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Get Free Electricity with PM Surya Ghar Yojana: SBI Offers Loans up to Rs 6 Lakh

Find out how SBI's loan scheme under PM Surya Ghar Yojana enables access to free electricity benefits for solar installations.

Shivam Dwivedi
Get Free Electricity with PM Surya Ghar Yojana: SBI Offers Loans up to Rs 6 Lakh (Photo Source: Pexels)
Get Free Electricity with PM Surya Ghar Yojana: SBI Offers Loans up to Rs 6 Lakh (Photo Source: Pexels)

As interest in adopting solar panels grows under the PM Surya Ghar Muft Bijli Yojana, concerns about affordability are being addressed through government subsidies and bank financing options. The State Bank of India (SBI) is playing a crucial role in facilitating this transition by offering loans tailored specifically for rooftop solar installations.

Loan Details by SBI Under PM Surya Ghar- Loan for Solar Roof Top:

Under this scheme, SBI provides loans for solar rooftop installations based on specific criteria related to capacity and eligibility.



Eligibility Criteria
(Up to 3 KW)

Eligibility Criteria
(> 3 kW to 10 kW)



Installation of solar rooftop up to 3 kW

Installation of solar rooftop above 3 KW and up to 10 KW



Maximum loan amount Rs. 2 lakhs

Maximum loan amount Rs. 6 lakhs


Age and Other Eligibility Conditions

  • Age up to 65 years (repayment of loan before the borrower turns 70 years of age)

  • All individual applicants

  • Applicants with CIBIL score 680 and above (NTC also eligible)

  • Permission/authority should be obtained to install the proposed equipment on the roof.

  • There should be adequate roof area as mandated by MNRE from time to time.

  • Latest electricity bill.

  • Savings account mandatory.



PAN alternative for CIBIL

PAN mandatory



Minimum 10% of project cost

Minimum 20% of project cost


Interest Rate (Floating Interest Rate)

EBLR- 2.15% Current effective rate: 7%

EBLR for Home Loan customers + 0% – Current effective rate – 9.15% EBLR
for Non-Home Loan customers + 1% – Current effective rate – 10.15%



Maximum 120 months (including moratorium period)
No minimum tenure
(No pre-payment charges)



hypothecation of assets


Processing Fee




  • 1KW – Rs. 30000

  • 2KW – Rs. 60000

  • 3KW – Rs 78000.

  • Claim will be made by the borrower on suryaghar.gov.in (MNRE website) (Please provide loan account number for crediting the subsidy amount in the loan account)

Subsidy amount – Rs. 78000
to be claimed by the borrower on suryaghar.gov.in (MNRE website) (Please provide loan account number to credit the subsidy amount in the loan account)


Net Annual Income

Not Necessary

Minimum – Rs. 3 lakhs


Required Documents

  • KYC documents

  • Copy of the Electricity Bill

  • KYC documents

  • ITR Return/Form-16 for the last 2 years

  • Salary Details (6 Months)

  • Copy of Electricity Bill


Moratorium Period

6 months from the date of disbursement



Disbursement will be made directly to the vendor/EPC contractor after submission of all requisite feasibility reports as mandated by MNRE. Loan amount + Disbursement of borrower's margin
(Subsidy will be claimed by the borrower quoting the loan account number)


Other Covenants

  • All applications will be received through Jan Samarth Portal only.

  • The application can be done by yourself or with assistance.

  • Insurance of assets financed through bank loans is not mandatory for rooftop solar capacity ranging from 1 kW to 3 kW.

  • For assets with a capacity above 3 KW, the total cost of installation will be insured. The cost of insurance will be borne by the customer.


In-Principle Approval

In-principle approval will be given through digital medium based on self-declaration by the applicant. The final sanction will be based on the verification and evaluation of relevant documents.


Link for Loan Application

Link for registration – https://pmsuryaghar.gov.in

Link for loan application – https://www.jansamarth.in


By utilizing both government subsidies under the PM Surya Ghar Muft Bijli Yojana and SBI's loan scheme, people can transition towards sustainable and cost-effective energy solutions. This initiative not only promotes energy independence but also contributes to a greener environment.

More on this:
  • Who is eligible for the SBI Surya Ghar Loan for Solar Rooftop Finance?

    Individual applicants with sufficient rooftop area and rights, aiming to install solar rooftop systems up to 3 kW capacity, can apply for this loan.

  • How much margin money is required to secure the loan?
    • For solar rooftop installations up to 3 kW capacity, a minimum of 10% of the project cost is needed.
    • For solar rooftop installations above 3 kW and up to 10 kW capacity, a minimum of 20% of the project cost is required.
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