Finance
PM Surya Ghar – Muft Bijli Yojana (PMSGMBY)
Model Scheme
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S. No
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Parameter
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Eligibility Conditions* (Up-to 3KW)
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Eligibility Conditions (>3 KW to 10 KW)
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|---|---|---|---|
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1.
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Purpose and
Loan amount
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Installation of Solar Roof Top up-to
3 KW
Max. Loan Amount: Rs.2.00 lacs
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Installation of Solar Roof Top more
than 3 KW and up-to 10 KW
Max. Loan Amount: Rs.6.00 lacs
|
|
1a.
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Project Cost
Assumption
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Maximum Loan Amount assuming cost of Installation @ Rs. 70,000 per
KW. (approximately)
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2.
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Eligibility
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1. All Individual Applicants;
2. Applicant having minimum CIBIL Score of 680 & above (NTC also eligible); 3. Have Roof Top Rights on which the installation is proposed; 4. Have sufficient Roof area as mandated by MNRE from time to time; 5. Latest Electricity Bill; and 6. Savings Account mandatory. |
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3.
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PAN
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Optional for CIBIL
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PAN Mandatory
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4.
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Margin
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Minimum 10% of the Project Cost
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Minimum 20% of the Project Cost
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5.
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Interest Rate
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RBI Repo Rate + 0.50%
Effective Rate: 7% |
For Home Loan customers
(Same rate as Home Loan) For Non-Home Loan Customers (Home Loan RoI + 100 bps) |
|
6
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Tenor
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Maximum 120 months (Inclusive of Moratorium Period)
No Minimum period
(No pre-payment penalty)
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7.
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Security
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Hypothecation of Assets
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|
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8.
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Processing
Fees
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NIL
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9.
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Subsidy
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i. 1KW – Rs. 30,000
ii. 2KW – Rs. 60,000 iii. 3KW – Rs. 78,000 To be Claimed by Borrower (Loan Account Number to be provided for credit of Subsidy Amount in the Loan Account) |
Subsidy Amount – Rs. 78,000
To be Claimed by Borrower (Loan Account Number to be provided for credit of Subsidy Amount in the Loan Account) |
|
10.
|
Net Annual
Income
|
No Requirement
|
|
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11.
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Moratorium
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6 Months from the date of Disbursement
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|
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12.
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Disbursement
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Disbursement to be made directly to the Vendor/ EPC Contractor after
submission of all the required feasibility reports as mandated by MNRE.
Disbursement of Loan Amount + Borrower’s Margin (Subsidy to be claimed by Borrower/ Vendor quoting the Loan Account Number) |
|
|
13.
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Other
Covenants **
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➢ All applications will be sourced through Jan Samarth Portal Only.
➢ Available for Self-Sourced Journey as well as assisted journey. ➢ Insurance of assets financed through bank loan NOT mandatory for Roof Top Solar capacity between 1 KW to 3 KW. ➢ Asset to be insured for the total cost of installation for capacity more than 3 KW. Cost of insurance to be borne by the customer. |
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14.
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In-principle
Offer
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Digital in-principle Sanction to be given based on Self Declaration by the
Applicant. Final Sanction to be based on verificatio
|
* Loan amount is capped at Rs.2.00 lakhs instead of linking the same to 3 kW capacity for this
category. The same has been communicated to member banks vide advisory dated 23.12.2024.
** In case of applicants aged 65 years and above, addition of one co-borrower (spouse/ children) is
allowed under the scheme.
The same has been communicated to member banks vide advisory dated 06.11.2024
The benefits of the scheme include::
1. Free electricity for households.
2. Reduced electricity costs for the government.
3. Increased use of renewable energy.
4. Reduced carbon emissions.
Eligibility :
1. The household must be an Indian citizen.
2. The household must own a house with a roof that is suitable for installing solar panels.
3. The household must have a valid electricity connection.
4. The household must not have availed any other subsidy for solar panels.
Application Process
Step-2 : Provide the following details for registration.
– Select your State
– Select your Electricity Distribution Company
– Enter your Electricity Consumer Number
– Enter Mobile Number
– Enter Email
– Please follow as per the direction from the portal.
Step-3 : Login with Consumer Number & Mobile Number.
Step-4 : Apply for the Rooftop Solar as per the form.
Step-5 : Fill out the online application form.
Step-6 : Wait for the feasibility approval from DISCOM. Once you get the feasibility approval install the plant by any of the registered vendors in your DISCOM.
Step-7 : Once installation is over, submit the plant details and apply for net meter.
Step-8 : After installation of net meter and inspection by DISCOM, they will generate commissioning certificate from portal.
Step-9 : Once you get the commissioning re
Documents Required
1. Proof of identity.
2. Proof of address.
3. Electricity bill.
4. Roof ownership certificate.
Frequently Asked Questions
This is a government scheme that aims to provide free electricity to households in India.
1. Subsidy on the Suitable Rooftop Solar Plant Capacity for households. 2. Free electricity for households. 3. Reduced electricity costs for the government. 4. Increased use of renewable energy. 5. Reduced carbon emissions.
1. The household must be an Indian citizen. 2. The household must own a house with a roof that is suitable for installing solar panels. 3. The household must have a valid electricity connection. 4. The household must not have availed any other subsidy for solar panels
1. Applicant must register them self. 2. Submit the online application form.
Step-1 Visit the official website. Step-2 : Provide the following details for registration. - Select your State - Select your Electricity Distribution Company - Enter your Electricity Consumer Number - Enter Mobile Number - Enter Email - Please follow as per the direction from the portal.
Step-1 Login with Consumer Number & Mobile Number. Step-2 : Apply for the Rooftop Solar as per the form. Step-3 : Fill out the online application form.
1. Proof of identity. 2. Proof of address. 3. Electricity bill. 4. Roof ownership certificate.
Rooftop solar PV systems can be installed on any type of roof having sufficient load bearing capacity.
Saving on electricity bill by the consumer. Utilization of available vacant roof space, no additional land required. Low gestation period. No additional requirement of transmission and distribution (T&D) lines. Reduces T&D losses as power consumption and generation are collocated. Improvement in the tail-end grid voltages and reduction of system congestion. Long term energy and ecological security by reduction in carbon emission. Better management of daytime peak loads by DISCOM/ utility. Meeting of the Renewable Purchase Obligations (RPOs) of obligated entities
The RTS under any framework like net or gross metering can be installed by the electricity consumer. So, if applicant have electricity connection in his/her name and he/she pay regularly the electricity bill in his/her own name and also have the permission of use the roof for solar rooftop installation from the owner, he/she can install the RTS.
The system is easy to be dismantled and reassembled elsewhere. So, it can be shifted to new residence.