Solar loans and EMI in Delhi NCR
A rooftop solar loan under PM Surya Ghar: Muft Bijli Yojana is collateral-free, from nationalised banks, at repo rate plus 0.5 percentage points, which worked out to 5.75% on 28 July 2026, repayable over 10 years. On the mid-point of Verde Solaire's published 3 kW price for Noida after subsidy, that is an EMI of about ₹1,059 a month, which is close to the electricity bill the system replaces.
The rest of this page sets out what five nationalised banks state on their own pages, the documents they list, a worked EMI for 3 kW, and what Verde Solaire does in the application.
The scheme loan, as the Ministry describes it
The Ministry of New and Renewable Energy (MNRE) answered a question on this in the Rajya Sabha on 28 July 2026. The loan is collateral-free, from nationalised banks. The rate is repo rate plus 0.5 percentage points. The tenure is 10 years. Because the rate is linked to the repo rate, it floats: a change in the repo rate changes your EMI.
Two older figures still circulate and confuse people. The February 2024 Cabinet note described a rate of around 7% (February 2024 figure, superseded), and the March 2025 backgrounder described a loan of up to ₹2 lakh at 6.75% (March 2025 figure, superseded). Both have been superseded. The current position is the repo-linked formula above, and the banks' own pages now describe a ceiling of ₹6 lakh for systems up to 10 kW, with the concessional rate applying to the first ₹2 lakh.
What each bank states on its own page
Rates and terms change; the bank's page on the day you apply is the one that counts.
State Bank of India
SBI's Surya Ghar page states two tiers. Up to ₹2 lakh: 5.75% a year (the page dates the rate to 15 December 2025), no minimum CIBIL score, no minimum income, and documents limited to KYC and a copy of the electricity bill. Above ₹2 lakh and up to ₹6 lakh: 7.90% a year, a minimum CIBIL score of 650, a minimum income of ₹3 lakh a year, and two years of ITR or Form 16 plus six months of salary statements. For both tiers the page states a maximum capacity of 10 kW, a margin of "minimum 10% of the project cost", "hypothecation of assets" as security, no processing fee, a maximum of 120 months including a six-month moratorium from disbursement, and that you must register on pmsuryaghar.gov.in first and then apply at jansamarth.in.
Punjab National Bank
PNB's rooftop solar scheme page states a maximum loan of ₹2 lakh for systems up to 3 kW and ₹6 lakh for systems above 3 kW up to 10 kW. The margin is 10% for loans up to ₹2 lakh and 20% above that. The tenure is a maximum of 10 years including a six-month moratorium, the processing fee is nil, and security is hypothecation of the equipment, with the third-party guarantee waived up to ₹2 lakh. The page asks for a CIC score of 680, a maximum applicant age of 75, and, for the larger loans, a minimum annual income of ₹3 lakh and a third-party guarantee. It states that all applications are sourced through the Jan Samarth portal. The page does not state an interest rate; check with the bank.
Canara Bank
Canara Bank publishes two pages for its CRTS-PMSGY product. Up to ₹2 lakh (including subsidy): margin "minimum 10% of total project cost", maximum 10 years, hypothecation of the equipment, service and other charges waived, a CIC score of 680 and above (or no credit history), and a self-declaration of income rather than income proof. Above ₹2 lakh and up to ₹6 lakh: margin 20%, no processing charges, a minimum annual income of ₹3 lakh, and income proof in the document list. Both pages ask for the latest electricity bill in the applicant's name, the technical feasibility report from the electricity board and a quotation from an empanelled vendor. Neither page states a rate; it refers to the bank's separate interest rate page, so check with the bank.
Bank of Baroda
Bank of Baroda's standalone PM Surya Ghar page states a rate "starting from 5.75%" for loans up to ₹2 lakh, and for larger loans a rate under its home loan scheme "starting from 7.90%, linked to CIBIL score". The maximum limit is ₹6 lakh, the tenure a maximum of 120 months, the margin 10% up to ₹2 lakh and 20% above it, and the processing fee nil irrespective of amount, with stamp duty as per the state. For loans up to ₹2 lakh the page states that no income document is required; the document list is KYC, the latest electricity bill and the digital approval letter issued through the Jan Samarth portal.
Union Bank of India
Union Bank's rooftop solar loan terms are found in the bank's retail lending rate sheet effective 24 July 2026. Section 10 lists the scheme loan up to ₹2 lakh at EBLR minus 2.25%, "presently 5.75%", and the loan above ₹2 lakh up to ₹6 lakh at EBLR plus 1.00% (9.00%) for a CIC score of 750 and above, or EBLR plus 1.50% (9.50%) below 750. Margin, tenure and documents are not on the rate sheet; check with the bank.
A worked EMI: 3 kW in Noida
Verde Solaire's published price for a 3 kW system is ₹1,99,000 to ₹2,10,000, and after the ₹78,000 central subsidy and the ₹30,000 Uttar Pradesh subsidy the net cost in Noida is ₹91,000 to ₹1,02,000. The mid-point of that net range is ₹96,500, and the example below uses it. It is a mid-point, not a quote; the written quote after a survey is the price.
- Borrow ₹96,500 at 5.75% over 10 years: about ₹1,059 a month, ₹30,613 of interest over the term, ₹1,27,113 repaid in total.
- Bring the 10% margin the banks ask for and borrow ₹86,850: about ₹953 a month.
- If the bank prices you at the second-tier rate SBI states, 7.90%, the EMI on ₹96,500 is about ₹1,166.
Against that, a 3 kW system in Noida generates about 338 units a month. On the Uttar Pradesh domestic tariff, that much consumption costs more than the EMI at the concessional rate: the bill funds the loan. Two cautions. The fixed charge on your connection stays. And the subsidy arrives after commissioning, so in the early months you either fund the gross price or the bank lends against the subsidy and reduces the balance when it lands, as Canara Bank describes.
The EMI calculator takes any principal, rate and tenure and shows the EMI against your monthly saving. The Noida pricing page has the full price and subsidy table.
Documents the banks list
Across the five pages, the documents named for the concessional tier are:
- KYC documents (identity and address).
- The latest electricity bill, in the applicant's name.
- The technical feasibility report from the electricity board (Canara Bank).
- A quotation from an empanelled vendor (Canara Bank, Bank of Baroda).
- The digital approval letter from the Jan Samarth portal (Bank of Baroda).
- A self-declaration of income (Canara Bank).
For the larger tier, SBI and Canara Bank add income proof: ITR or Form 16 for two years, six months of salary statements or bank statements, and a minimum annual income of ₹3 lakh. PNB adds a third-party guarantee at that level.
Verde Solaire's own July 2025 post on Delhi prices described the loan under the scheme as needing "no income proof or ITR". That matches what SBI and Bank of Baroda state today for loans up to ₹2 lakh, and it does not apply above that amount.
What Verde Solaire does in the application
Verde Solaire has tie-ups with SIDBI, SBI and other NBFCs for collateral-free solar loans, as the company published in January 2024. In practice that means three things. We prepare the quotation in the form the bank and the portal want, naming the make and model of every component, because the banks ask for a quotation from an empanelled vendor and the electricity board's feasibility report. We file the PM Surya Ghar application and follow the feasibility approval, which the loan depends on. And we sit with you on the Jan Samarth application, since the bank pages route the loan through that portal.
We do not lend, set the rate or decide the sanction; the bank does. We can tell you which tier your system falls in and what the bank will ask for before you apply, so the sanction is not held up by a missing document. The before you pay the advance checklist covers what to confirm with any installer, and who pays whom explains the order of payments between you, the bank, the installer and the subsidy.
Loans for factories and small businesses
The scheme loan is for households only; Bank of Baroda's page states that industrial, commercial and other consumers are not eligible. For a factory, Verde Solaire's 2023 posts described YES Bank's YES KIRAN programme for MSME manufacturers as a term loan of up to ₹3,00,00,000 for six years with a six-month moratorium, for ground-mounted or rooftop plants for captive consumption. That was YES Bank's published description in 2023; ask the bank for its current terms. The company's tie-ups with SIDBI and other NBFCs also cover commercial plants. The commercial payback model shows whether the saving covers the EMI at your tariff and load.
Questions people ask
Start with a clear plan for your savings
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