Key Points

The scheme has achieved a significant milestone in empowering households with clean and affordable solar energy.

The implementation of the PMSGMBY is actively supported by streamlining the credit delivery process, facilitating collateral-free affordable loans at lower interest rates and simplified financing through PSBs.

"The loans are processed through the JanSamarth Portal, integrated with the National Portal for PM Surya Ghar Muft Bijli Yojana (pmsuryaghar.gov.in), ensuring an end-to-end seamless digital application process, enhanced user experience and data-driven decision making for beneficiaries," according to a Finance Ministry statement.

The model loan scheme offers key benefits including, loans up to Rs 2 lakh at competitive interest, without collateral, longer tenure for repayment in line with the electricity cost saving, six-month moratorium period from disbursement, lower margin contribution by the applicant and a digital sanction process based on self-declaration.

With active participation from PSBs, several enhancements have been introduced to ease access to loans and expand the scheme's reach.

"Notable improvements in the loan scheme, such as inclusion of co-applicants to broaden scope of eligibility, removing capacity-based caps and simplified documentary requirements, have been incorporated based on feedback from the users," the ministry added.

The Department of Financial Services (DFS) in coordination with Ministry of New and Renewable Energy, actively reviews the progress of loans under the scheme, strengthening implementation through collaboration with State Level Bankers Committees and Lead District Managers, thereby driving faster adoption better outreach and penetration of the scheme.

- IANS