What solar loan options are available in India 2026?

Major options: SBI Solar Loan (Surya Shakti) — 7–8.5% p.a., up to 10 years; HDFC Bank — 8–10% p.a., 3–7 years; Bank of Baroda — 7.5–9% p.a., up to 10 years; NABARD rural loans — 6.5–8% (farmers). Solar-specific loans have lower rates than personal loans.

Can I get zero down payment solar installation?

Yes — some NBFCs and banks offer 100% solar financing. For a 3 kW system (₹1,32,000 after subsidy): zero down payment EMI at 8% for 7 years = ₹2,027/month. Monthly electricity saving = ₹3,000–3,500. Net cash flow positive from Day 1.

Should I take the solar loan before or after PM Surya Ghar subsidy?

Best strategy: (1) Get bank loan pre-approval; (2) Apply on PMSG portal via TGREDCO empanelled installer; (3) Install only after sanction letter; (4) ₹78,000 subsidy credited to bank account — use it to prepay loan principal. Reduces total interest significantly.

Solar Panel EMI & Financing Options India 2026

Updated March 2026 | Sri Ishaan Solar

Can't afford solar upfront? You don't have to. Multiple banks offer solar loans with EMIs lower than your current electricity bill.

Solar Loan Options

Bank	Interest Rate	Tenure	Max Amount
SBI Surya Shakti	7.5-8.5%	Up to 10 years	Rs 10 lakh
HDFC Solar Loan	8-9%	Up to 7 years	Rs 15 lakh
Bank of Baroda	7.5-8%	Up to 10 years	Rs 10 lakh
NBFC Partners	9-12%	Up to 5 years	Rs 5 lakh

EMI vs Electricity Bill Comparison

For a 3 kW system (after Rs 78,000 subsidy):

Loan amount: Rs 1,40,000
EMI (5 years, 8%): Rs 2,840/month
Your current bill: Rs 3,000/month
New bill after solar: Rs 200/month
Net saving from Day 1: Rs 160/month (even while paying EMI!)

After EMI ends (year 5): Rs 2,800/month pure savings for 20+ more years

Zero Down Payment

With PM Surya Ghar subsidy + bank loan, many customers pay zero upfront. The subsidy covers the down payment, and EMI is less than the electricity bill.

We Help with Loan Processing

Sri Ishaan Solar partners with SBI and HDFC for solar loans. We handle the loan documentation alongside the installation.

Enquire About Solar EMI →

🏦 Solar Loan Options 2026 — Complete Comparison

Lender	Interest Rate	Tenure	Collateral	Notes
SBI Solar Home Loan	8.5% pa	Up to 15 years	Property lien	Lowest rate; property ownership required
HDFC Eco Saver	9.0% pa	Up to 10 years	Property	Green home loan product
IREDA Solar Loan	9.4% pa	Up to 10 years	Solar system	Government lender; dedicated solar
Canara Bank Solar	9.7% pa	Up to 7 years	Property/solar	Rural + urban branches
NBFC (Tata Capital, etc.)	11–14% pa	Up to 5 years	No collateral	Quick approval; higher rate
SIDBI MSME (Commercial)	7.5% pa	Up to 10 years	CGTMSE cover	MSME units only; best commercial rate

💰 EMI vs Cash — Which Better?

5 kW system after PMSG subsidy: ₹2.72L. Compare two scenarios:

Scenario	Month 1 Cash Out	Monthly Solar Savings	Net Monthly
Cash Purchase	₹2.72L upfront	₹4,500–₹6,000	+₹4,500 from M1
SBI Loan @ 8.5%	₹10,000 processing fee	₹4,500–₹6,000	+₹1,700 from M1

EMI (₹2.72L × 8.5% × 3 yr): ~₹2,800/month. Savings: ₹4,500/month. Net positive ₹1,700/month even while paying loan! Cash purchase gives faster payback but loan also works profitably.

PMSG subsidy before or after loan disbursement?

PMSG subsidy comes directly to your bank account from MNRE/DISCOM after installation + inspection (typically 2–4 months after installation). Bank loan disbursed to installer first (full amount). Subsidy received later — use to prepay loan principal. Sri Ishaan Solar coordinates timing.

CIBIL score minimum for solar loan?

Bank loans (SBI, HDFC): typically 700+ CIBIL. NBFC (unsecured): 650+. IREDA solar loan: 680+. Below 650: co-applicant (spouse, parent) with good CIBIL add চেষ্টা করুন. Sri Ishaan Solar partners with NBFCs for customers with moderate credit profiles.

Last updated: May 2026