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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.

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 installation of rooftop Solar power systems: up-to 3kW- 10%

For installation of rooftop Solar power systems more than 3 KW and up-to 10kW: 20%

Net Annual income

For installation of rooftop Solar power systems up-to 3kW- No income requirement. (no assessment is required)

For installation of rooftop Solar power systems more than 3 KW and up-to 10kW- Minimum Annual Income of Rs. 3 Lacs .

Income Assessment

For installation of rooftop solar power system more than 3 KW and up-to 10kW

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 installation of rooftop solar power system more than 3 KW and up-to 10kW

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 installation of rooftop solar power system up-to 3kW-

1.1 Under Floating option: REPO RATE + 0.50% i.e. 6.50%+0.50%presently 7.00% p.a.

2. For installation of rooftop solar power system more than 3 KW and up-to 10kW-

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 8.40% p.a.)

RLLR+BSP+0.15% (presently 9.40% p.a.)

750 to 799

(including

-1/0/ No hit/ Nil)

RLLR+BSP-0.80% (presently 8.45% p.a.)

RLLR+BSP+0.20% (presently 9.45% p.a.)

700 to 749

RLLR+BSP-0.35%

(presently 8.90% p.a.)

RLLR+BSP+0.65%

(presently 9.90% p.a.)

680 to 699

RLLR+BSP+0.75%

(presently 10.00% p.a.)

RLLR+BSP+1.75%

(presently 11.00% 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)

Documents Required

a.Application Form and Sanction Letter

b.KYC documents PAN no., Adhaar Card etc.

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

d.One Year ITR (wherever applicable)

e.Account statement last 6 months

f.Latest Electricity bill.

g.Any document confirming the ownership of property such as Tax receipt/sale deed etc.

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 installation of rooftop Solar power systems up-to 3kW: 3 rd party guarantee waived

For installation of Roof top solar power systems more than 3 KW and up-to 10kW: 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 installation of rooftop solar power system up-to 3kW-
Insurance of asset is not mandatory.

For installation of rooftop solar power system more than 3 KW and up-to 10kW-
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.

Digital Products

  • PNB mobile app
  • PNB CUSTOMER SUPPORT

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