As electricity costs continue to rise and the need for environmental conservation becomes more urgent, solar energy has emerged as a practical and sustainable solution. However, the initial cost of installing rooftop solar panels remains a challenge for many. To address this, the State Bank of India (SBI) has introduced an affordable Solar Panel Loan Scheme under its “Surya Ghar Yojana”.
This initiative aims to make clean energy more accessible by offering low-interest loans to homeowners for installing solar rooftop systems.
✅ SBI Solar Loan Highlights
Under the Surya Ghar Scheme, SBI provides:
- Up to ₹2 lakh loan for systems up to 3 kW
- Up to ₹6 lakh loan for systems between 3 kW and 10 kW
This not only helps consumers cut down on electricity bills, but also encourages them to contribute to a cleaner, greener environment.
💸 Interest Rates and Repayment Flexibility
SBI’s solar panel loan is designed to be both affordable and flexible:
- For systems up to 3 kW, the interest rate is just 7% per annum
- For systems above 3 kW and up to 10 kW, the interest ranges between 9.15% and 10.15%, depending on the applicant’s credit score and financial profile
- Loan repayment tenure is up to 10 years (120 months)
- Includes a moratorium period of 6 months, allowing borrowers time before EMIs begin
📝 Eligibility & Documentation
To apply for SBI’s solar loan, applicants must:
- Be up to 65 years of age
- Have sufficient roof space for solar panel installation
- For loans above 3 kW, have a minimum annual income of ₹3 lakh
Required documents include:
- Recent electricity bill
- Aadhaar card, PAN card (KYC documents)
- Income proof (salary slips, ITRs, etc.)
🌞 Why Choose SBI Solar Loan?
SBI’s solar loan offers a convenient way to:
- Reduce long-term electricity expenses
- Support environmental sustainability
- Leverage affordable financing without high upfront costs
With this scheme, homeowners across India can now make the switch to solar energy more easily, benefiting both their wallets and the planet.