Rooftop Solar Loan Interest Rates 2026: SBI Surya Ghar Loan, EMI & How to Apply

If even the ₹78,000 subsidy isn’t enough to cover the one-time installation cost, there’s the subsidised solar loan bundled with the PM Surya Ghar Yojana — for residential projects up to 3 kW you get collateral-free money, with no property lien, at interest below home-loan rates. And the fun part — the monthly electricity savings practically pay the EMI for you.

---

1. Approximate interest rates by bank

Bank / institution	Product	Approximate interest rate*	Tenure
State Bank of India	SBI Surya Ghar Solar Loan	from 6.75%–7.5%	up to 10 years
Bank of Baroda	BoB Solar Loan	around 7%	up to 10 years
Punjab National Bank	PNB Solar Rooftop Loan	from 7%–7.5%	up to 10 years
Canara / Union Bank	Solar Home Loan	from 7%–8%	up to 10 years
NBFC / private lenders	Solar finance	9%–13%	varies by product

*Approximate rates, per prevailing repo-linked tiers as of September 2026. Actual rates depend on the bank’s announcement and your CIBIL score.

---

2. EMI math: the loan runs on your bill savings

A realistic calculation for a 3 kW system:

Item	Calculation
System cost	₹1,50,000 (approx.)
Subsidy (DBT)	–₹78,000
Loan amount	₹72,000
Interest rate / tenure	7% / 10 years
Monthly EMI	~₹837
Monthly electricity savings	₹1,500–2,200

So even after paying the EMI, you’re left with roughly ₹700–1,300 a month — and when the loan ends, the entire savings is yours.

---

3. Eligibility and required documents

General eligibility:

• Age 21–65 (within the loan tenure), with provable regular income
• Home ownership / legal rights to the roof
• Valid electricity connection (in the applicant’s name)
• CIBIL score usually 680+ (varies by bank)

Documents:

• Aadhaar and PAN card
• Proof of home ownership
• Latest electricity bill
• Income proof (salary slips / ITR / bank statement)
• Vendor quotation (banks often ask for it)

---

4. How to apply

Route 1 — through the portal: when applying on pmsuryaghar.gov.in, you can choose an approved bank from the “Solar Loan” option; the bank contacts you and starts the process.

Route 2 — directly at the bank: apply for the “Surya Ghar Solar Loan” via the SBI YONO app or at a branch. Carry the vendor’s quotation and your consumer number.

Route 3 — through the vendor: big brands (Tata Power Solar, Luminous, etc.) have finance partnerships with banks/NBFCs — but compare their offered rate against the bank’s direct rate.

---

5. Cautions

1. Don’t fall for “100% free solar” or “zero-cost installation” ads — subsidy limits and terms are fixed on the portal.
2. NBFC “easy loans” often exceed 12% interest — calculate the total repayment.
3. Don’t pay the vendor the full amount before the loan is approved.
4. Make it explicit in the contract whether the interest rate is floating or fixed.

---

Final word

A collateral-free solar loan at around 7% means building an asset out of your electricity-bill savings. Subsidy + low-interest loan + 25-year panel life — together they have made the rooftop solar math far easier in 2026. Before taking the loan, always verify the bank’s current interest rate and your own affordability.