EMI Calculator for Solar Loan in India 2026

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Total System Cost ₹ 1,50,000

Down Payment ₹ 30,000

Interest Rate Yearly 9.5 %

Loan Tenure 5 Years

How to Get a Solar Panel on EMI in India

Installing a rooftop solar plant is an excellent investment but the initial cost can feel like a heavy burden. Many people search for a way to get a solar system on emi so they can pay for the panels using the money they save on their electricity bill every month. At SolarKharcha.in we want to guide you through the smartest financing options available today.

Top Banks Offering Solar Loans

Several leading banks and financial institutions have started offering dedicated green loans for residential and commercial solar installations. The sbi solar loan scheme known as SBI Surya Ghar is currently the most popular choice because it offers very competitive interest rates and minimal processing fees.

Other major banks providing a solid bank loan for solar include Union Bank of India PNB and Bank of Baroda. Private lenders like HDFC and ICICI also offer personal loans for solar panels but their interest rates might be slightly higher compared to public sector banks.

Understanding Solar Loan Interest Rates

The solar loan interest rates in India generally vary between 9 percent and 12 percent per annum depending on your credit score and the bank you choose. If you opt for an official government backed scheme you can secure a loan at the lower end of this spectrum. By using the EMI calculator for solar loan above you can adjust these rates and find a monthly payment that comfortably fits your budget.

Smart Financing Tip

When applying for a solar rooftop loan always check if your vendor has a direct tie up with NBFCs like Bajaj Finserv. Sometimes you can get a solar panel on EMI with zero interest or minimal down payment directly through the installer which makes the process completely hassle free.

Frequently Asked Questions

What is the current SBI solar loan interest rate?

Under the latest PM Surya Ghar scheme the SBI solar loan interest rate usually starts around 9 percent to 10 percent per annum for residential rooftop projects. This rate makes the monthly EMI very affordable compared to standard personal loans.

Can I get a loan for solar panels without down payment?

Most traditional banks require a margin money or down payment of at least 10 percent to 20 percent of the total project cost. However some private finance companies and solar EPC vendors occasionally offer zero down payment EMI schemes depending on your credit history.

Is interest on solar panel loan tax deductible?

For residential home owners there is currently no specific income tax deduction section under the Indian IT Act for the interest paid on a home solar loan. However businesses and commercial entities can claim accelerated depreciation benefits to save on taxes.

How to get a loan for solar power plant installation?

First you need to get an official quotation from a registered vendor. Then you apply through the national PM Surya Ghar portal where you can directly choose your preferred bank like SBI PNB or Union Bank. The bank will process your application based on your quotation and CIBIL score.

Are there interest free solar loans available?

Banks generally do not offer completely interest free solar loans. However certain vendors may offer no cost EMI options through credit cards or NBFCs where the interest cost is absorbed by the vendor themselves as a discount.

Which bank gives the best solar home loan?

Public sector banks currently lead the market. The SBI solar loan and Union Bank solar loan are highly rated because of their low processing fees transparent terms and easy integration with the government subsidy distribution network.

Solar Loan EMI Calculator