the mortgage quantity plus the borrower’s margin, the borrower should declare the subsidy by referencing the mortgage account quantity.
Maximum mortgage quantity: Rs 2 lakh.
2. Central Bank of India:
Purpose: Up to three KW of photo voltaic rooftop set up.
Disbursement: After set up, fee shall be made on to the seller or the proprietor of the EPC contract. The department will give the seller/EPC contractor a provide order, topic to the requirement that fee be made solely upon set up and receipt of a letter of satisfaction from the borrower or debtors. Payment must be given to the seller or EPC contractor instantly upon set up and submission of the mandatory feasibility assessments, per MNRE regulation.
Maximum Loan quantity: Rs 6 lakh.
3. Punjab National Bank:
Purpose: Up to 10 KW of photo voltaic rooftop set up.
Disbursement: The mortgage quantity for the rooftop photo voltaic system, together with the borrower’s contribution, shall be paid to the seller or EPC contractor instantly following the submitting of the mandatory feasibility evaluations as wanted by MNRE. The borrower or vendor should declare the subsidy by mentioning the mortgage account quantity.
Maximum Loan Amount: Rs 6 lakh.
4. Canara Bank:
Purpose: Up to three KW of photo voltaic rooftop set up.
Disbursement: Following the completion of all mandatory mortgage paperwork, the seller/EPC contractor will obtain the mortgage quantity plus any related margin instantly.
Maximum Loan Amount: Up to Rs 2 lakh (together with subsidy)
5. Union Bank of India:
Purpose: Up to three KW of photo voltaic rooftop set up.
Disbursement: Following the completion of all mandatory mortgage paperwork, the seller/EPC contractor will obtain the mortgage quantity plus any related margin instantly.
Maximum Loan Amount: Up to Rs 2 lakh.
For additional info on the banks talked about above in addition to all different certified banks, go to the official website at https://pmsuryaghar.gov.in/VendorList/financialAssistanceReport
