PM Surya Ghar Yojana: The huge electricity bill every month spoils the budget of any common man’s house. As consumption increases, the tension of paying bills also increases. But now the Central Government’s ‘PM Surya Ghar: Free Electricity Scheme’ has come out with a sure and forever effective solution to this problem. If you are planning to install solar panels on your roof, now this work has become much easier and cheaper than before. Under this scheme, the government gives you huge financial help (subsidy) up to Rs 78 thousand. Apart from this, big banks like Bank of Baroda are also providing loan facility at very nominal interest. Its direct benefit will be that once the solar system is installed on the roof, your electricity bill will be reduced and you will be able to generate the electricity you need yourself.
Understand the complete mathematics of subsidy
The best thing about this scheme is that the common man does not have to spend much money from his pocket. The government sends money directly to your bank account according to the capacity of your solar system. If you install a 1 kW panel, you get Rs 30,000 and for 2 kW, you get Rs 60,000. Whereas, if you install a system of 3 kW or larger, you will get a maximum rebate of Rs 78,000. For the remaining expenses, Bank of Baroda is giving loan up to Rs 2 lakh at an annual interest rate of only 5.75%. If the expenses are high, you can take a loan up to Rs 6 lakh, on which interest rates start from 7.90%.
You will get money sitting at home without guarantee
Often people are afraid of visiting the bank in the name of loan. Keeping this in view, Bank of Baroda has made the entire process of solar loan up to Rs 2 lakh online. The biggest relief is that for a loan up to Rs 2 lakh, you neither have to take any mortgage nor show any income proof or salary slip.
To apply, you should be above 21 years of age, have your own roof and electricity connection should be in your name. Also, your CIBIL score should be 680 or more. Only Aadhar card, mobile number, electricity bill and quotation from solar vendor are required among the documents. Applying online takes only 15-20 minutes and the loan is approved and money is received within a day or two.
10 years time to repay the loan
In this scheme, customers are given a long time of 10 years (120 months) to repay the loan. This also includes the ‘Moratorium Period’ of the initial 6 months, which means that you do not have to worry about paying the installments (EMI) in the initial months of panel installation. The subsidy amount given by the government is directly adjusted in your loan account. This reduces your principal amount and also reduces the installment burden.
Along with this, the scheme also has the great advantage of ‘net-metering’. If your solar panel produces more electricity than you need, you can give the remaining electricity back to the electricity department (grid). In return, credit will be added to your bill, due to which the remaining bill can also be completely wiped off. If you also want to take advantage of this great opportunity, then you can easily register yourself by visiting pmsuryaghar.gov.in.
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