Whether you want to save money on your electricity bill or make the most out of renewable energy, the best way is to install a rooftop solar panel. As you know, a rooftop solar panel is an effective solution to create electricity from solar energy to meet your specific needs, no matter where you are; home or in your office.
Even the Government of India advocate the use of solar solutions and offers incentive schemes and policies. In this blog, you will see types of Rooftop solar panel loans and how to apply for each to enjoy sustainable energy. After that, you can do a cost-benefit analysis and choose the best option.
You may find renewable energy exciting and sustainable for the future, but end up postponing the idea because of the significant upfront financial investment, typically costing between ₹45,000 and ₹75,000 per kilowatt (kW). This is why many entrepreneurs and homeowners need financial assistance like loan scheme for Rooftop solar. Though the upfront cost is high, a Rooftop Solar Panel adds property value and requires low maintenance, making it a long-term investment.
Many renowned banks and NBFCs offer loan schemes for Rooftop solar, in addition to government subsidies. Acquiring a loan for solar is a good choice if you are running out of funds. With a loan, you can easily set up a solar solution because the payment is made as EMI.
Banks that offer solar loans, namely, are State Bank of India, Punjab National Bank, Canara Bank, and Kerala Grameena Bank. Key characteristics of the loan scheme are loan amount, interest rate, repayment tenure, collateral and subsidy eligibility, which vary in each case.
SBI Surya Ghar Loan
The SBI Surya Ghar Scheme facilitates loans for installing rooftop solar panels (up to 3kW to 10kW) under the PM Surya Ghar: Muft Bijli Yojana. It offers loans up to ₹6 lakh with 10% margin, NIL processing fees, and low-interest rates featuring a 6-month moratorium and up to 10-year repayment, with application via pmsuryaghar.gov.in and jansamarth.in.
| Parameter | Details |
|---|---|
| Loan Name | SBI Surya Ghar Loan |
| Purpose | Installation of residential rooftop solar systems |
| Loan Amount | • Up to ₹2 lakh (for 1kW–2kW) • ₹2 lakh to ₹6 lakh (for >2kW–10kW) |
| Interest Rate | Approx. 5.75% – 6.00% (Floating, based on EBLR) |
| Margin | Minimum 10% of the project cost |
| Processing Fee | NIL |
| Tenor | Up to 120 months (10 years) |
| Eligibility | Indian residents with rooftop rights, up to 65 years (75 with co-borrower) |
Application Process:
- Register on pmsuryaghar.gov.in.
- Apply for the loan on JanSamarth Portal
Kerala Grameen Bank KGB Surya
Kerala Gramin Bank (KGB) offers "KGB Surya," a dedicated financing scheme for installing on-grid or off-grid rooftop solar systems in residential properties. The loan covers up to 75% of the project cost, with a 25% margin. It is available to individuals, NRIs, and existing housing loan customers.
| Parameter | Details |
|---|---|
| Loan Name | Kerala Grameen Bank KGB Surya |
| Loan Purpose | Installation of grid-connected or off-grid rooftop solar systems |
| Loan Amount | Up to 75% of the total project cost |
| Interest Rate | Approximately 8.5% – 9.5% p.a. (subject to changes) |
| Eligibility | Individuals, NRIs, and existing satisfactory housing loan borrowers |
| Margin | 25% for normal cases |
| Security | First charge on assets created, often with CGTMSE coverage |
Application Process:
- Register on pmsuryaghar.gov.in.
- Apply for the loan as directed
NBFC
NBFC is a non-banking financial company that provides loans for solar rooftop panels. Major names in this realm are Mufin Green Finance, Electronica Finance Ltd, Aerem Solutions Netzero Finance, Ecofy Finance Private Limited, Solfin, Electronica Finance Limited, Tata Capital Limited, Shriram Finance Limited, Muthoot Finance / Muthoot Vehicle & Asset Finance, Capri Loans and Namdev Finvest. All provides PM Surya Ghar integration and provides collateral-free options for residential needs. They all provide flexible loans that you can repay in EMIs.
At Unique Energy, you can find the right kind of Rooftop Solar Panel solution that meets your demands. Our team is skilled at providing sector-wise Rooftop Solar Panel solutions such as residential, commercial, institutional and industrial. To make the optimal use of loan schemes, make sure you read the eligibility requirements and meet them without fail. With a loan, you can realise your dream of having a rooftop solar panel.
A rooftop solar panel is a photovoltaic panel installed on a roof, enabling the use of sustainable energy by generating clean and renewable electricity from sunlight. For banks, it usually takes 7 to 14 days. With NBFCs, loan sanction can be faster, often within 1 to 2 days depending on the submitted documents. Subsidies are provided by the Government of India through the PM Surya Ghar scheme. Banks offer solar loans integrated with this scheme, while NBFCs also provide financing options for rooftop solar installations. Required documents include proof of identity, income certificate, house ownership documents, and the latest electricity bill, along with any additional documents specified by the lender.Frequently Asked Questions (FAQ)
What is a rooftop solar panel?
How long does it take for loan sanction after applying?
Who provides rooftop solar panel loans?
What documents are required for a rooftop solar loan?
