If you are troubled by the rising electricity bills, then under the PM Surya Ghar Yojana, you can generate your own electricity by installing solar panels on your roof. In this special scheme of the government, you can get a subsidy of up to Rs 78,000. Also, the State Bank of India (SBI) is giving loans at an initial interest rate of only 6 percent.

It is easy to apply for this, and the process of getting a loan is also easy. Let us know how you can generate your electricity on the roof of your house.

Who can apply?
Under SBI's new scheme, if you are a common citizen or individual applicant and you have sufficient roof area or land on which you want to install a solar power system, then you can take a loan from SBI. For this, you must have full rights over your roof or land, and the proposed installation must meet the technical criteria. You can opt for elevated installation (ground-mounted elevated) on the roof or the ground.

Keep in mind that the maximum age to apply for the loan is 65 years if you are applying for it in a single name. Otherwise, if you are applying in joint names, then the maximum age is 75 years. However, the loan should be closed before the co-borrower completes the age of 75 years.

Understand the loan amount-
According to the official website of SBI, there is no minimum amount fixed for taking a loan under the PM Surya Ghar Yojana, but it can be up to a maximum of Rs 6 lakh. For a loan amount up to Rs 2 lakh, there is no minimum income criterion. However, to avail a loan of more than Rs 2 lakh and up to Rs 6 lakh, the net annual income should be Rs 3 lakh and above. You have to pay only a 10 percent margin on the loan amount to get the loan.

If you take a loan of up to Rs 2 lakh under Surya Ghar Yojana from SBI at a floating rate, then it will be available to you at a rate of 6 percent per annum. Apart from this, if the loan amount is more than 2 lakhs and up to 6 lakhs rupees, then you will get this loan at 8.15 percent interest. You can repay the loan in a maximum of 120 months. If you also make a prepayment, then you do not have to pay any charge.

Subsidy up to 78 thousand-

Under the PM Surya Ghar Free Electricity Scheme, solar systems up to 2 kW get a subsidy of 60 percent of the unit cost. For systems of 2 to 3 kW capacity, 40 percent of the additional cost is given as a subsidy. The maximum limit of subsidy (subsidy ceiling) is up to 3 kW capacity. According to the official website of the government, a subsidy of Rs 30,000 will be available on a 1 kW system, Rs 60,000 on a 2 kW system, and Rs 78,000 on 3 kW or more.

How to do -

For the Prime Minister Surya Ghar Free Electricity Scheme, first, you have to register on the national portal https://pmsuryaghar.gov.in/#/. Here you have to choose your state and electricity distribution company. The portal will give you important information like suitable system size, profit calculator, and seller rating. You can choose the seller and brand of the rooftop solar unit of your choice. After registration, you can apply for the loan through the portal https://www.jansamarth.in.

Disclaimer: This content has been sourced and edited from Hr Breaking. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.