List of Bank Loans Available For PM Surya Ghar Muft Bijli Yojana
The Indian government’s commitment to renewable energy and environmental sustainability takes a concrete form through the PM Surya Ghar Muft Bijli Yojana. Introduced in the 2024-25 budget by Finance Minister Nirmala Sitharaman and launched by Prime Minister Narendra Modi, this ambitious scheme aims to bolster the adoption of rooftop solar installations across the country. Targeting the installation of solar panels in one crore (ten million) houses, the initiative is a significant step towards reducing the carbon footprint and promoting green energy solutions. To ensure the financial viability of this eco-friendly transition for citizens, the government is offering substantial subsidies and facilitating attractive loan options.
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List of Bank Loans Available For PM Surya Ghar Muft Bijli Yojana
In this article, we delve into the various loan options provided by major banks under the PM Surya Ghar Muft Bijli Yojana, making solar installations more accessible to the general public.
State Bank of India (SBI)
Purpose:
- Installing a 3 KW solar rooftop system.
Disbursement:
- Payment issued directly to the vendor or EPC contractor upon completion of necessary feasibility assessments as required by MNRE.
Maximum Loan Amount:
- Rs 2 lakh.
Central Bank of India
Purpose:
- Up to 3 KW of solar rooftop installation.
Disbursement:
- Payment made directly to the vendor or the owner of the EPC contract after installation and receipt of a letter of satisfaction from the borrower.
Maximum Loan Amount:
- Rs 6 lakh.
Punjab National Bank
Purpose:
- Up to 10 KW of solar rooftop installation.
Disbursement:
- The loan amount for the rooftop solar system, including the borrower’s contribution, is paid to the vendor or EPC contractor after necessary feasibility evaluations.
Maximum Loan Amount:
- Rs 6 lakh.
Canara Bank
Purpose:
- Up to 3 KW of solar rooftop installation.
Disbursement:
- The vendor/EPC contractor receives the loan amount plus any relevant margin directly following the completion of all necessary loan documents.
Maximum Loan Amount:
- Up to Rs 2 lakh (including subsidy).
Union Bank of India
Purpose:
- Up to 3 KW of solar rooftop installation.
Disbursement:
- Similar to Canara Bank, following the completion of all necessary loan documents, the vendor/EPC contractor receives the loan amount plus any relevant margin directly.
Maximum Loan Amount:
- Up to Rs 2 lakh.
The PM Surya Ghar Muft Bijli Yojana not only promotes the use of renewable energy but also provides a significant financial incentive for households to switch to solar power. Through substantial subsidies and low-interest loans, the scheme aims to alleviate any financial strain on citizens wishing to make their homes more energy-efficient and environmentally friendly. By partnering with major banks to offer these attractive loan options, the government ensures that the transition to solar energy is as smooth and accessible as possible for homeowners across India. For detailed information on eligibility, application process, and more, interested individuals should visit the official scheme portal or contact the banks directly.
