Banks that provide loan for PM Surya Ghar Yojana | Fusion - WeRIndia

In a significant move towards sustainable energy, the Indian government, under the leadership of Prime Minister Narendra Modi, has launched the PM Surya Ghar Muft Bijli Yojana.

This innovative scheme, unveiled in the 2024-25 budget by Finance Minister Nirmala Sitharaman, aims to illuminate one crore homes across the country with solar energy.

Designed to reduce financial burdens, the government promises substantial subsidies and attractive bank loans to encourage the adoption of rooftop solar installations.

The scheme offers up to ₹78,000 in subsidies for households that consume over 300 units monthly and opt for systems larger than 3 KW.

For smaller setups, there’s a subsidy of ₹30,000 per KW for systems up to 2 KW and ₹18,000 per KW for those up to 3 KW.

This initiative not only promotes green energy but also ensures that the switch to solar is economically feasible for the average Indian household.

To facilitate this transition, several banks have come forward with low-interest loan offers, requiring no collateral.

These loans are pegged at a mere 0.5 per cent above the current repo rate, making them highly affordable.

If the repo rate drops, so does the interest rate on these loans, further easing the financial commitment for families.

Key banking partners in this venture include the State Bank of India, Central Bank of India, Punjab National Bank, Canara Bank, and Union Bank of India.

Each bank provides a tailored loan package for the installation of solar rooftop systems, with maximum loan amounts ranging from ₹2 lakh to ₹6 lakh.

The disbursement process is designed to be seamless, with payments made directly to the vendors or EPC contractors after necessary assessments, encouraging a hassle-free transition to solar energy.

As the world moves towards greener alternatives, India’s PM Surya Ghar Muft Bijli Yojana stands as a beacon of progress.

By joining financial assistance with sustainable development, the scheme not only aims to lighten the load on the environment but also on the wallets of its citizens.

For more details on participating banks and application processes, interested individuals are encouraged to visit the scheme’s National Portal.

Image from Pxhere (Free for commercial use / CC0 Public Domain)

Image Reference: https://pxhere.com/en/photo/593075