Last updated: May 2026 · By Sri Ishaan Solar
Solar Panel Loan & EMI in Hyderabad 2026 — SBI, HDFC, Bank of Baroda Schemes
Going solar does not have to be a large upfront payment. Multiple public and private sector banks in India offer dedicated solar loans with competitive interest rates and tenures of up to 10 years. For most Hyderabad households, the monthly EMI is almost entirely offset by the electricity savings the solar system generates. This guide explains all available solar financing options with real EMI numbers.
Why Finance Your Solar System?
The PMSG subsidy (₹78,000 for systems 3kW and above) significantly reduces the upfront cost. But even the net cost — ₹1,32,000 for a 3kW or ₹2,72,000 for a 5kW system — can be a meaningful sum. A solar loan lets you:
- Start saving on electricity bills from day one without draining savings
- Spread the cost over 5, 7, or 10 years with a fixed monthly EMI
- In many cases, the monthly EMI is lower than the electricity savings, making the system cash-flow positive immediately
- Preserve capital for other business or household needs
Solar Loan Options Available in Hyderabad — 2026
1. SBI Surya Shakti Solar Home Loan
State Bank of India's Surya Shakti scheme is specifically designed for rooftop solar installations under PM Surya Ghar. It is the most popular choice for Hyderabad homeowners due to its low interest rate and long tenure.
| Feature | Details |
|---|---|
| Maximum loan amount | Up to ₹10,00,000 |
| Interest rate | 7.65% – 8% p.a. (linked to RLLR) |
| Maximum tenure | 10 years |
| Collateral | Mortgage of property or lien on subsidy amount |
| Processing fee | Nil to 0.35% (varies by branch) |
| Best for | SBI account holders, PM Surya Ghar applicants |
2. HDFC Bank Roof Top Solar Finance
HDFC Bank offers a personal loan product specifically for rooftop solar. It is unsecured (no property mortgage needed) and has faster disbursal, making it convenient for those who want quick financing.
| Feature | Details |
|---|---|
| Maximum loan amount | Up to ₹15,00,000 |
| Interest rate | 9% – 10.5% p.a. |
| Maximum tenure | 7 years |
| Collateral | None (unsecured personal loan product) |
| Processing fee | Up to 1.5% of loan amount |
| Best for | HDFC salary/savings account holders, faster approval |
3. Bank of Baroda Urja Shakti Solar Loan
Bank of Baroda's Urja Shakti scheme offers subsidized lending rates for PM Surya Ghar applicants. It is well-suited for customers in Telangana who may also qualify for priority-sector benefits.
| Feature | Details |
|---|---|
| Maximum loan amount | Up to ₹10,00,000 |
| Interest rate | Subsidized for PMSG applicants; ~8–9.5% p.a. |
| Maximum tenure | 10 years |
| Collateral | Property mortgage for loans above ₹3 lakh |
| Processing fee | 0.5% (may be waived for priority sector) |
| Best for | BOB customers, priority sector applicants |
EMI Calculation Table — 3kW System (Net Cost ₹1,32,000)
After the ₹78,000 PMSG subsidy, a 3kW system costs ₹1,32,000. Here is what your EMI looks like at different tenures and interest rates:
| Tenure | 7.65% (SBI) | 9% (BOB) | 10% (HDFC) | Monthly Solar Saving |
|---|---|---|---|---|
| 5 years | ₹2,660 | ₹2,740 | ₹2,803 | ~₹2,340 |
| 7 years | ₹2,030 | ₹2,115 | ₹2,180 | ~₹2,340 |
| 10 years | ₹1,585 | ₹1,673 | ₹1,743 | ~₹2,340 |
Monthly solar saving for 3kW = 360 units × ₹6.5 = ₹2,340. EMI figures are approximate. Actual rate depends on your credit profile and bank policy at time of application.
EMI Calculation Table — 5kW System (Net Cost ₹2,72,000)
After the ₹78,000 PMSG subsidy, a 5kW system costs ₹2,72,000. A 5kW system generates about 600 units per month, saving ~₹3,900. The EMI is effectively covered by the savings.
| Tenure | 7.65% (SBI) | 9% (BOB) | 10% (HDFC) | Monthly Solar Saving |
|---|---|---|---|---|
| 5 years | ₹5,472 | ₹5,638 | ₹5,778 | ~₹3,900 |
| 7 years | ₹4,150 | ₹4,357 | ₹4,494 | ~₹3,900 |
| 10 years | ₹3,253 | ₹3,445 | ₹3,590 | ~₹3,900 |
Documents Required for a Solar Loan in Hyderabad
Most banks ask for the following documents. Have these ready before visiting the branch:
| Document | Purpose |
|---|---|
| Aadhaar Card + PAN Card | Identity and KYC |
| Last 6 months' bank statements | Income and repayment capacity |
| Latest 3 months' electricity bill | Confirms consumption and meter ownership |
| Property ownership documents (Khata / Sale Deed) | For secured loans; proves roof ownership |
| Income proof (salary slips / ITR) | Loan eligibility assessment |
| Quotation from TGREDCO-registered installer | Confirms system size, cost, and supplier credentials |
| TSSPDCL sanction letter (for SBI/BOB) | Some banks require DISCOM approval before disbursal |
| Passport-size photographs (2–3) | Standard requirement |
Steps to Apply for a Solar Loan in Hyderabad
- Get a quotation from Sri Ishaan Solar. Contact us via WhatsApp (+91 78424 61888) for a free site survey and detailed quote. Our quotation is accepted by all major banks as it comes from a TGREDCO-registered (TSRE260936) installer.
- Register on PM Surya Portal. Visit pmsuryaghar.gov.in and register your installation application. You will receive an application number, which the bank may require.
- Choose your bank. Visit the SBI, HDFC, or Bank of Baroda branch closest to you in Hyderabad (or apply online if the bank allows digital applications for solar loans).
- Submit the application with documents. Provide all documents listed above along with the completed loan application form. The bank typically processes solar loans within 5–10 working days.
- Loan disbursal. Once approved, the bank disburses the loan amount directly to Sri Ishaan Solar (or to your account depending on the bank's process). Installation begins thereafter.
- TSSPDCL net metering and PMSG commissioning. After installation, Sri Ishaan Solar applies for TSSPDCL net metering. Once the net meter is installed, TSSPDCL issues a commissioning certificate, which triggers the PMSG subsidy credit of ₹78,000 to your bank account.
- Begin EMI repayment. Start repaying the loan with the comfort that your solar savings are partially or fully covering the EMI every month.
Tips to Get the Best Solar Loan Deal
- Apply at your primary salary or savings bank first. Banks often offer better rates and faster processing to existing customers.
- Maintain a CIBIL score above 700. A high credit score significantly improves your chances of getting the lowest rate.
- Apply for only what you need after subsidy. Borrowing less means lower interest outgo. Calculate your net cost (after PMSG subsidy) before deciding the loan amount.
- Ask about prepayment charges. Some banks allow part-prepayment without penalty. When the ₹78,000 subsidy arrives, use it to prepay the loan and reduce outstanding principal.
- Get the TSSPDCL sanction letter early. Some banks need it before disbursal; Sri Ishaan Solar can help you get this in parallel with the loan process.
Sri Ishaan Solar provides detailed quotations accepted by SBI, HDFC, and Bank of Baroda for solar loan applications. We are a TGREDCO-registered installer and can also guide you through the PM Surya Ghar registration and subsidy process.
💬 WhatsApp +91 78424 61888 →
Frequently Asked Questions
Which bank gives the cheapest solar loan in Hyderabad in 2026?
SBI's Surya Shakti Solar Home Loan offers the lowest rate — 7.65% to 8% per annum — with a 10-year tenure. HDFC and Bank of Baroda are also good options, especially for existing customers.
What is the EMI for a 5kW solar system in Hyderabad?
At SBI's 7.65% rate over 7 years, the EMI for a net cost of ₹2,72,000 is approximately ₹4,150/month. Over 10 years it drops to ₹3,253/month. Your monthly solar savings of ~₹3,900 effectively cover the EMI.
Can I get a solar loan after the PMSG subsidy?
Yes. You apply for the loan on the net cost after the subsidy — ₹1,32,000 for 3kW or ₹2,72,000 for 5kW. The ₹78,000 subsidy is credited to your account after commissioning and can be used to prepay part of the loan.
What documents are needed for a solar loan in Hyderabad?
Aadhaar, PAN, 6 months' bank statements, latest electricity bill, property ownership proof, income proof (salary slips or ITR), a quotation from a TGREDCO-registered installer, and passport photographs. Some banks also need the TSSPDCL sanction letter.
Is the solar EMI lower than my current electricity bill?
Often yes, especially on a 10-year loan. A 5kW system saves ~₹3,900/month while the SBI 10-year EMI is ~₹3,253/month. You save ₹647/month net, even while repaying the loan. After the loan is paid off, the full ₹3,900 saving is yours.