Explore top banks & NBFCs for solar project loans in India. Learn about solar panel loan options, interest rates & how to apply for solar loans easily.
Anjali Singh
Assistant Manager
Do you too want to switch from traditional electricity and go solar? You’re not alone. India is seeing a solar boom, with more homeowners and businesses switching to clean energy every year. In fact, the country aims to reach 500 GW of renewable energy capacity by 2030, and solar is leading the charge. But let’s be honest, installing solar panels isn’t cheap. That’s where a solar project loan comes in, making it easier and more affordable to harness the sun’s power.
Let’s break down the top banks and NBFCs offering solar loans in India, what you need to know about financing solar projects, and how you can get started.
First, the numbers. A typical residential solar setup can cost anywhere from ₹50,000 to ₹6 lakhs, depending on the size and quality. For businesses and factories, the investment can run into crores. But here’s the good news: solar loans are designed to make this investment manageable, with flexible repayment and attractive solar loan interest rates in India.
Several leading banks in India have stepped up to offer dedicated solar panel loan products. Here’s a quick look at some of the most trusted names:
Non-Banking Financial Companies (NBFCs) are also making solar loans more accessible, especially for small businesses and underserved communities.
Applying for a solar panel loan is easier than ever:
Want to make it even easier? At My Mudra, we help you compare offers, check eligibility, and apply for solar loans with just a few clicks.
Switching to solar is a smart move for your wallet and the planet. At My Mudra, we help you find the best solar project loan, compare solar loan interest rates in India, and apply for solar loans without the hassle. Whether you’re a homeowner, business, or factory owner, we make financing solar projects simple, fast, and stress-free.
Also Read:
- Tips for Finding the Best Loan for Solar Panel Options
- How Green Finance Can Be a Sustainable Choice for Your Home
Ans: A solar project loan is a special loan designed to help individuals and businesses finance the purchase and installation of solar panels and related equipment.
Ans: Homeowners, businesses, MSMEs, and even factories can apply for a solar panel loan, provided they meet the lender’s eligibility criteria.
Ans: Rates generally start from 6.50% p.a. for small loans and can go up to 10-12% for larger or unsecured loans, depending on the lender and your credit profile.
Ans: Loan amounts range from ₹50,000 for small residential setups to ₹16 crores for large business projects.
Ans: Most solar loans offer a repayment tenure of up to 10 years.
Ans: Yes, under schemes like PM Surya Ghar Muft Bijli Yojana, you can get up to ₹78,000 as a subsidy for residential solar installations.
Ans: For small loans (up to ₹2 lakhs), many banks do not require collateral. For larger loans, hypothecation of the solar equipment is common.
Ans: You can apply directly through the bank, NBFC, or use a platform like My Mudra to compare and apply online.
Assistant Manager
Hey there, I'm Anjali Singh. With over 6 years of experience in finance, I specialize in creating content on banking, loans, and financial planning. My goal is to simplify complex financial topics and help readers make informed decisions through my articles.
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