Most major public-sector banks in India offer dedicated PM Surya Ghar solar loans, and the leading options are State Bank of India, Canara Bank, Union Bank of India, Bank of Baroda, Punjab National Bank, Indian Bank, Central Bank of India and Bank of India. These are collateral-free up to ₹2 lakh, run for tenures up to 10 years, and carry concessional interest rates that currently start in the range of about 6.50% to 7.25% per annum, far below a normal personal loan. Because these rates are linked to the RBI repo rate and vary with your CIBIL score and system size, the figures below are indicative, and you should confirm the exact rate on each bank’s official page before applying.
The ₹78,000 central subsidy covers roughly 40 to 50% of a typical 3 kW system’s cost. A PM Surya Ghar solar loan is designed to finance the rest, often with an EMI smaller than the electricity bill you are already paying. Here is the updated list, a side-by-side comparison with official links, and exactly how to apply.
Why Use a PM Surya Ghar Solar Loan?
These loans exist specifically to remove the upfront-cost barrier to rooftop solar, and they are structured far more favourably than ordinary borrowing. The main advantages:
- Low, government-backed interest rates. Dedicated solar loans start well below personal-loan rates because the scheme is centrally supported. A regular personal loan from the same bank would typically cost several percentage points more.
- Collateral-free up to ₹2 lakh. For most residential systems you do not pledge property or gold; the solar equipment itself acts as security.
- Long 10-year tenure. A longer repayment period keeps your EMI small, frequently less than your monthly bill saving.
- No prepayment penalty. You can part-pay the loan the moment your subsidy is credited, with no extra charge under the scheme.
- Subsidy integration. Many banks route the ₹78,000 central subsidy directly against your loan principal after commissioning.
Banks Offering PM Surya Ghar Solar Loans: 2026 Comparison
The table below compares the main public-sector lenders, with a link to each bank’s official solar loan page so you can verify the current rate yourself. Rates move with RBI repo changes and depend on your credit profile and system size, so treat these as starting points, not fixed quotes.
| Bank | Indicative Rate (≤ 3 kW) | Max Tenure | Collateral-Free Limit | Official Solar Loan Page |
| State Bank of India (SBI) | From ~5.75% up to ₹2L (repo-linked) | 10 years | Up to ₹2 lakh | sbi.bank.in |
| Canara Bank (CRTS) | From ~6.50% | 10 years | Up to ₹2 lakh | canarabank.bank.in |
| Union Bank of India | EBLR-linked, from ~7.00% | 10 years | Up to ₹2 lakh | unionbankofindia.co.in |
| Bank of Baroda | From ~5.75% up to ₹2L | 10 years | Up to ₹2 lakh | bankofbaroda.bank.in |
| Punjab National Bank (PNB) | RLLR-linked, from ~7.00% | 10 years | Up to ₹2 lakh | pnb.bank.in |
| Indian Bank | RLLR-linked, from ~7.20% | 10 years | Up to ₹2 lakh | indianbank.bank.in |
| Central Bank of India | RLLR-linked, from ~7.25% | 10 years | Up to ₹2 lakh | centralbank.bank.in |
| Bank of India | From ~7.00% | 10 years | Up to ₹2 lakh | bankofindia.bank.in |
Rates last cross-checked against bank and scheme sources in July 2026. All figures are floating and repo-linked; always confirm the live rate on the official page before signing. For loans above ₹2 lakh (systems larger than 3 kW), higher slabs and additional documentation usually apply.
A Closer Look at the Leading Options
State Bank of India (SBI). As the country’s largest lender, SBI’s Surya Ghar loan is the most widely available, with dedicated processing and the deepest branch network. Its concessional slab for smaller systems is among the lowest in the market, and there is no prepayment penalty. Verify the current rate on SBI’s official PM Surya Ghar loan page.
Canara Bank. Canara’s Rooftop Solar (CRTS) scheme has been one of the most aggressive on price, with headline rates for smaller systems often the lowest available. Check the live figure on the Canara Bank solar loan page.
Union Bank of India. Union Bank prices its solar loans against the External Benchmark Lending Rate (EBLR), which makes rate movements transparent, and it offers quick processing for existing customers. Some concessions may apply for women borrowers; confirm at the branch.
Bank of Baroda, PNB, Indian Bank, Central Bank of India, Bank of India. All offer PM Surya Ghar rooftop solar loans on broadly similar terms, collateral-free up to ₹2 lakh, 10-year tenure, and repo- or RLLR-linked rates. The right choice often comes down to where you already bank, since existing customers usually get faster processing and easier KYC.
The Single-Window Route: Jan Samarth Portal
You do not have to approach each bank separately. The government’s Jan Samarth portal is the official single-window application route for PM Surya Ghar loans across participating banks. It is integrated with the main solar portal, so your subsidy application and loan application move together. For most homeowners this is the fastest path from quote to disbursal.
How to Apply for a PM Surya Ghar Solar Loan: Step by Step
- Register on the national portal. Go to pmsuryaghar.gov.in and register using your mobile number and the consumer number from your latest electricity bill. The portal confirms your DISCOM is empanelled.
- Choose an empanelled vendor and get a quotation. Select registered solar panel installers from the portal, and obtain a turnkey quotation specifying ALMM-listed panel make and model, inverter brand, and the after-subsidy net cost. This quotation is your loan-application annexure.
- Apply for the loan. Either walk into a participating branch with your quotation, last three months’ electricity bills, and ID or address proof, or apply through the Jan Samarth single-window portal.
- Installation and inspection. After in-principle sanction, your vendor commissions the system while the DISCOM carries out technical scrutiny and installs the net meter, typically over 4 to 8 weeks.
- Subsidy credit and prepayment. Around 30 to 45 days after commissioning, the central subsidy of up to ₹78,000 is credited to your account. Use it to part-pay your loan principal, since there is no prepayment penalty, which roughly halves your outstanding balance.
Total time from registration to your first reduced bill is usually about 8 to 12 weeks.
Smart Tip: Use the Subsidy to Cut Your Loan in Half
Because the subsidy lands 30 to 45 days after installation, the most effective strategy is to immediately apply it as a part-payment against your loan principal. On a typical 3 kW system, this can reduce your outstanding principal by roughly half, which sharply lowers both your interest burden and your monthly EMI for the rest of the tenure. Confirm with your bank that the subsidy is being routed to your loan account rather than sitting idle.
A Word of Caution Before You Borrow
The loan and the subsidy both depend on getting the installation right, and this is where many applicants stumble. Roughly a third of PM Surya Ghar applications stall at the DISCOM inspection or disbursement stage, almost always due to preventable issues such as non-ALMM panels or an installer who is not MNRE-empanelled. If your panels or vendor do not comply, the subsidy is not released, and you are left servicing a loan without the benefit that was meant to offset it. Choosing a registered, experienced solar company in India to handle both the installation and the paperwork is the simplest way to protect both your subsidy and your loan economics.
El Sol Power Solutions Pvt Ltd brings 9+ years of rooftop solar experience, 8,000+ customers, and 20 MW of installations across India, and manages the full journey, from system design and ALMM-compliant installation to net metering, loan documentation support, and following the ₹78,000 subsidy through until it reaches your account. If you want your PM Surya Ghar loan and subsidy handled without the paperwork risk, get a free consultation at elsol.co.in.
Frequently Asked Questions
1. Which bank has the lowest PM Surya Ghar solar loan interest rate?
In 2026, Canara Bank, SBI and Bank of Baroda are among the most competitive, with concessional slabs for smaller systems starting in the region of 5.75% to 6.50% per annum, depending on your CIBIL score and loan size. Because rates are repo-linked and change frequently, always compare the live figure on each bank’s official page rather than relying on a headline number.
2. Can I get a solar loan without collateral?
Yes. Under the PM Surya Ghar scheme, residential rooftop solar loans up to ₹2 lakh are collateral-free at participating public-sector banks. The solar system itself serves as security. Loans above ₹2 lakh, or commercial systems, may require hypothecation or additional documentation.
3. What is the easiest way to apply across multiple banks?
Use the government’s Jan Samarth portal, the official single-window route for PM Surya Ghar loans. It is integrated with the main solar portal, so your loan and subsidy applications proceed together.
4. How long does loan approval take?
For applicants with complete documentation, approval typically takes 7 to 21 days. The overall timeline from registration to a commissioned, subsidy-credited system is usually 8 to 12 weeks, depending on your DISCOM and chosen solar panel installers.
5. Can I use the ₹78,000 subsidy to prepay my loan?
Yes, and it is the recommended strategy. The subsidy is credited 30 to 45 days after commissioning, and most banks let you apply it against your loan principal with no prepayment penalty under the scheme, roughly halving your outstanding balance.
6. Does taking a loan reduce my subsidy amount?
No. The central subsidy is based on your system size, not how you pay for it. Whether you pay cash or finance through a solar company in india with a bank loan, the up to ₹78,000 subsidy is the same, provided your panels are ALMM-listed and your installer is MNRE-empanelled.
