PM Surya Ghar collateral-free loans are now available at just 5.75% from public-sector banks for up to 10 years. Here's the complete 2026 comparison — and why the loan pays for itself from month one.
Official PM Surya Ghar reference rate: repo + 0.50% = 5.75% per year (July 2026 government release). Individual slabs vary — here's the real picture.
| Lender | Interest Rate | Loan Amount | Tenure | Notes |
|---|---|---|---|---|
| SBI (Surya Ghar Loan) | 5.75% ≤ ₹2L · 7.90% (₹2–6L) | Up to ₹6 lakh | Up to 10 years | Collateral-free; nil processing & prepayment charges |
| Bank of Baroda | 5.75% ≤ ₹2L · 7.90% (₹2–6L) | Up to ₹6 lakh | Up to 10 years | Nil processing fee under the scheme |
| Bank of India | From 5.75% | Up to ₹6 lakh | Up to 10 years | Daily reducing balance; 5% margin |
| PNB / Canara Bank | ~7% (scheme-linked) | Up to ₹6 lakh | Up to 10 years | Collateral-free for ≤3 kW |
| NBFCs (Bajaj, Tata Capital…) | 9% – 12.5% | Varies | 3–7 years | Faster sanction — useful for urgent projects |
Borrowing ₹1.5 lakh at 12% (NBFC) instead of 5.75% (bank) costs roughly ₹27,000–35,000 extra in interest over 5 years — always try the bank route first. We help you prepare the application.
| Loan Amount | 5 Years @ 5.75% | 7 Years @ 5.75% | 10 Years @ 5.75% |
|---|---|---|---|
| ₹87,000 (3kW net cost) | ₹1,671 | ₹1,254 | ₹955 |
| ₹1,00,000 | ₹1,921 | ₹1,442 | ₹1,097 |
| ₹2,00,000 (5kW net cost) | ₹3,842 | ₹2,883 | ₹2,195 |
| ₹3,00,000 | ₹5,763 | ₹4,325 | ₹3,292 |
We survey your roof and give the exact plant cost — you know your net amount after subsidy.
Collateral-free loan for the net cost (or full cost). Margin is typically 5–10%.
₹78,000 subsidy lands directly in your account after commissioning — use it to prepay the loan.
Bill savings exceed your EMI every month. After the tenure ends: ~20 more years of almost free power.
We guide you through every document and follow up with the bank — most approvals take 1–2 weeks.
Yes — under PM Surya Ghar, loans up to ₹2 lakh (systems up to 3kW) need no separate collateral; the financed solar equipment itself is hypothecated. Above that, simple terms still apply up to ₹6 lakh.
Yes. The subsidy arrives by DBT after commissioning, and you can prepay it into the loan — which either shortens your tenure or shrinks your EMI. Your bank statement from us makes this easy.
With a 10-year tenure at 5.75%, the EMI is almost always lower than savings for standard plants. If your usage is very low, we will honestly recommend a smaller plant — or suggest you skip solar.
We will prepare your plant quotation, net-of-subsidy amount and the bank application file.
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