The beneficiaries of PM Surya Ghar Muft Bijli Yojana can now avail loan for Solar Rooftop plant. Many banks and financial institutions are offering Loan under this scheme.
As you are aware, the government is already offering Subsidy on the actual cost of Solar Rooftop. Upto 2kW systems, the subsidy offered is 6% and for solar rooftops of capacity 3kW or more, the max applicable subsidy is 78,000. You can avail loan for the remaining amount, the amount after the applicable subsidy.
In this article, we are covering the PM Surya Ghar Solar Rooftop Loan in greater depth. We are discussing which banks and financial institutions are offering the Loan, What is the Interest rate and how to apply. Let’s get started right away.
PM Surya Ghar Loan
Those who want to be part of Pradhan Mantri Surya Ghar Yojana but hesitate due to financial problems can now take advantage of PM Surya Ghar Loan. This loan facility is given by all major Banks & Financial Institutions to eligible and interested people.
List of Banks Offering Loan for Surya Ghar Solar Rooftop
Here is the List of Banks, Financial Institutions offering Loan to beneficiaries of PM Surya Ghar Muft Bijli Yojana.
| State Bank of India | Central Bank of India | Punjab & Sind Bank |
| Canara Bank | Union Bank of India | Punjab National Bank |
| Bank of Maharashtra | UCO Bank | Indian Overseas Bank |
| Karnataka Bank | Bank of Baroda | HDFC Bank |
| IDBI Bank | ICICI Bank | Saraswat Bank |
| Electronica Finance Limited | Mysun | Ecofy |
| CreditFair | Metafin Cleantech | PayTM |
How Much Loan is Offered to Surya Ghar Scheme Beneficiaries?
The maximum loan amount to be offered depends on the bank as well as on the Capacity of the Solar Rooftop System (1/2/3 or More kW).
- SBI , Punjab and Sind Bank and Canara Bank are offering maximum loan of Upto 2 Lakhs for Upto 3kW Systems and Upto 6 Lakhs for upto 10kW systems.
- Central Bank of India is offering Max 6 Lakhs.
- Union Bank is offering loan of 2 Lakh for Small Solar Rooftops and upto 15 Lakhs for bigger Rooftop Solar Systems.
For maximum loan limit of other banks, kindly head to the Financing Options section on the PM Surya Ghar Portal.
Surya Ghar Solar Rooftop Loan Interest Rate 2024
If you are considering Surya Ghar Solar Rooftop Loan, the most important thing to consider is the interest rate. In this section, we are discussing the offered interest rate by Banks and Financial Institutions.
Most of the above mentioned banks and financial institutions have at least two loan products:
Product 1 : Loan for Solar Rooftops upto 3kW
Product 2 : Loan for Solar Rooftop Systems with capacity More than 3kW and upto 25kW.
| Bank/Financial Institution | Product 1 | Product 2 | Product 3 |
| State Bank of India | EBLR – 2.15% Effective Rate as on date: 7% | For Home Loan customers EBLR + 0% – Effective Rate as on date – 9.15% For Non-Home Loan Customers EBLR + 1% – Effective Rate as on date – 10.15% | N/A |
| Central Bank of India | 7% | 9.50% | N/A |
| Punjab & Sind Bank | 7% | From 8.50% to 10.00% | N/A |
| Canara Bank | Floating ROI Regime # 7.00% (RLLR – 2.25%) *Fixed ROI Regime # 7.75% RLLR + FRP (0.75) – 2.25% Present RLLR is 9.25% # Subject to ultimate lending rate not falling below RBI Repo rate or 7% whichever is higher. | Floating ROI Regime 10.00% (RLLR+0.75%) Fixed ROI Regime 10.75% (RLLR + FRP (0.75) + CRP (0.75)) Present RLLR is 9.25% | N/A |
| Union Bank of India | EBLR-2.25 % presently 7% pa. Reducing. | “Floating ROI CIC Score 750 & Above : EBLR+1.00% pa i.e 10.25% pa presently & CIC Score Below 750 : EBLR + 1.50% i.e 10.75% pa presently. Reducing.” | Home loan ROI 8.35 % to 9.5% pa. Reducing |
| Punjab National Bank | ROI to be charged as per housing loan scheme of the bank. | On Standalone Basis: ROI to be charged at RLLR+BSP+2.25% (solar power without mortgage under RLLR) under floating option only. No fixed option is available. | N/A |
| Bank of Maharashtra | 9.80%-11.30% (Based on CIC Score) Reducing | N/A | N/A |
| UCO | a) Capacity up to 3KW : UCO Float Rate – 2.30% (Strategic Discount) i.e. 7.00% at present b) Capacity above 3 KW: 1) For Individuals having home loan with our Bank: Applicable card rate for fresh home loan 2) For Individuals not having home loan with our Bank: 1.00% over and above the Applicable card rate for fresh home loan | N/A | N/A |
| Indian Overseas Bank | For RTS upto 3kW-7% For RTS above 3kW-9.35% to 10.50% | For RTS upto 3kW-7% Floating: For RTS upto 3kW-7% For RTS above 3kW-As per Housing Loan Interest Rate based on Rating Starting from 8.40% Fixed: 13% | N/A |
| Karnataka Bank | 11.16% | N/A | N/A |
| Bank of Baroda | Reducing Rate of Interest linked to RBI Repo Rate and aplicant’s CIBIL Score. Present Minimum Effective Rate of Interest is 7%. (Available in both Floating and Fixed rate) | Reducing Rate of Interest linked to RBI Repo Rate and aplicant’s CIBIL Score. Present Minimum Effective Rate of Interest is 7%. (Available in both Floating and Fixed rate) | N/A |
| Indian Bank | ROI –Repo ( at present 6.50%)+Prime Spread (2.70%) – BSD (2.20%) presently 7% | “For Home Loan customers (Same rate as Home Loan) For Non-Home Loan Customers (Home Loan ROI + 100 bps)” | N/A |
| Bank of India | RBLR- 2.25% Minimum 7.00% p.a. | For Home Loan Customers: Same as applicable to new Home Loans For Non-Home Loan Customers: Home Loan ROI + 100 bps subject to minimum RBLR | N/A |
| HDFC Bank | 11% to 12.5% p.a. (flat) | N/A | N/A |
| IDBI | For SFMF 10% For Non SFMF 11 % and Commercial 12.15 % (Reducing Rate) | Floating(Reducing) : Starts from 8.45% Fixed(Flat) : 10.90% – 12.00% | N/A |
| ICICI Bank | Starting 11% p.a. (reducing) | Starting 11% p.a. (reducing) | N/A |
| Saraswat Bank | Floating @11.75% p.a. | N/A | N/A |
| Electronica Finance Limited | 10 to 14% | N/A | N/A |
| Mysun | |||
| Ecofy | Upto 12.99% | N/A | N/A |
| Credit Fair | 8.5 to 10.5% | N/A | N/A |
| Metafin Cleantech | 14.04% | N/A | N/A |
| PayTM | 7.46 to 13% | N/A | N/A |
This table clearly tells you the applicable interest rate for your Surya Ghar Scheme Solar Rooftop Loan. You can contact the bank for further information or even express interest in the loan through the dedicated page on the PM Surya Ghar yojana website. This way, your interest will be sent to the concerned bank and the officials will call you and give you complete information regarding the loan.
Loan for Surya Ghar Muft Bijli Yojana – How to Apply?
As cleared earlier many banks and financial institutions are offering loan to PM Surya Ghar Muft Bijli yojana beneficiaries for the installation of Solar Rooftops.
The table in the section above tells you the applicable interest rates too. Now, let’s discuss the most important part, which is how to apply for loan?
Here are various ways you can apply for the loan.
Method 1 : Contact the Concerned Official
When you go to the “Financing Options” Section on the official website, you will find names of the participating banks. When you click on any one, you get details of the loan offering. On the same page, you are provided with the details of the concerned person. You get the email id, as well as the mobile number.
You can simply write an email or contact the concerned person over phone to understand how to apply for the loan. You can even click on the “Express Interest” button to submit your interest in the loan. After doing this, your information will be passed to concerned person.
Here is an screenshot of details of Concerned person of Union Bank of India for Loan:
Method 2 : Visit the Nearest Bank Branch
You already know about the participating banks and institutions from the table above. For detailed information regarding how to get loan for your solar rooftop, locate the nearest bank branch and visit there. Then, talk to the concerned person for your loan requirements. All your doubts will be cleared.
Method 3 : Apply Online for PM Surya Ghar Loan
Many bank websites now have a dedicated page for PM Surya Ghar Loan. You can visit that page and apply online by filling in the application form.
Note : Right now, SBI has a dedicated page for Surya Ghar loan, which can be accessed from HERE. Once other banks have it, we will update this section right here
Frequently Asked Questions
Who is Eligible for Solar Rooftop Loan under Surya Ghar Scheme?
Anybody who is eligible under the Surya Ghar Scheme is eligible for the loan. However, the final approval depends on the terms and conditions set by particular Bank or Financial institution.
Which Banks/Financial Institutions are offering Surya Ghar Muft Bijli Yojana Loan?
State Bank of India (SBI), PNB and various others are offering loan under this scheme. In total, there are 23 entities offering the loan.
How to identify the correct loan product?
The loan product depends on the capacity of required Solar Rooftop System. Product 1 is for Solar Rooftop systems upto 3kW. For bigger systems, you can choose Product 2. Some banks are even offering Product 3 details of which can be obtained from the official website.
Quick Links
| PM Surya Ghar Website | Get Details Here |
| Surya Ghar Loan Options | Check Here |
| Apply Online | Details Here |