Last updated: September 14, 2026, every rate below checked on the bank's own website or published rate sheet. Compiled by r-solar, MNRE-empanelled solar EPC company, Madhya Pradesh.
PM Surya Ghar solar loan interest rates (checked September 14, 2026):
- SBI: 5.75% p.a. up to ₹2 lakh (EBLR minus 2.15%), 7.90% from ₹2 lakh to ₹6 lakh, nil processing fee, up to 120 months
- Canara Bank: 5.75% p.a. up to ₹2 lakh, 8.75% above, processing fee waived, 10-year tenure
- Bank of Baroda, PNB, Indian Bank, Union Bank and Bank of India: 5.75% p.a. up to ₹2 lakh; above ₹2 lakh from 7.25% to 9.50% depending on the bank and CIBIL score
Sources: each bank's official PM Surya Ghar loan page, linked in the table below. Rates are floating and move with the RBI repo rate (5.25% in September 2026). Confirm at the branch before signing.
Switching to solar has never been more affordable, thanks to the PM Surya Ghar: Muft Bijli Yojana. While the ₹78,000 central subsidy covers a significant portion of the cost, usually 40-50%, the remaining amount can be financed through special collateral-free solar loans. We've compiled the latest interest rates from top banks to help you choose the best financing partner. Before applying, it helps to know your total system cost, see our guide on solar panel installation cost in MP 2026 for current per-kW prices and what to budget after subsidy.
Top banks offering PM Surya Ghar solar loans in 2026
Most public-sector banks have aligned their rooftop solar loan products with the PM Surya Ghar scheme guidelines: collateral-free up to ₹2 lakh, concessional rates linked to the RBI repo rate, and 10-year tenures. Here is a comparison checked on each bank's official website on September 14, 2026; you can also apply through the central Jan Samarth portal. Rates change with RBI repo movements; always confirm at the branch before signing.
| Bank Name | Rate (loans up to ₹2 lakh) | Rate (₹2 lakh to ₹6 lakh) | Processing Fee | Max Tenure | Apply |
|---|---|---|---|---|---|
| State Bank of India (SBI) | 5.75%* | 7.90% | Nil | 120 months | Get this loan Official page ↗ |
| Canara Bank | 5.75% | 8.75% | Waived | 10 Years | Get this loan Official page ↗ |
| Bank of Baroda | 5.75% | From 7.90% (CIBIL-linked) | Nil | 120 months | Get this loan Official page ↗ |
| Punjab National Bank (PNB) | 5.75% | 7.25% - 9.25% (CIBIL-linked) | Nil | 10 Years | Get this loan Official page ↗ |
| Indian Bank | 5.75% | Home loan rates | Nil | 120 months | Get this loan Official page ↗ |
| Bank of Maharashtra | 5.75% | 8.25% - 9.05% (CIBIL-linked) | Nil | 120 months | Get this loan Official page ↗ |
| Central Bank of India | Repo + 0.50% (5.75% today) | Home loan rate | Nil | 120 months | Get this loan Official page ↗ |
| Union Bank of India | 5.75% | 9.00% - 9.50% (CIBIL-linked) | Nil up to ₹2 lakh | 10 Years | Get this loan Official page ↗ |
| Bank of India | 5.75% | 8.10% | Nil | 120 months | Get this loan Official page ↗ |
| Indian Overseas Bank (IOB) | 7.00% (as published) | Not published | Nil | 120 months | Get this loan Official page ↗ |
*SBI: EBLR minus 2.15% up to ₹2 lakh, effective December 15, 2025. Union Bank: EBLR 8.00% minus 2.25%, per its retail rate sheet effective July 24, 2026. Bank of India: RBLR 8.10% minus 2.35% up to ₹2 lakh, at RBLR above, per its retail rate sheet effective June 1, 2026. All rates were checked on official bank websites and rate sheets on September 14, 2026. Rates are floating and move with the RBI repo rate (5.25%). IOB publishes a flat 7% for its scheme; UCO Bank offers a rooftop solar loan but does not publish a rate.
Sources: PM Surya Ghar Official Portal, SBI Official, Canara Bank, Bank of India, Bank of Baroda, Indian Bank, Central Bank of India, Punjab National Bank
Apply directly: the Jan Samarth portal's PM Surya Ghar loan page is the government's official single-window application route across all participating banks.
How to apply for a PM Surya Ghar solar loan: 6 steps
The fastest route from quote to disbursal goes through the central Jan Samarth portal. Here is the full sequence so nothing surprises you at the bank counter.
- Register on pmsuryaghar.gov.in using your mobile number and the consumer number from your latest electricity bill. The portal verifies that your DISCOM is empaneled (all three MP DISCOMs are).
- Select an MPERC-registered vendor. The portal lists vendors registered with your DISCOM and the Madhya Pradesh Electricity Regulatory Commission. Only quotes from these vendors qualify for the central subsidy. r-solar is registered across all three MP DISCOMs.
- Get a written quotation. Your vendor issues a turnkey quotation specifying ALMM-listed module make/model, inverter brand, structure, BoS, taxes, and the after-subsidy net cost. This is your loan-application annexure.
- Apply at the bank. Walk in to a participating branch (SBI, Canara, Union, BoB, PNB, Indian Bank, etc.) with the quotation, your last 3 months' electricity bills, ID/address proof, and (for > ₹2L loans) income proof. Or apply through the Jan Samarth single-window portal, many banks now accept that flow end-to-end.
- Installation. After the bank's in-principle sanction, your vendor commissions the system. DISCOM technical scrutiny and net-meter installation happen in parallel (timeline 4 to 8 weeks total). Disbursal is typically released to the vendor in two tranches.
- Subsidy credit. 30 to 45 days after DISCOM commissioning, the central subsidy (up to ₹78,000 for a 3 kW system) lands directly in your bank account. Most participating banks let you part-pay your loan principal with that credit at zero penalty.
Total timeline from registration to first reduced electricity bill: typically 8 to 12 weeks. r-solar handles steps 2 to 6 end-to-end for our customers.
Once you've secured financing, the next step is choosing your installer, see our guide on comparing r-solar with national solar companies in MP to understand what to look for before signing.
Worked example: a Barwani family borrowing ₹1.72 L for a 3 kW system
To make the numbers concrete, here is what the loan economics look like for the most common residential case in MP: a 3 kW rooftop system, ₹78,000 subsidy, financed at the 5.75% rate that SBI, Canara Bank and most public-sector banks charge up to ₹2 lakh.
| System size | 3 kW |
| Turnkey installed cost | ₹1,91,000 |
| Loan amount (90% of cost) | ₹1,72,000 |
| Bank and interest rate | SBI or Canara, 5.75% p.a. |
| Tenure | 10 years (120 months) |
| EMI before subsidy | ~₹1,888 / month |
| PM Surya Ghar subsidy (credited month 2) | – ₹78,000 |
| Effective principal after subsidy pre-payment | ₹94,000 |
| Restructured EMI (post-subsidy, same tenure) | ~₹1,032 / month |
| Estimated monthly bill saving (vs current ₹2,500 bill) | ~₹1,800 / month |
| Net monthly cash benefit | ~₹770 / month from year 1 |
Numbers assume the 5.75% rate for loans up to ₹2 lakh (September 2026), no pre-payment penalty (per PM Surya Ghar scheme guidelines), and the family using the subsidy credit to part-pay principal in month 2. Results vary with your CIBIL score, district, and current tariff slab. Talk to an r-solar advisor for a quote tied to your bill.
Solar loan EMI calculator
What your r-solar price actually buys
A cheap quote prices the panels and stops there. The hardware lands on your roof and the rest becomes your problem: finding an electrician, filing the DISCOM net metering application, registering on the PM Surya Ghar portal, and chasing the ₹78,000 subsidy yourself for months.
An r-solar price is for the finished job, not a box of parts. It covers:
- System design sized to your bill, roof and sanctioned load
- ALMM-approved panels, inverter and mounting structure
- Professional installation and electrical safety compliance
- DISCOM net metering application and integration
- The full PM Surya Ghar subsidy filing, followed through until the ₹78,000 reaches your bank account
- One team accountable from your first call to a commissioned, subsidy-credited system
Quotes that look cheaper skip this work and leave you to install, file and chase the subsidy on your own.
Detailed analysis of best offers
1. State Bank of India (SBI)
As India's largest lender, SBI offers the most accessible solar loan product. As of the bank's official PM Surya Ghar loan page (checked September 14, 2026), the rate is 5.75% p.a. for loans up to ₹2 lakh and 7.90% from ₹2 lakh to ₹6 lakh, effective December 15, 2025. For a complete walkthrough of SBI's process, documents, EMI calculator, and Jan Samarth application steps, see our SBI PM Surya Ghar solar loan guide.
- Loan limit: up to ₹6 lakh, with a 10% margin.
- Eligibility: no minimum CIBIL score up to ₹2 lakh; 650 or more above.
2. Canara Bank
Canara Bank's Canara Rooftop Solar (CRTS) PM Surya Ghar scheme charges 5.75% up to ₹2 lakh (RLLR minus 2.25%) and 8.75% above, with the processing fee waived, a 6-month repayment holiday and a CIBIL score of 680 or more.
3. Union Bank of India
Union Bank prices its Union Roof Top Solar scheme off its External Benchmark Lending Rate (EBLR, 8.00%): EBLR minus 2.25%, presently 5.75%, up to ₹2 lakh, and 9.00% (CIBIL 750 or more) or 9.50% from ₹2 lakh to ₹6 lakh. Tenure is up to 10 years with a moratorium of up to 6 months, the processing fee is nil up to ₹2 lakh, and only the rooftop system is hypothecated.
4. Bank of Baroda
Bank of Baroda's PM Surya Ghar Yojana standalone loan is charged 5.75% at present for loans up to ₹2 lakh, and from 7.90% above ₹2 lakh, linked to CIBIL score. The margin is 10% up to ₹2 lakh and 20% above, with nil processing fee and up to 120 months.
5. Punjab National Bank (PNB)
PNB's rooftop solar scheme charges the repo rate plus 0.50%, presently 5.75%, up to ₹2 lakh. Above ₹2 lakh, floating rates run from 7.25% (CIBIL 800 or more, with a PNB home loan) to 8.25% without one, and PNB asks for a third-party guarantee on the larger loans. Nil processing fee; CIBIL 680 or more, or no credit history.
6. Indian Bank
Indian Bank's PM Surya Ghar rooftop solar loan is priced at the repo rate plus 0.50% (5.75%) for loans up to ₹2 lakh, with home loan rates above that, nil processing fee, up to 120 months and a CIBIL score of 680 or more (new-to-credit applicants accepted).
7. Bank of India
Bank of India's Star Rooftop Solar Panel Finance charges 5.75% (RBLR 8.10% minus 2.35%) for loans up to ₹2 lakh and 8.10% above, with nil processing charges, per its retail rate sheet effective June 1, 2026. Individuals can borrow up to ₹6 lakh, repayable over up to 120 months with no prepayment penalty.
Key loan features you should know
- Zero Collateral: For loans up to ₹2 lakh under this scheme, you do not need to pledge your property or gold. The solar equipment itself acts as hypothecation.
- 10-Year Tenure: The long repayment period ensures your EMI is very small, often less than what you save on electricity bills!
- 6-Month Moratorium: Most banks offer a grace period of 6 months after disbursement before your EMI starts, giving time for the system to be installed and the subsidy to be credited.
- No Pre-payment Penalty: You can pay off the loan early without extra charges if you receive a lump sum (like your subsidy amount!).
Smart tip: use your subsidy to pre-pay
Since the subsidy (₹78,000 for a 3kW system) comes directly to your bank account 30-45 days after installation, financial experts recommend using this amount to immediately make a part-payment towards your loan principal. This drastically reduces your outstanding balance and interest burden.
Running a factory, not a home?
PM Surya Ghar's residential loan scheme isn't built for factory-scale solar. For industrial and commercial rooftops in MP, we offer a zero-capex OPEX/PPA model for factories: r-solar builds and operates the plant, you pay a fixed ₹4.50/kWh (indicative, subject to site survey) with zero upfront investment.
Get your PM Surya Ghar loan sorted
Tell us your details: r-solar handles the bank paperwork and the subsidy claim. Free callback within 2 hours (10 AM–7 PM IST).
PM Surya Ghar solar loan: frequently asked questions
As of September 2026, most public-sector banks charge the same concessional rate on PM Surya Ghar loans up to ₹2 lakh: 5.75% per annum (typically the RBI repo rate of 5.25% plus 0.50%) at SBI, Canara Bank, Bank of Baroda, PNB, Indian Bank, Bank of Maharashtra, Union Bank of India and Bank of India, according to their official websites and rate sheets. The difference shows up above ₹2 lakh: SBI charges 7.90%, Bank of India 8.10%, Canara Bank 8.75%, Union Bank 9.00% to 9.50%, and PNB and Bank of Maharashtra price by CIBIL score. Rates are floating and move with the repo rate.
Yes. Under the PM Surya Ghar Muft Bijli Yojana, residential rooftop solar loans up to ₹2 lakh are unsecured (no collateral required) at participating public-sector banks. The solar system itself, plus the central subsidy assignment, serves as the security. For loans above ₹2 lakh or for commercial/industrial systems, banks may ask for collateral or hypothecation of the solar asset.
EBLR stands for External Benchmark Lending Rate. It is linked to the RBI repo rate, so the loan rate moves when the RBI changes the repo rate. Union Bank's EBLR is 8.00% (repo 5.25% plus 2.75%), and its rooftop solar scheme charges EBLR minus 2.25%, presently 5.75%, for loans up to ₹2 lakh. From ₹2 lakh to ₹6 lakh it charges EBLR plus 1.00% (9.00%) for a CIBIL score of 750 or more and EBLR plus 1.50% (9.50%) below that, per Union Bank's retail rate sheet effective July 24, 2026.
Typical end-to-end timeline is 7 to 21 days at SBI, Canara, and Union Bank, assuming complete documentation. The fastest route is via the Jan Samarth portal (jansamarth.in) which is the government's single-window loan portal and is integrated with the PM Surya Ghar application flow. Branch-level applications can take longer if the bank needs to verify your DISCOM application status manually.
Yes, and this is the recommended strategy. The PM Surya Ghar central subsidy (up to ₹78,000 for a 3 kW system) is credited directly to your bank account 30 to 45 days after commissioning. Most participating banks allow you to use this credit as a part-payment toward your loan principal with zero pre-payment penalty under the scheme. This drops your outstanding principal by roughly half, which materially shortens your effective tenure or your monthly EMI.
SBI charges 5.75% per annum on PM Surya Ghar rooftop solar loans up to ₹2 lakh (EBLR minus 2.15%) and 7.90% from ₹2 lakh to ₹6 lakh, effective December 15, 2025, according to SBI's official loan page (checked September 14, 2026). The loan covers up to 90% of the system cost, runs up to 120 months including a 6-month moratorium, has nil processing fee and needs no collateral up to ₹2 lakh. For a 3 kW system in MP (total cost ~₹1.91 lakh, subsidy ₹78,000), a ₹1,72,000 loan costs roughly ₹1,888/month over 10 years before subsidy, dropping to around ₹1,032/month after the ₹78,000 part-pays the principal. Applications can be filed at any SBI branch or via the Jan Samarth portal (jansamarth.in).
Canara Bank's Canara Rooftop Solar (CRTS) PM Surya Ghar scheme charges 5.75% per annum for loans up to ₹2 lakh (RLLR minus 2.25%) and 8.75% above ₹2 lakh (RLLR plus 0.75%), with the processing fee waived, a 10-year tenure including a 6-month repayment holiday, and a CIBIL score of 680 or more (or no credit history). Apply through any Canara Bank branch or the Jan Samarth portal.
Union Bank of India's Union Roof Top Solar scheme charges 5.75% per annum (EBLR minus 2.25%) for loans up to ₹2 lakh, and 9.00% (CIBIL score 750 or more) or 9.50% (below 750) from ₹2 lakh to ₹6 lakh, per Union Bank's retail rate sheet effective July 24, 2026. The loan runs up to 10 years with a moratorium of up to 6 months, the processing fee is nil up to ₹2 lakh (0.50% plus GST above), the margin is 10% up to ₹2 lakh and 20% above, and only the rooftop system is hypothecated, with no property collateral. Applications are accepted through the Jan Samarth portal and at Union Bank branches.
Bank of Baroda's PM Surya Ghar Yojana standalone loan is charged 5.75% at present for loans up to ₹2 lakh, and from 7.90% above ₹2 lakh, linked to CIBIL score, according to the bank's official page (checked September 14, 2026). The margin is 10% up to ₹2 lakh and 20% above, with nil processing fee and a tenure of up to 120 months.
Punjab National Bank charges the RBI repo rate plus 0.50%, presently 5.75%, on rooftop solar loans up to ₹2 lakh. Above ₹2 lakh, floating rates run from 7.25% for borrowers with a CIBIL score of 800 or more who hold a PNB home loan to 8.25% for those who do not, and PNB asks for a third-party guarantee on the larger loans. The processing fee is nil and a CIBIL score of 680 or more (or no credit history) is required.
Bank of India's Star Rooftop Solar Panel Finance charges 5.75% per annum (RBLR minus 2.35%) for loans up to ₹2 lakh and 8.10% (RBLR) above ₹2 lakh, with nil processing charges, per Bank of India's retail rate sheet effective June 1, 2026. Its product page lists loans of up to ₹2 lakh for systems up to 3 kW and up to ₹6 lakh for 3 kW to 10 kW, repayable over up to 120 months with no prepayment penalty.
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