Interest Rate
7% to 12% p.a. — specialized solar loans from participating banks. Some public sector banks offer dedicated ~7% rate schemes for residential solar under government programs.
Solar Loan — Cut Electricity Bills & Get Up to ₹78,000 Government Subsidy
Paying ₹3,000-5,000/month on electricity? Switch to solar and redirect those savings to clear your app loan debts. Under PM Surya Ghar Yojana, you get up to ₹78,000 as direct subsidy — plus 300 units of free electricity every month for 25 years.
- Government subsidy up to ₹78,000 under PM Surya Ghar Muft Bijli Yojana
- Solar loan rates from 7% p.a. — collateral-free options up to ₹2 lakh
- Earn money by selling surplus power back to DISCOM via net metering
Solar Loan at a Glance
Finance your rooftop solar with easy terms and government support.
Loan Amount
₹50,000 to ₹20,00,000 depending on system capacity. Collateral-free options available up to ₹2 lakh. Average 3kW rooftop system costs ₹1.5-2.5 lakh after subsidy.
Tenure
12 to 120 months (up to 10 years). EMI can often be matched with electricity bill savings — making it nearly cost-neutral from month one.
Government Subsidy
Up to 2kW: ₹30,000/kW. 2-3kW: ₹18,000/kW additional. Maximum subsidy: ₹78,000 for 3kW+ systems. Credited directly to your bank account after installation.
Eligibility Criteria
- Ownership: Must own a residential house with suitable rooftop space
- Electricity: Valid electricity connection from local DISCOM required
- Citizenship: Indian citizen (for PM Surya Ghar subsidy eligibility)
- No Prior Subsidy: Must not have received any central government solar subsidy before
- CIBIL Score: 650+ for bank loans; some NBFCs are flexible with collateral
- Solar System: Must use BIS-certified, domestically manufactured (DCR) solar modules
Documents Required
Identity: Aadhaar Card + PAN Card
Property: Electricity bill + address proof of installation site
Income: Salary slips or ITR (for bank loans); minimal for NBFC options
Solar: Quotation from empaneled solar vendor with capacity details
Subsidy: PM Surya Ghar portal registration number
Check EligibilityWhy Solar is Smart — Especially When Managing Debt
Cut your biggest monthly expense and redirect savings to clear debts faster.
300 Units Free Electricity
A 3kW system generates 300+ units/month — enough for a typical household. This means ₹0 electricity bill, saving ₹2,000-5,000 every month that can go toward debt repayment.
Nearly Zero Net Cost
After subsidy (₹78,000) and electricity savings, the effective monthly cost of solar can be lower than your current electricity bill. Some households achieve positive ROI from month one.
25 Years of Savings
Solar panels last 25+ years with minimal maintenance. Total lifetime savings can exceed ₹15-20 lakh. That's money that would otherwise go to DISCOM — now it stays in your pocket.
Earn from Surplus Power
Generate more than you consume? Sell excess electricity back to your DISCOM through net metering. Each unit exported earns you credit on your bill — additional passive income.
Property Value Increases
Solar-equipped homes command 3-5% higher market value. It's an investment that pays for itself while you use it — unlike app loans that only drain your resources.
Green Energy + Independence
Reduce dependence on grid power and rising tariffs. Each 1kW solar system prevents ~1,500 kg of CO₂ emissions annually — good for your wallet and the planet.
Frequently Asked Questions
Can solar EMI really be offset by electricity bill savings?
Yes, in most cases. A 3kW system costing ~₹1.8 lakh (after ₹78,000 subsidy = ~₹1 lakh loan) at 7% for 5 years = ~₹1,980 EMI. If your current electricity bill is ₹2,000-3,000/month, the solar EMI is effectively paid by your savings. After 5 years, it's pure savings for the next 20 years.
How do I apply for the PM Surya Ghar subsidy?
Register at pmsuryaghar.gov.in with your DISCOM details and electricity consumer number. After approval, get the system installed by an empaneled vendor. Post-installation, the DISCOM inspects and commissions it. Subsidy (up to ₹78,000) is transferred directly to your bank account within 30 days of commissioning.
What size solar system do I need?
A rough guide: 1kW per ₹1,000 monthly electricity bill. If your bill is ₹2,000-3,000/month, a 2-3kW system is optimal. For ₹4,000-5,000 bills, consider 4-5kW. Each 1kW requires approximately 100 sq.ft of shadow-free rooftop space.
I have app loan debts and low CIBIL. Can I get a solar loan?
Some NBFCs offer solar-specific financing with relaxed credit requirements since the system itself is an asset. Government-backed schemes through select banks may also be more flexible. If CIBIL is very low, consider clearing app debts first using a gold loan, then apply for solar financing separately.
What maintenance does a solar system need?
Very minimal. Clean panels 2-3 times monthly with water and soft cloth. Inverters may need replacement after 8-10 years (₹15,000-25,000). No moving parts means almost zero maintenance cost. Most manufacturers offer 25-year panel warranty and 5-10 year inverter warranty.
Does MudraTrust Finance install solar panels?
No. We provide solar loan facilitation and subsidy guidance. We help you find the best financing terms from banks and NBFCs. For installation, you'll work with MNRE-empaneled solar vendors in your area. We can guide you on vendor selection and the subsidy application process.