As the demand for solar energy rises in India, many banks are offering dedicated loans to help homeowners finance rooftop solar panel installations. These loans help spread the upfront cost over time, making it easier to adopt clean energy solutions. This guide outlines the top 10 banks offering rooftop solar loans in India, including loan details, interest rates, required documents, and the application process.
1. State Bank of India (SBI) – Surya Ghar Loan
Loan Amount: ₹2-6 lakh
Interest Rate: Starting from 7% (for home loan customers) and 9.15% for others
Eligibility: Applicants must have a minimum CIBIL score of 680 and sufficient rooftop space for installation.
Documents Required:
- KYC Documents
- Latest electricity bill
- For salaried individuals: Form 16 (last two years), salary statement (6 months)
Procedure: Apply via SBI’s portal or the MNRE website. The loan is processed once the rooftop feasibility is verified.
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2. Punjab National Bank (PNB) – Solar Power Loan Scheme
Loan Amount: Up to ₹6 lakh
Interest Rate: 8.65% – 9.15% (varies)
Eligibility: Applicants must own a residential property with sufficient rooftop space.
Documents Required:
- Property ownership documents
- Latest electricity bill
- KYC documents (for salaried and non-salaried individuals)
Procedure: Loan approval is based on CIBIL score and rooftop suitability for solar installation. PNB processes the loan within a few days post-application.
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3. Bank of Baroda (BoB) – Baroda Solar Loan
Loan Amount: Up to ₹10 lakh
Interest Rate: Starting from 8.7%
Eligibility: Homeowners with an existing residential property and a sufficient rooftop area.
Documents Required:
- Latest electricity bill
- Income documents for the last two years
- Property papers for rooftop verification
Procedure: Submit an application at any BoB branch or apply online. The loan covers both installation and equipment costs.
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4. Canara Bank – Rooftop Solar CRTS
Loan Amount: Up to ₹6 lakh
Interest Rate: Starts at 8.55%
Eligibility: For solar installations between 3kW and 10kW on residential rooftops.
Documents Required:
- Proof of income (for salaried and self-employed individuals)
- Rooftop ownership documents
Procedure: Visit Canara Bank’s nearest branch or apply through their website for a hassle-free loan process.
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5. Union Bank of India – Union Solar Power Loan
Loan Amount: Up to ₹10 lakh
Interest Rate: Starting from 8.5%
Eligibility: Available for grid-connected rooftop solar systems for residential properties.
Documents Required:
- KYC documents
- Latest electricity bill
- Salary proof or income tax returns
Procedure: Union Bank offers an online application process, and loans are disbursed directly to the vendor after installation is verified.
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6. HDFC Bank – Green Energy Loan
Loan Amount: Flexible based on the project
Interest Rate: Starting from 8.25%
Eligibility: Suitable for homeowners and businesses opting for solar panel installations.
Documents Required:
- KYC documents
- Property ownership proof
- Income proof
Procedure: Apply directly through HDFC Bank’s website. They offer a personalized solution for energy-efficient projects like rooftop solar panels.
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7. Bank of Maharashtra – Rooftop Solar Loan
Loan Amount: ₹10,000 to ₹10 lakh
Interest Rate: 9.80% to 11.30%, based on CIC score
Eligibility: Individuals owning a residential property with rooftop space.
Documents Required:
- Property and income proof
- Electricity bill
Procedure: The loan covers grid-connected rooftop solar installations and can be applied for via the bank’s digital platform or branches.
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8. ICICI Bank – Solar Home Loan
Loan Amount: Up to ₹6 lakh
Interest Rate: Starting at 11%
Eligibility: Homeowners with sufficient rooftop space for solar panels.
Documents Required:
- KYC documents
- Latest electricity bill
- Property papers
Procedure: ICICI Bank provides an instant approval process through its digital application. Apply online for seamless processing.
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9. Axis Bank – Green Loans
Loan Amount: Up to ₹25 lakh
Interest Rate: Starting from 8.50%
Eligibility: Available for residential and commercial properties with sufficient roof area.
Documents Required:
- Property and rooftop details
- Income proof for salaried/self-employed individuals
Procedure: Axis Bank offers a simple online process to apply for green loans.
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10. UCO Bank – Rooftop Solar Loan
Loan Amount: Up to ₹10 lakh
Interest Rate: Reducing rates based on loan tenure
Eligibility: For residential rooftop solar systems up to 10kW.
Documents Required:
- KYC documents
- Rooftop ownership proof
Procedure: UCO Bank offers competitive rates for solar loans, with applications available through branches or online portals.
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Key Documents Required for Rooftop Solar Loans 📋
- KYC Documents: Proof of identity (Aadhaar, PAN) and address (electricity bill, property papers).
- Income Proof: Form 16 or ITR for the last two years (for salaried/self-employed individuals).
- Property Documents: Proof of ownership or lease for the rooftop where the panels will be installed.
- Electricity Bill: Latest copy to confirm consumption and suitability for solar panel installation.
How to Choose the Best Bank for a Solar Loan 🏦
- Interest Rates: Compare rates to ensure affordability over the loan tenure.
- Loan Amount and Tenure: Choose a bank that offers the flexibility to cover your project cost and provides a suitable repayment period.
- Processing Fees: Some banks offer zero processing fees, while others may charge a small percentage.
- Subsidies: Check if the bank helps process MNRE subsidies to further reduce installation costs.
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