The Ministry of New and Renewable Energy (MNRE) has announced a major boost for rooftop solar under the PM Surya Ghar: Muft Bijli Yojana. In a new update shared on social media, MNRE said that all 12 Public Sector Banks (PSBs) are now offering loans up to ₹2 lakh at an affordable interest rate of 6.00% per annum to help households install rooftop solar systems. The ministry’s graphic highlights key banks such as SBI, Bank of Baroda, Punjab National Bank and others as part of this coordinated push.
The loan support comes on top of central subsidies under PM Surya Ghar, which aims to enable 1 crore households to generate their own power and receive up to 300 units of free electricity per month from rooftop solar.
What exactly is being offered?
According to MNRE and participating bank product pages:
- Interest rate:
- 6.00% p.a. for loan amounts up to ₹2 lakh under PM Surya Ghar.
- 6.00% p.a. for loan amounts up to ₹2 lakh under PM Surya Ghar.
- Lenders:
- All 12 Public Sector Banks are on board (including SBI, BoB, PNB and others).
- All 12 Public Sector Banks are on board (including SBI, BoB, PNB and others).
- Tenure and structure (typical):
- Repayment tenures of up to 10 years, usually with a 6-month moratorium.
- Many banks have no prepayment penalty and no processing fee for these loans.
- Repayment tenures of up to 10 years, usually with a 6-month moratorium.
- Higher loan slabs:
- Loans above ₹2 lakh (up to around ₹6 lakh) are often available at rates similar to home loans, depending on whether the borrower is already a home-loan customer.
- Loans above ₹2 lakh (up to around ₹6 lakh) are often available at rates similar to home loans, depending on whether the borrower is already a home-loan customer.
In many cases, loans up to ₹2 lakh are collateral-free, and the rooftop solar system itself is hypothecated to the bank as security.
How to apply: One national portal
Households do not need to visit multiple bank branches to compare options. The government has created a single national portal for rooftop solar: pmsuryaghar.gov.in.
The typical journey is:
- Register on the PM Surya Ghar portal
- Go to pmsuryaghar.gov.in, choose your state, district and electricity distribution company, and log in as a consumer.
- Go to pmsuryaghar.gov.in, choose your state, district and electricity distribution company, and log in as a consumer.
- Submit rooftop solar application
- Provide consumer details, rooftop information and choose a vendor from the empanelled list after technical feasibility.
- Provide consumer details, rooftop information and choose a vendor from the empanelled list after technical feasibility.
- Apply for loan online
- Once your application is approved on the portal, click “Apply for Loan”; you are taken to the JanSamarth platform, where you can select one of the 12 PSBs and proceed with a fully digital loan process.
- Once your application is approved on the portal, click “Apply for Loan”; you are taken to the JanSamarth platform, where you can select one of the 12 PSBs and proceed with a fully digital loan process.
Subsidy is credited directly into the beneficiary’s bank account, and in many bank products the subsidy can be used to partially prepay the loan, reducing EMIs.
Why this matters for households
The 6% PSB loan window under PM Surya Ghar is designed to remove the biggest barrier for middle-class and lower-middle-class families: upfront cost.
- With central capital subsidy plus a concessional loan, monthly EMIs are often designed to be lower than or comparable to current electricity bills over a 10-year period.
- After the loan is repaid, households effectively enjoy very low-cost power for the remaining life of the solar system (typically 20–25 years), alongside up to 300 units of free electricity per month as per the scheme design.
For the government, this helps:
- Accelerate progress towards 1 crore rooftop connections and higher solar capacity,
- Reduce household power bills and fossil-fuel dependence,
- Support Make in India and local solar jobs.
Rooftop Solar Gets Cheaper – And Spiritually Wiser
Under the PM Surya Ghar: Muft Bijli Yojana, rooftop solar just became far more accessible. This is a big policy step for making clean energy affordable – but through the lens of Satgyan, it is also a moral opportunity: Sant Rampal Ji Maharaj remind us that nature’s gifts are a trust, not a toy, and shifting from polluting power to rooftop solar is not only smart economics, it is a quiet act of sewa towards future generations who will breathe this air.
When a family installs solar on its roof, it lowers its bill, but it also lowers its share of moral responsibility tied to waste and pollution—turning a government scheme into a step towards cleaner karma and collective welfare, not just cheaper electricity.
Read Also: Renewable Pivot in Andaman & Nicobar Islands – Solar Micro‑Grids & Clean‑Energy Drive
FAQs: Rooftop Solar Benefits
1. What is the new benefit announced?
All 12 Public Sector Banks are offering rooftop solar loans up to ₹2 lakh at 6.00% per annum under PM Surya Ghar: Muft Bijli Yojana.
2. Who can apply for this loan?
Eligible residential consumers who meet the rooftop solar criteria under PM Surya Ghar—typically homeowners with a valid electricity connection and suitable roof area.
3. How do I apply?
Register and apply first on pmsuryaghar.gov.in, then use the “Apply for Loan” link (via JanSamarth) to pick a participating PSB and complete the digital loan process.
4. Is the loan collateral-free?
For many banks, loans up to ₹2 lakh are collateral-free; the solar system itself is hypothecated. Above ₹2 lakh, normal lending conditions apply.
5. Where can I check bank-wise details?
On the PM Surya Ghar portal and on individual bank websites (for example, SBI’s “Surya Ghar – Loan for Solar Roof Top” page lists detailed eligibility, tenure and documents).
