Mahabank Rooftop Solar Panel Loan scheme
PM Suryaghar : Muft Bijli Yojna
S.no | Parameter | Eligibility Conditions (Up-to 3KW) | Eligibility Conditions (Above 3 KW to 10 KW) | |||||||||||||||||||||
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1 | Purpose | Loan is provided for installation of Grid connected RTS (Roof Top Solar) upto 3 KW for residential purpose only. | Loan is provided for installation of Grid connected RTS (Roof Top Solar) (Above 3 KW to 10 KW) for residential purpose only. | |||||||||||||||||||||
2 | Eligibility |
Eligible Borrowers: - a) Permanent salaried employees of Central/ State government/ Corporate Salary Account Holders/ Employees of PSU & Private Companies. b) Pensioners of Central/ State Government/ PSU. c) Self-Employed, Professionals, Businessman/ Independent Entrepreneurs/Agriculturist who have regular source of income. In case of agriculturists not filing income tax returns, income certificate issued by Tahsildar/ Mandal Revenue Officer/Revenue Department Officer having State Level Gazetted rank can be accepted for sanction of loan. | ||||||||||||||||||||||
3 | Annual Income Criteria:- | No Minimum Annual Income criteria. | Minimum Annual Income – Rs. 3.00 Lakh | |||||||||||||||||||||
4 | Co-Applicant | Only one Co-Applicant may be considered in Close Family relations for adding the Income
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5 | Minimum and Maximum Loan amount | Minimum Limit: Rs. 10,000/- Maximum Limit: Rs 2.00 Lakh | Minimum Limit: Rs. 10,000/- Maximum Limit: Rs 10.00 Lakh | |||||||||||||||||||||
6 | Margin | Minimum Margin – 10% of project cost. (The project cost includes Design, Supply, Installation, testing & commissioning of Grid connected Rooftop Solar Photovoltaic Systems in residential premises including maintenance). | Minimum Margin - 20% of project cost (The project cost includes Design, Supply, Installation, testing & commissioning of Grid connected Rooftop Solar Photovoltaic Systems in residential premises including maintenance). | |||||||||||||||||||||
7 | Quantum of Finance | Maximum loan amount will be lowest of loan amount assessed on the basis of
Maximum Loan amount as per Scheme | ||||||||||||||||||||||
8 | Age | Minimum Age of applicant: -21 Years, Maximum -70- Years (Including repayment period) | ||||||||||||||||||||||
9 | Subsidy | As applicable under Central Government Rooftop Solar Subsidy Programme and any state Subsidy program for Rooftop Solar. Applicant should register in National Portal for Rooftop Solar & submit the approved project details of purchasing Rooftop solar from registered/empaneled with DISCOM /MNRE.
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10 | Rate of Interest | For Non Home Loan borrower & Home Loan Borrower)
Applicant having minimum CIBIL Score of 650 & above (NTC also eligible) | For Non Home Loan borrower
For Home Loan customers (Same rate as Home Loan) | |||||||||||||||||||||
11 | Moratorium | Upto 6 Months | ||||||||||||||||||||||
12 | Loan repayment period | 120 Months including moratorium | ||||||||||||||||||||||
13 | Processing Fees | Nil | ||||||||||||||||||||||
14 | Account Handling Charges (Includes Documentation, Inspection/supervision, NeSL and CIBIL charges) | Rs. 500 + 0.20 % of Loan amount Minimum Rs 500/- Maximum Rs 2500/- | ||||||||||||||||||||||
15 | Security | Primary Security: - Hypothecation of Asset purchased i.e. Solar Roof top plant /setup. Registration of Hypothecation charges with CERSAI shall be done. | ||||||||||||||||||||||
16 | Disbursement | Disbursement to be made directly to the Vendor / EPC Contractor after submission of all the required feasibility reports as mandated by MNRE. (Subsidy to be claimed by Borrower / Vendor quoting the Loan Account Number) | ||||||||||||||||||||||
17 | In Principal offer |
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18 | Link for loan application | To apply register at https://pmsuryaghar.gov.in After successful registration, please apply at https://www.jansamarth.in→ Renewable energy → Apply now |