Solar Loan Comparison for PM Surya Ghar UP (2025)
All major public sector banks offer 6.5–7% solar loans with no collateral and 10-year tenure. Verified data from official bank portals.
Bank-by-Bank Comparison (≤3kW Systems)
| Bank | Rate (≤3kW) | Max Loan | Tenure | EMI on ₹37,800 | Processing Fee |
|---|---|---|---|---|---|
| SBILowest Rate SBI Surya Ghar Scheme | 7% p.a. | ₹2.0L | 10 yrs | ₹439/mo | NIL |
| Canara Bank Canara Rooftop Solar (CRTS) | 6.5% p.a. | ₹2.0L | 10 yrs | ₹429/mo | NIL |
| Union Bank Union Bank PM Surya Ghar Loan | 7% p.a. | ₹2.0L | 10 yrs | ₹439/mo | NIL |
| PNB PNB Rooftop Solar Finance | 7% p.a. | ₹2.0L | 10 yrs | ₹439/mo | NIL |
| Bank of India BOI Star Rooftop Solar | 7% p.a. | ₹2.0L | 10 yrs | ₹439/mo | NIL |
*Example on 3kW system after ₹1,08,000 subsidy. Loan = ₹37,800 (90% of ₹42,000 net cost). Rates are floating linked to EBLR/RLLR. Rates as of March 2025.
Common Features Across All Banks
No Collateral
Zero security required for loans up to ₹2 lakh (up to 3kW systems)
6-Month Moratorium
Most banks offer a 6-month grace period before EMIs begin — time for installation + subsidy
NIL Processing Fees
All major public sector banks waive processing charges for PM Surya Ghar loans
No Prepayment Penalty
Pay off your loan early (after receiving ₹1,08,000 subsidy) without any extra charges
Direct to Vendor
Bank disburses loan directly to the installer — you don't handle large cash amounts
Online Application
Apply via jansamarth.in — the government's unified loan application portal
💡 The Smart Subsidy Strategy
Financial experts recommend this approach to minimise your effective cost:
- 1. Take a bank loan (no collateral) for the entire net cost after subsidy (approx ₹42,000 for 3kW)
- 2. Start paying EMIs (~₹638/month for Canara 6.5%)
- 3. When ₹1,08,000 subsidy arrives in your bank (30–60 days), use it to make a full/part prepayment
- 4. Result: Loan is almost entirely paid off! Remaining EMI becomes negligible OR loan closes entirely
- 5. Meanwhile: Save ₹1,500–₹3,000/month on electricity bills from day 1!
Ready to Go Solar in UP?
Get ₹1,08,000 total subsidy + free site survey. MNRE certified partners in Noida, Ghaziabad, Meerut, Baraut, Muzaffarnagar, Saharanpur & 12 West UP cities.