Solar Panels : Hello friends, if you are also troubled by the electricity bill and are thinking of installing solar panels, then this can be a golden opportunity for all of you. Yes, this is because at this time you can apply for solar panels with a full 40% subsidy.
For which we will provide you the detailed process about applying online for solar panel, after that.
Know more about PNB Solar Rooftop Loan
Here we are going to give you information about Punjab National Bank’s Solar Rooftop Loan, which is a type of financial service that helps the customer to install solar panel system on the roof of the house or commercial building.
The aim of this scheme is to expand renewable energy in the country and to provide relief to the citizens of the country from rising electricity bills. This is an environment friendly initiative which promotes the use of solar energy.
Under this scheme, the bank provides loans for solar systems of different sizes and you will also get the benefit of government subsidy.
Key features of the scheme
Here are some features of Punjab National Bank Solar Rooftop Loan Scheme:-
- First of all, a loan of minimum ₹50000 and maximum ₹10 lakh can be availed under the scheme.
- Which will easily meet the requirements of solar projects of different sizes.
- The starting interest rate on the loan available under this scheme is 8.5%.
- Interest rates are clearly determined based on the credit profile.
- The biggest feature is that the time given for repaying the loan is minimum 5 years and maximum 10 years.
- There is no need for any guarantee for a small loan and the loan can be obtained through a simple application process.
You will get the benefit of government subsidy
If you install solar panels under the Pradhan Mantri Surya Ghar Yojana started by the Prime Minister of India, then subsidy will also be given by the government.
- 40% subsidy is given on solar systems up to 3 kilowatts.
- 20% subsidy will be available on solar systems between 3 kW to 10 kW.
- For example, if you install a 3 kW solar system and its cost is ₹ 200000, then the government will give you a subsidy of 80 thousand rupees.
- This means that this solar panel can be installed by spending just Rs 1.2 lakh.
- But subsidy class is not given on systems having capacity more than 10 kW.
Qualification required for application?
If you want to apply for PNB Solar Rooftop Loan then it is necessary to fulfill the eligibility given below.
- To apply, your minimum age should be 18 years.
- Whereas the maximum age should be 70 years.
- The candidate must own the property on which he wishes to install solar panels.
- The candidate’s credit score must be minimum 650 or more.
- You should also have a source of regular income, be it a job or business.
- The bank determines the loan amount and terms after closely analysing the financial position of the candidate.
Step by step process of application?
- You can apply for solar rooftop loan from Punjab National Bank very easily.
- For this, you have to visit the website of Punjab National Bank or download the Punjab National Bank mobile application
- Go to the loan section and click on the Solar Panel option under Green Energy Loan.
- Complete information has to be filled in the application form.
- All important documents have to be uploaded.
- After this it will be verified by the bank
- Then upon loan approval, you will be able to start the process of solar panel installation.
- The entire work will take approximately 7 to 15 days.
