PM Surya Ghar Muft Bijli Yojana SBI loan: Online Application, Eligibility, And Registration - Details

The Union Cabinet's approval of the PM-Surya Ghar: Muft Bijli Yojana earlier this year marked a significant step towards promoting renewable energy adoption across India.

Launched on February 13 with a substantial outlay of Rs. 75,021 crore, the scheme aims to incentivise the installation of rooftop solar panels, offering free electricity up to 300 units per month for one crore households.
The State Bank of India (SBI) has introduced a loan scheme to facilitate the implementation of the PM Surya Ghar Muft Bijli Yojana, providing households with the financial support needed to embrace solar power.

Key Features of the Scheme:

The SBI loan scheme for the PM Surya Ghar Muft Bijli Yojana offers several features to empower homeowners to transition to solar energy:

1. Central Financial Assistance (CFA): Under the scheme, homeowners can avail of a CFA covering 60% of the system cost for 2 kW systems and 40% of the additional system cost for systems ranging from 2 to 3 kW capacity. The CFA is capped at 3 kW, providing subsidies of up to Rs. 78,000 for eligible installations.

2. Low-Interest Loans: Eligible applicants can access collateral-free, low-interest loans at approximately 7%, facilitating the installation of residential rooftop solar (RTS) systems up to 3 kW.

3. Eligibility Criteria: To qualify for the loan, applicants must meet specific criteria, including being up to 65 years old, having a CIBIL score of 680 or above, possessing rooftop rights for installation, having sufficient roof area as mandated by the Ministry of New and Renewable Energy (MNRE), and providing their latest electricity bill. Additionally, applicants must maintain a savings account.

4. Subsidy Amount: The subsidy provided by the government varies based on the capacity of the solar rooftop system. Subsidy amounts range from Rs. 30,000 for a 1 kW system to Rs. 78,000 for systems with a capacity of up to 3 kW.

5. Maximum Loan Amount: SBI offers a maximum loan amount of Rs. 2 lakhs for installations with a capacity of up to 3 kW and Rs. 6 lakhs for installations ranging from 3 kW to 10 kW.

6. Loan Tenor: The loan tenure extends up to 120 months, inclusive of a moratorium period of six months from the date of disbursement, providing flexibility for repayment.

Empowering Homes with Solar Energy:

The introduction of the SBI loan scheme complements the PM Surya Ghar Muft Bijli Yojana's objective of promoting sustainable energy solutions and reducing dependency on conventional power sources. By offering financial assistance and subsidies, the government aims to make solar energy more accessible to households across the country, fostering environmental sustainability and energy independence.

How to Apply:

Interested individuals can apply for the SBI loan for the PM Surya Ghar Muft Bijli Yojana through the bank's official website or designated branches. Applicants must ensure they meet the eligibility criteria and provide the necessary documentation, including proof of age, CIBIL score, rooftop rights, roof area compliance, and electricity bill.

SBI Loan Scheme

The SBI loan scheme for the PM Surya Ghar Muft Bijli Yojana represents a significant stride towards promoting renewable energy adoption in India. By offering financial support, subsidies, and low-interest loans, the government aims to empower households to embrace solar energy, contributing to a cleaner and more sustainable future. As more homeowners transition to solar power, the nation moves closer to achieving its renewable energy targets and mitigating the adverse effects of climate change.