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Benefits

Eligibility

Individual singly or jointly with parents /Spouse /earning children (whether married or unmarried)/ earning daughter in law, subject to fulfilling following conditions:

a.Applicant(s) having CIC score 680 (of CIBIL TU) or Equivalent, including -1/0/Nil/No hit.

b.Applicant/ co-applicant should be owner of residential property, having rooftop rights on which installation is proposed.

c.Have sufficient roof area as mandated by MNRE from time to time.

d.Applicant/ co-applicant should have latest electricity bill confirming the ownership of residential property.

e. Maximum Age of the applicant- 75 years.

f. Applicant should be saving account Holder, mandatorily.

g. Click for list of approved vendors

Purpose and loan amount

Installation of new rooftop solar power system at residential house with maximum capacity up to 10 kw.

Maximum Loan amount: Rs. 6 Lakhs, depending upon the capacity of rooftop solar power system. (@ Rs. 50,000/- to 70,000/- per kW)

For installation of rooftop solar power system up-to 3kW-
Max. Loan amount- Rs. 2.00 lacs

For installation of rooftop solar power system more than 3 KW and up-to 10kW-
Max. Loan amount- Rs. 6.00 lacs

Margin

For Loan amount of upto Rs. 2 lakhs: 10%

For loan amount above Rs. 2 lakhs and upto Rs. 6 lakhs: 20%

Net Annual income

For Loan amount of upto Rs. 2 lakhs: No minimum income requirement. (no assessment is required)

For loan amount above Rs. 2 lakhs and upto Rs. 6 lakhs Minimum Annual Income of Rs. 3Lakhs.

Income Assessment

For loan amount above Rs. 2 lakhs and upto Rs. 6 lakhs:

Repayment should be fixed on a realistic basis, which should not exceed the prescribed limit of Gross Annual Salary/Income(GAS/I)of the borrower(s). For this purpose, all deductions including the proposed Loan installment should not exceed 50% of Gross Annual Salary/Income(GAS/I)of the borrower(s).

Regularity of Income

For loan amount above Rs. 2 lakhs and upto Rs. 6 lakhs:

The regularity of income of the borrower(s) over the entire span of loan should be clearly established before sanction of loan.

ITR of minimum One year and Account Statement for 6 months be taken & perused.

Rate of Interest

1. For loan amount upto Rs. 2 lakhs

1.1 Under Floating option: REPO RATE + 0.50% i.e. 6.25%+0.50%presently 6.75% p.a.

2. For loan amount above Rs. 2 lakhs and upto Rs. 6 lakhs

2.1. Under Floating option:

CIBIL TU or equivalent ROI for existing/ fresh Home Loan Borrower ROI for Non-Home Loan Borrower
800 and above RLLR+BSP-0.85% (presently 8.15% p.a.) RLLR+BSP+0.15% (presently 9.15% p.a.)
750 to 799
(including -1/0/ No hit/ Nil)		 RLLR+BSP-0.80% (presently 8.15% p.a.) RLLR+BSP+0.20% (presently 9.20% p.a.)
700 to 749 RLLR+BSP-0.35%
(presently 8.65% p.a.)		 RLLR+BSP+0.65%
(presently 9.65% p.a.)
680 to 699 RLLR+BSP+0.75%
(presently 09.75% p.a.)		 RLLR+BSP+1.75% (presently 10.75% p.a.)

2.2. Under Fixed option:

CIBIL TU or equivalent ROI for existing/ fresh Home Loan Borrower ROI for Non-Home Loan Borrower
800 and above 9.40% p.a. 10.40% p.a.
750 to 799
(including -1/0/No hit/Nil)		 9.45% p.a. 10.45% p.a.
700 to 749 9.90% p.a. 10.90% p.a.
680 to 699 11.00% p.a. 12.00% p.a.

Repayment Tenure

Maximum 10 Year
(inclusive of moratorium period)

Repayment of the Solar Rooftop loan along with interest should not extend beyond the age of 75 years of borrower.

Documents Required

Application Form and Sanction Letter

KYC documents PAN no., Adhaar Card etc.

Quotation along with submission of all the required feasibility reports as mandated by MNRE.

One-year ITR/Form 16 (in case of loan sanctioned for installation of solar rooftop above Rs.2 lakhs and upto Rs. 6 lakhs)

Account statement last 6 months

Latest Electricity bill.

Any document confirming the ownership of property such as Tax receipt/sale deed etc.
*Pan Card is optional in case of loan amount upto Rs. 2 lakhs and mandatory for loan amount above Rs. 2 lakhs.

Disbursement

Disbursement of loan amount for rooftop solar system along with the Borrower`s contribution 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.

Moratorium

6 months from the date of disbursement. Interest accrued to be paid as and when charged.

Classification

The loan for purchase of rooftop solar power system will be classified under priority sector.

Tie-up Arrangement

MNRE is implementing the program through power distribution companies/DISCOMs of various States.

All Residential solar rooftop systems sold by empanelled vendors of Ministry of New & Renewable Energy (MNRE).State-wise list of empanelled DISCOM vendor is available at official website of MNRE i.e. https://pmsuryaghar.gov.in/VendorList/statewiseVendor

Security

Hypothecation of equipment(s) to be purchased.

For Loan Amount upto Rs. 2 lakhs 3 rd party guarantee waived

For Loan amount above Rs. 2 lakhs and upto Rs. 6 lakhs: third-party guarantee with net means of at-least equal to loan amount to be taken.

Subsidy

MNRE has introduce the subsidy for installation of solar rooftop system in residential households.

The same is as under:

For installation of Solar rooftop up-to 3kW:

1KW- Rs. 30,000/-

2KW- Rs. 60,000/-

3KW- Rs. 78,000/-

For installation of Solar Roof top more than 3 KW and up-to 10kW:

capped at Rs. 78,000/-

To be claimed by borrower (Loan account number to be provided for credit of subsidy amount in the loan account).

Insurance

For Loan Amount upto Rs. 2 lakhs:
Insurance of asset is not mandatory.

For Loan amount above Rs. 2 lakhs and upto Rs. 6 lakhs:
Asset to be insured for the total cost of installation for capacity more than 3 KW. Cost of insurance to be borne by the customers.

Processing fees/upfront fees

Nil

Misc

1) All Applications will be sourced through Jan Samarth Portal, available for self-sourced as well as assisted journey.

2) Digital In principal sanction to be given based on Self-Declaration by the applicant. Final Sanction to be based on verification of relevant documents and assessment by the respective branch.

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