Top banks offering loan to install rooftop solar panel in India

Prime minister Narendra Modi launched the PM Surya Ghar Muft Bijli Yojana on February 13, 2024, to provide up to 300 units of free electricity every month to one crore homes. While the government will provide monetary subsidy of up to Rs 78,000 for installation of rooftop solar panels under the scheme, an applicant has to fund the remaining cost of purchase and installation. As many as 18 public and private banks in India have partnered with the government to offer loans for rooftop solar panels in India.

This guide lists the names of these banks, the loan amount you can apply for and the loan tenure.

List of banks to apply for loan for rooftop solar installation

State Bank Of India
Canara Bank
Union Bank Of India
HDFC Bank
IDBI Bank
Punjab National Bank
ICICI Bank
Bank Of Maharashtra
UCO Bank
Electronica Finance Limited
Mysun
Ecofy
CreditFair
Metafin Cleantech
PayTM
Saraswat Bank
Karnataka Bank
Bank Of Baroda

SBI

Product: Solar Roof Top Finance Scheme for residential purpose

Maximum loan amount

Rs 10 lakh

Maximum tenure

5 years

Interest rate per annum

From 9.65% to 10.65%, based on CIBIL score

Mode of interest charging

Reducing interest rate

Type of loan

Residential/standalone loan

Details of nodal officer

Pankaj Kumar Sinha

Deputy General Manager

dgmecom[dot]pbbu[at]sbi[dot]co[dot]in

7600040400

Product 2: SBI home loans along with solar roof top installation

(Solar rooftop cost is included in project cost)

Maximum loan amount

Within overall home loan eligibility

Maximum tenure

Terminates with home loan tenure; can go up to 30 years

Net Interest rate to customer (% pa)

Reducing Rate of Interest linked to RBI Repo Rate and applicant’s CIBIL Score. Present minimum effective rate of interest is 9.15%.

Type of loan

Residential/composite along with home loan

Details of nodal officer from bank

Sanjay Ghosh

Deputy General Manger

dgmre[dot]pd[at]sbi[dot]co[dot]in

7632996090

Canara Bank

Product

Housing-cum-Solar Loan

Eligibility

Loan to individuals for on grid installation of roof top solar photovoltaic (PV) system along with our housing loan

Maximum amount

Rs 10 lakh

Maximum tenure

20 years

Net Interest rate to customer (% p.a.)

Reducing

Type of Loan

Residential/composite (along with home loan)

Details of nodal officer

Kasi ravikumar

Divisional Manager

kasiravikumar[at]canarabank[dot]com

9640008055

Bank of Baroda

Product

BOB Home Loans along with Solar Roof Top Installation

(Solar Roof Top Cost is included in the Project Cost)

Maximum amount

Within overall home loan eligibility

Maximum tenure

Co terminus with HL Tenure; can go up to 30 years)

Net Interest rate to customer (% pa)

Reducing Rate of Interest linked to RBI Repo Rate and applicant’s CIBIL Score.

Present Minimum Effective Rate of Interest is 8.40%.

Type of loan

Composite (Along with Home Loan)

Details of nodal officer

Sandeep Khetan

Assistant General Manager

retailcredit.bcc@bankofbaroda.com

9785775997/022-66985372

Karnataka Bank

Product

KBL Ravi Kiran: Finance For Solar Projects

Eligibility

Individuals/HUF/Farmers/Traders/Bussinessmen/Proprietorship concerns/Professionals/Salaried persons/Institution etc.

Maximum amount

Rs 10 lakh

Maximum tenure

Up to 5 years

Net Interest rate to customer (% p.a.)

11.16%

Type of Loan

Residential & C&I / Standalone Loan

Saraswat Bank

Product

Solar Urja Loan

Maximum amount

Up to Rs 50 lakh

Maximum tenure

Up to 7 years

Net Interest rate to customer (% p.a.)

Floating rate of 11.75%

Type of Loan

Residential & C&I / Standalone Loan

Details of Nodal Officer

Molina Gurjar

AGM – Retail Banking Dept

molina.gurjar@saraswatbank.com

022 – 66005555 / 5306

PayTM

Product

Unsecured Personal loan

Maximum Loan amount

Up to 100% of project cost

Maximum Tenure

Up to 3 years

Net Interest rate to customer (% p.a.)

7.46 to 13%

Type of Loan

Residential & C&I / Standalone Loan

Details of Nodal Officer

Rahul Kamble

9004242422

Metafin Cleantech

Product

Flexible Financing Solutions, Attractive EMI Schemes, & No Collateral

Maximum amount

70% of project cost up to 150 kWp

Maximum tenure

Minimum 2 years

Net Interest rate to customer (% p.a.)

14.04%

Type of loan

Residential & C&I / Standalone Loan

Details of nodal officer

Aditya Damani

Aditya[at]creditfair[dot]in, solar[at]creditfair[dot]in

9820603150

CreditFair

Product

Solar Rooftop financing

Maximum amount

80% of project cost

Maximum tenure

Up to 5 years

Net Interest rate to customer (% p.a.)

8.5 to 10.5%

Type of Loan

Residential & C&I / Standalone Loan

Details of Nodal Officer

Hussain

hussain[at]creditfair[dot]in

72089 95422

Ecofy

Product

Regular Term Loan with Subvention of 2.99% (Collateral Free)

Maximum loan amount

Up to 100% of project cost

Maximum loan tenure

Up to 4 years

Net Interest rate to customer (% p.a.)

Up to 12.99%

Type of loan

Residential & C&I / Standalone Loan

Details of nodal officer

Swapnil Wakade

swakade[at]ecofy[dot]co[dot]in

9821604104

Mysun

Mysun Solar Financing Solar Loans for Homes: Zero Cost – Interest Free EMI Option

Pay in 3 Easy Interest Free Installments

No Collateral

Quick Approval in 30 minutes

Available for low credit scores

Maximum Loan amount

70% of project cost

Maximum Loan Tenure

Up to 3 years

Type of Loan

Residential & C&I/Standalone Loan

Details of Nodal Officer

Neetu Patro

neetu[dot]patro[at]itsmysun[dot]com

8442380218

Electronica Finance Limited

Product

Shakti Rooftop solar loans are designed to make going solar more affordable for MSMEs, firms, residential properties, hospitals, hotels, schools etc.

Maximum loan amount

Up to Rs 2 crore

Maximum loan tenure

5 years

Net Interest rate to customer (% p.a.)

10 to 14%

Type of Loan

Residential & C&I/Standalone Loan

Details of Nodal Officer

Chandan Jain

Product Manager

chandan[dot]jain[at]efl[dot]co[dot]in

9607800754, 9850961707

UCO Bank

Product

Rooftop Solar Plants for Residential Sector – for financing Grid connected Roof Top Solar Plants

Maximum Loan amount

Maximum Loan Tenure

Net Interest rate to customer (% p.a.)

Reducing

Type of Loan

Residential & C&I/ALL

Details of Nodal Officer

Ramakanta Sahoo

AGM

hopscredit[dot]calcutta[at]ucobank[dot]co[dot]in

9874085119

Bank of Maharashtra

Product

Cost of Roof-Top Solar is included as component for expense for finance under Housing loan scheme.

Maximum Loan amount

Rs10 lakh

Maximum Loan Tenure

7 Years

Net Interest rate to customer (% p.a.)

9.80%-11.30% (Based on CIC Score) Reducing

Type of Loan

Residential/Composite (Along with Home Loan)

Details of Nodal Officer

Ravi Anand

Chief Manager

cmretail[at]mahabank[dot]co[dot]in

020-25614264

ICICI Bank

Product

ICICI Bank Personal Loans

Features

Loan up to 90% of the total project cost

Instant Approval

Digital Journey

Flexible Tenure of 12 to 36 Months

Seamless Loan application process.

Minimum Documentation

Fixed Interest Rate

No Security / Guarantor required

Maximum Loan amount

Rs 6 lakh (subject to up to 90% of the project cost)

Maximum Loan Tenure

3 years

Net Interest rate to customer (% p.a.)

Starting 11% p.a. (reducing)

Type of loan

Residential/Unsecured Personal Loan (for salaried individuals)

Details of Nodal Officer from the Bank

Sharlet Malvankar

C Nodal Officer

digitallending[at]icicibank[dot]com

022-39337979

Harpreet Singh

Relationship Manager, MNRE

harpreet[dot]singh16[at]icicibank[dot]com

9654482811

Product 2

ICICI Bank Business Loans

Features

Loan up to 90% of the total project cost

Instant Approval

Flexible Tenure of 12 to 36 Months

Seamless Loan application process.

Minimum Documentation

Fixed Interest Rate

No Security / Guarantor required

Maximum Loan amount

Rs 6 Lakh (subject to up to 90% of the project cost)

Maximum Loan Tenure

3 years

Net Interest rate to customer (% p.a.)

Starting 11% p.a. (reducing)

Type of Loan

Residential/Unsecured Business Loan (for self employed segment)

Details of Nodal Officer

Sharlet Malvankar

Principal Nodal Officer

digitallending[at]icicibank[dot]com

022-39337979

Harpreet Singh

Relationship Manager, MNRE

harpreet[dot]singh16[at]icicibank[dot]com

9654482811

Punjab National Bank

Product

FINANCING OF SOLAR POWER SYSTEMS UNDER HOME LOAN SCHEME

Maximum Loan amount

Rs 10 lakh

Maximum Loan Tenure

As per housing loan scheme where mortgage of house is available

Net Interest rate to customer (% p.a.)

ROI to be charged as per housing loan scheme of the bank

Type of Loan

Residential/Composite (Along with Home Loan)

Details of Nodal Officer from the Bank

Parveen Ajmani

Chief manager

PARVEEN[dot]KUMAR17[at]PNB[dot]CO[dot]IN

8837895245

Product 2

FINANCING OF SOLAR POWER SYSTEMS UNDER HOME LOAN SCHEME

Maximum Loan amount

Rs 10 lakh

Maximum Loan Tenure

On Standalone Basis: where solar system is installed on standalone basis and applicant is not ready to mortgage the property, maximum 5 years repayment period to be permitted.

Net Interest rate to customer (% p.a.)

On Standalone Basis: ROI to be charged at RLLR+BSP+2.25% (solar power without mortgage under RLLR) under floating option only. No fixed option is available.

Type of Loan

Residential/Standalone

Details of Nodal Officer from the Bank

Parveen Ajmani

Chief manager

PARVEEN[dot]KUMAR17[at]PNB[dot]CO[dot]IN

8837895245

IDBI Bank

Product

IDBI Surya sakthi

Maximum Loan amount

Maximum Loan amount Individual Rs 0.25 Lakh and Rs 1.50 Crore for Commercial units

Maximum Loan Tenure

7 Years

Net Interest rate to customer (% p.a.)

For SFMF 10% For Non SFMF 11 % and Commercial 12.15 % (Reducing Rate)

Type of Loan

Residential & C&I/Composite (covered under priority sector)

Details of Nodal Officer from the Bank

Kanchan Choudhary

DGM

kanchan[dot]Choudhary[at]idbi[dot]co[dot]in

8484810430

Product 2

IDBI Home loan

Maximum Loan amount

Maximum Rs.5.00 lakh

Maximum Loan Tenure

30 Years

Net Interest rate to customer (% p.a.)

Floating(Reducing) : Starts from 8.45% Fixed(Flat) : 10.90% – 12.00%

Type of Loan

Residential/Composite (Along with Home Loan)

Details of Nodal Officer from the Bank

Rajiv Kumar

kumar[dot]rajiv[at]idbi[dot]co[dot]in

9099927339

HDFC Bank

Product

Personal loan

Maximum Loan amount

Up to Rs 40 lakh

Maximum Loan Tenure

5 Years

Net Interest rate to customer (% p.a.)

11% to 12.5% p.a. (flat)

Type of Loan

Residential/Personal

Details of Nodal Officer from the Bank

Narayan Rajagopalan

Sr Vice President-II – Compliance

narayan[dot]rajagopalan[at]hdfcbank[dot]com

9380004428

Union Bank of India

Product

Union Roof Top Solar Scheme(URTS)

Features

Loan is provided for installation of Grid connected RTS (Roof Top Solar) for residential purpose only

Setting up of Grid connected Roof Top Solar system up to 25 KW plant to individual having existing independent house

Existing Union Home Loan borrowers against the said house or Borrowers who have not availed home loans or Borrowers who have availed home loan with other banks (subject to submission of NOC from Bank)

20% of project cost will be contributed by borrower under this scheme

ROI as applicable to Union Home Scheme for Composite scheme and for Standalone : CIBIL based ROI starting from EBLR+2.10%

Moratorium Period Maximum period of 6 month or time taken by Discom for installation whichever is less

Primary Security: Hypothecation of roof top Solar/ Assets created out of Bank finance under this scheme and Collateral Security: Nil

Maximum Loan amount

80% of project Cost or 15.00 Lakh(which-ever is less)

Maximum Loan Tenure

84 EMIs

Net Interest rate to customer (% p.a.)

Reducing (ROI as applicable to Union Home Scheme; CIBIL-based Effective ROI 8.95 to 10.25%)

Type of Loan

Residential/Composite (Along with Home Loan)

Details of Nodal Officer from the Bank

Sujit Kumar Suman

Chief Manager

sujitkumar[dot]suman[at]unionbankofindia[dot]bank

8948443448

Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com

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