UBI provides loans of up to ₹15 lakh for a new solar system

If you also want to install solar panels on your home and you don’t have a large budget, you don’t have to worry. Now you can also easily install solar panels at your home by taking out a loan for the solar system. With the help of the new Prime Minister Surya Ghar Yojana, you can now get subsidy for which Union Bank of India (UBI) is offering great loan offers. In this article we discuss how you can also get a loan from the UBI and install solar panels in your home.

Loans up to ₹15 lakh will be available under the new PM Surya Ghar Scheme

Under the new Prime Minister Surya Ghar Yojana, citizens of the country will get loans for installing solar panels on roofs. This loan is provided by Union Bank of India, the loan amount of which is up to ₹15 lakh. By installing solar panels, you can meet your home’s electricity needs without having to worry about high electricity bills.

If you buy a 3kW rooftop solar panel, the total cost will be around ₹1.50 lakh. The government gives you a subsidy of ₹78,000 on this, which can save you a lot of money. You can borrow up to 80% of these costs from the bank and by using the subsidy you can install solar panels at lower costs.

New partnership between TPSSL and UBI

Tata Power Solar Systems Limited (TPSSL) and Union Bank of India (UBI) have formed a new partnership to provide solar energy solutions to the residential sector. Previously, UBI offered loans to the commercial sector, but now with this new partnership, the bank will also provide loans to the residential sector. Now, with the help of this loan, the citizens of the country will be able to easily reduce their electricity bills and meet their electricity needs without causing pollution.

The loan is now available for 10 years

Under Prime Minister Surya Ghar Yojana, UBI provides loans without any collateral, which you can get and repay for a period of 10 years. This requires you to complete the application process so that you can easily install the system. You can get a loan of up to ₹15 lakh, for which you will get a subsidy of 40% to 20%. You can take a loan with a term of up to 10 years, which is provided under Prime Minister Surya Gher Yojana for the residential sector.

Also see: Now you will receive a huge subsidy for installing these solar panels, including this attractive price