PM Surya Ghar Muft Bijli Yojana

Prime Minister Narendra Modi on February 15, 2024. Under the scheme, households will be provided with a subsidy to install solar panels on their roofs. The subsidy will cover up to 40% of the cost of the solar panels.

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Why Opt Solar Loan?

Opting for a solar loan can make going solar more affordable and practical while letting you enjoy the benefits right away. Here are the key reasons many homeowners choose a solar loan:

  • 1. Lower Upfront Cost: Solar systems can be expensive to purchase outright. A solar loan spreads the cost over time, allowing you to install solar with little or no money down.
  • 2. Immediate Energy Savings: You start reducing your electricity bills as soon as the system is installed. In many cases, the monthly loan payment is lower than your previous utility bill, creating positive cash flow from day one.
  • 3. Ownership Benefits: Unlike leases or PPAs, a solar loan lets you own the system. That means you qualify for incentives like tax credits and rebates, and the system adds value to your home.
  • 4. Fixed Monthly Payments: Solar loans typically have fixed interest rates, protecting you from rising utility costs and providing predictable monthly payments.

PM Surya Ghar Loan EMI Calculator

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Public Sector Banks Offering Standard Loan Products

S.No Bank Name Standard Loan Product Link
1 Bank of Baroda https://www.bankofbaroda.in/personal-banking/loans/other-loans/pm-suryaghar-yojana-bundled
2 Bank of India https://bankofindia.co.in/personal-loan/star-rooftop-solar-panel-finance-loan
3 Bank of Maharashtra https://bankofmaharashtra.bank.in/mahabank-rooftop-solar-panel-loan
4 Canara Bank https://canarabank.bank.in/canara-rooftop-solar-crts-pmsgy-upto-rs-2-lakhs
5 Central Bank of India https://www.centralbankofindia.co.in/en/Roof-Top-Solar-Loan-Scheme
6 Indian Bank https://www.indianbank.in/blogs/pm-surya-ghar-muft-bijli-yojana-roof-top-solar-loan-scheme-harnessing-solar-power-for-a-brighter-future/
7 Indian Overseas Bank https://www.iob.bank.in/IOB-Surya
8 Punjab & Sind Bank https://punjabandsindbank.co.in/content/rts
9 Punjab National Bank https://pnb.bank.in/SCHEME-FOR-FINANCING-OF-ROOFTOP-SOLAR-POWER-SYSTEMS.html
10 State Bank of India https://sbi.bank.in/hi/web/personal-banking/loans/pm-surya-ghar-loan-for-solar-roof-top
11 UCO Bank https://www.uco.bank.in/uco-suryodaya-loan
12 Union Bank of India https://www.unionbankofindia.bank.in/en/details/union-rooftop-solar

Frequently Asked Quesitons

An EMI calculator offers several advantages, including accurate estimation of monthly installment amounts, quick comparison of various loan options, enabling informed financial decision-making and facilitating budget planning by providing clarity on long-term repayment obligations. Additionally, it provides a simple process where users can easily input loan details and receive instant results. It's easy to access, available online or through mobile applications and convenient to use anytime, anywhere. The tool also allows users to adjust repayment periods to see how it impacts monthly instalments, aiding in selecting the most suitable loan duration. Moreover, it ensures accurate data for financial planning and decision-making, providing precise calculations for reliable information.
The rule for calculating EMI (Equated Monthly Instalment) involves a straightforward formula: EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P represents the principal loan amount, R signifies the monthly interest rate, and N denotes the number of monthly instalments or the loan tenure in months. This formula allows individuals to compute their monthly instalments accurately, ensuring clarity and precision in financial planning and loan repayment management.
EMI amounts generally remain fixed for loans with a fixed interest rate. However, for loans with a floating interest rate, the EMI may increase or decrease depending on changes in the interest rate during the loan tenure. In some cases, lenders may adjust the loan tenure instead of the EMI amount. Using an EMI calculator helps borrowers understand potential variations and plan their finances accordingly.