Individual singly or jointly with parents /Spouse /earning children (whether married or unmarried)/ earning daughter in law, subject to fulfilling following conditions:
Applicant(s) having CIBIL score 680 (of CIBIL TU) or Equivalent, including 1/0/Nil/No hit.
Applicant/ co-applicant should be owner of residential property, having rooftop rights on which installation is proposed.
Have sufficient roof area as mandated by MNRE from time to time.
Applicant/ co-applicant should have latest electricity bill confirming the ownership of residential property.
Maximum age of the applicant: 75 years.
Applicant should be saving account holder, mandatorily.
Installation of new rooftop solar power system at residential house with maximum capacity up to 10 kW.
Loan Amt
Maximum Loan amount: Rs. 6 Lakhs, depending upon the capacity of rooftop solar power system. (@ Rs. 50,000/- to 70,000/- per kW)
For installation of rooftop solar power system up-to 3 kW -
Max. Loan amount - Rs. 2.00 lacs
For installation of rooftop solar power system more than 3 kW and up-to 10 kW -
Max. Loan amount - Rs. 6.00 lacs
Margin
For Loan amount of up to Rs. 2 lakhs: 10%
For loan amount above Rs. 2 lakhs and up to Rs. 6 lakhs: 20%
Net Annual Income
For Loan amount of upto Rs. 2 lakhs: No minimum income requirement. (no assessment is required)
For loan amount above Rs. 2 lakhs and upto Rs. 6 lakhs: Minimum Annual Income of Rs. 3 Lakhs.
Income Assessment
For loan amount above Rs. 2 lakhs and upto Rs. 6 lakhs:
Repayment should be fixed on a realistic basis, which should not exceed the prescribed limit of Gross Annual Salary/Income (GAS/I) of the borrower(s). For this purpose, all deductions including the proposed Loan installment should not exceed 50% of Gross Annual Salary/Income (GAS/I) of the borrower(s).
Loan Tenure
Maximum 10 Year (inclusive of moratorium period)
Repayment of the Solar Rooftop loan along with interest should not extend beyond the age of 75 years of borrower.
Moratorium
6 months from the date of disbursement. Interest accrued to be paid as and when charged.
Documents Required
Application Form and Sanction Letter
KYC documents PAN no., Aadhaar Card etc.
Quotation along with submission of all the required feasibility reports as mandated by MNRE.
One-year ITR / Form 16 (in case of loan sanctioned for installation of solar rooftop above Rs. 2 lakhs and upto Rs. 6 lakhs)
Account statement last 6 months
Any document confirming the ownership of property such as Tax receipt / sale deed etc.
*Pan Card is optional in case of loan amount upto Rs. 2 lakhs and mandatory for loan amount above Rs. 2 lakhs.
Disbursement
Disbursement of loan amount for rooftop solar system along with the Borrower’s contribution to be made directly to the vendor / EPC contractor after submission of all the required feasibility reports as mandated by MNRE.
Subsidy to be claimed by borrower/vendor quoting the loan account number.
Tie-up Arrangement
MNRE is implementing the program through power distribution companies / DISCOMs of various States.
All Residential solar rooftop systems sold by empanelled vendors of Ministry of New & Renewable Energy (MNRE). State-wise list of empanelled DISCOM vendors is available at official website of MNRE: https://pmsuryaghar.gov.in/VendorList/statewiseVendor
Security
Hypothecation of equipment(s) to be purchased.
For Loan Amount upto Rs. 2 lakhs: 3rd party guarantee waived.
For Loan amount above Rs. 2 lakhs and upto Rs. 6 lakhs: third-party guarantee with net means of at-least equal to loan amount to be taken.
Subsidy
MNRE has introduced the subsidy for installation of solar rooftop system in residential households.
The same is as under:
For installation of Solar rooftop up-to 3kW:
1KW- Rs. 30,000/-
2KW- Rs. 60,000/-
3KW- Rs. 78,000/-
For installation of Solar Roof top more than 3 KW and up-to 10kW:
capped at Rs. 78,000/-
To be claimed by borrower (Loan account number to be provided for credit of subsidy amount in the loan account).
Insurance
For Loan Amount upto Rs. 2 lakhs:
Insurance of asset is not mandatory.
For Loan amount above Rs. 2 lakhs and upto Rs. 6 lakhs:
Asset to be insured for the total cost of installation for capacity more than 3 KW. Cost of insurance to be borne by the customers.
Misc
1) All Applications will be sourced through Jan Samarth Portal, available for self-sourced as well as assisted journey.
2) Digital In principal sanction to be given based on Self-Declaration by the applicant. Final Sanction to be based on verification of relevant documents and assessment by the respective branch.
The link will open only through bank's intranet and it will not open through internet
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A New Internet Banking and Mobile Banking Solution - PSB UnIC for Retail Customers including NRE/NRO and PSB UnIC Biz for Sole Proprietor customers and Corporate Customers has been rolled out successfully by the Bank bringing UPI, IMPS, NEFT, RTGS and many more banking services under one platform.
Please note that our customers have already been notified that the old Internet Banking Portal of the Bank will be pulled down by 28.02.2022. The Funds Transfer services were blocked for Retail Internet Banking Customers since 09.01.2022. However, our old Internet Banking Portal was running parallelly for the last few days for the benefit of old Retail and Corporate Internet Banking Customers. It has now been decided that the Old Internet Banking will be pulled down on midnight of 21.03.2022. Bill Payments and Tax Payments ( OLTAS and GST) can be done through PSB UnIC digital platform. Bill Payment services are moved to PSB UnIC from 16.03.2022 onwards and the OLTAS functionality will be live from 18.03.2022 through PSB UnIC.
Our existing old Internet Banking customers ( Retail and Sole Propriership) who are yet to register in PSB UnIC are requested to make a onetime registration by visiting our website: https://punjabandsindbank.co.in and by clicking on PSB UnIC and choosing appropriate Option as follows:
And submit the duly signed application form along with required documents Viz. Board Resolution / Partnership Letter with Deed / Trust, Society, Club Resolution Letter/ HUF Letter etc. and also the KYC documents of the Authorised Users immediately to the parent Branch.
These corporate customers will be sent a registration kit through email after submission of the above documents. By Using the credentials in the mail, the corporate customers are requested to register by following the instructions contained in the email and start availing the benefit of PSB UnIC Biz services.
General Manager-IT,
Punjab & Sind Bank
Internet Banking
Dear customers,
A New Internet Banking and Mobile Banking Solution - PSB UnIC for Retail Customers including NRE/NRO and PSB UnIC Biz for Sole Proprietor customers and Corporate Customers has been rolled out successfully by the Bank bringing UPI, IMPS, NEFT, RTGS and many more banking services under one platform.
Please note that our customers have already been notified that the old Internet Banking Portal of the Bank will be pulled down by 28.02.2022. The Funds Transfer services were blocked for Retail Internet Banking Customers since 09.01.2022. However, our old Internet Banking Portal was running parallelly for the last few days for the benefit of old Retail and Corporate Internet Banking Customers. It has now been decided that the Old Internet Banking will be pulled down on midnight of 21.03.2022. Bill Payments and Tax Payments ( OLTAS and GST) can be done through PSB UnIC digital platform. Bill Payment services are moved to PSB UnIC from 16.03.2022 onwards and the OLTAS functionality will be live from 18.03.2022 through PSB UnIC.
Our existing old Internet Banking customers ( Retail and Sole Propriership) who are yet to register in PSB UnIC are requested to make a onetime registration by visiting our website: https://punjabandsindbank.co.in and by clicking on PSB UnIC and choosing appropriate Option as follows:
And submit the duly signed application form along with required documents Viz. Board Resolution / Partnership Letter with Deed / Trust, Society, Club Resolution Letter/ HUF Letter etc. and also the KYC documents of the Authorised Users immediately to the parent Branch.
These corporate customers will be sent a registration kit through email after submission of the above documents. By Using the credentials in the mail, the corporate customers are requested to register by following the instructions contained in the email and start availing the benefit of PSB UnIC Biz services.
