PM Surya Ghar Muft Bijli Yojana Scheme.

The scheme was launched by Prime Minister Narendra Modi on February 13, 2024 and Government of India has approved the PM Surya Ghar Muft Bijli Yojana on 29th Feb 2024 which is aimed to light up One Crore households by promoting Solar power through rooftop solar systems. The Scheme has an outlay of Rs.75,021 crore and is to be implemented till FY 2026-27.

Why Is Canara Bank Considered One of India's Best PM Surya Ghar Yojana Loan Providers?

As India accelerates its transition toward clean and affordable energy, rooftop solar systems have become a preferred choice for households aiming to reduce electricity bills and embrace sustainability. In this evolving landscape, banks play a crucial role by offering accessible funding solutions that make solar adoption easier. Among these institutions, we stand out as one of India's leading providers of PM Surya Ghar Yojana loans, offering customer-friendly features, lesser interest rates and a simplified financing process.

We are widely considered one of the best choices for solar financing and our dedicated Canara Rooftop Solar – PM Surya Ghar Yojana Loan Scheme empowers more families to switch to renewable energy.

A Strong Commitment to Affordable Clean Energy

Our CRTS-PM Surya Ghar Yojana loan offering reflects the bank's overarching commitment to promote renewable energy adoption across India. With a focus on affordability, convenience and transparency, the scheme addresses the needs of homeowners planning to install rooftop solar on-grid photovoltaic (PV) systems.

The bank finances CRTS-PMSGY loans (i) upto Rs 2.00 Lakhs & (ii) above Rs 2.00 Lakhs to Rs 6.00 lakhs, making it suitable for most residential requirements. Whether a homeowner is planning to offset monthly electricity bills or take a major step toward energy independence, the loan provides financial support without burdening the customer.

Subsidy:

Average Monthly Electricity Consumption (units)	Suitable Rooftop Solar Plant Capacity	Subsidy Support	Subsidy Support to North Eastern States
0–150	1 – 2 kW	Rs 30,000 to Rs 60,000/-	Rs 33,000 to Rs 66,000/-
150–300	2 – 3 kW	Rs 60,000 to Rs 78,000/-	Rs 66,000 to Rs 85,800/-

Lesser Interest Rates That Maximise Savings

One of the biggest advantages of choosing us for a PM Surya Ghar Yojana loan is its lesser rate of interest. We follow a reducing balance interest rate, meaning customers pay interest only on the outstanding principal amount. This results in substantial cost savings over the tenure of the loan.

Prospective borrowers can use a loan interest calculator to estimate their EMIs, interest payout and total repayment well in advance. This helps in financial planning and ensures full transparency before committing to the loan.

A Hassle-Free Loan Structure Designed for Homeowners

Canara Rooftop Solar – PM Surya Ghar Yojana Scheme is thoughtfully structured to make the borrowing experience as seamless as possible. Key loan parameters include:

Loan up to ₹2.00 Lakh

• Loan Quantum: Up to ₹2.00 lakh, including applicable government subsidy
• Purpose: Financing the cost and installation of rooftop solar PV systems up to 10 kW
• Margin: Minimum 10% of the total project cost to be contributed by the borrower
• Minimum Annual Income & NTH: No Minimal Annual Income & NTH criteria.

Loan Above ₹2.00 Lakh to ₹6.00 Lakh

• Loan Quantum: Above ₹2.00 lakh to ₹6.00 lakh, including applicable government subsidy
• Purpose: Financing the cost and installation of rooftop solar PV systems up to 10 kW
• Margin: Minimum 20% of the total project cost to be contributed by the borrower
• Minimum Annual Income & NTH: ₹3.00 lakh Minimum Annual Income, NTH 25% of gross income or ₹10,000 whichever is higher

These conditions ensure that borrowers have sufficient financial capacity while still keeping the loan accessible to a wide segment of households.

Eligibility

• All individuals, including Resident Indian Citizens and Non-Resident Indians (NRI), such as Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCI), are eligible under the scheme
• Both salaried and non-salaried individuals, as well as professionals who are creditworthy, including ex-employees and current employees of Canara Bank, can apply
• Minimum entry age: 18 years
• Maximum entry age: 75 years. For applicants above 65 years, the loan will be sanctioned with the co-obligation of a legal heir aged below 60 years
• Credit Information Company (CIC) score: 680 and above or -1 to 99 for borrowers with no prior credit history
• Applicants must have rooftop rights for the installation, with sufficient area as mandated by the Ministry of New and Renewable Energy (MNRE)
• Applicants should have the latest electricity bill in their name and must be regularly paying their electricity bills.

Repayment Period, Services Charges and Security

• Flexible Repayment Tenure: Canara Bank offers an extended repayment period of upto 10 years, allowing borrowers to choose a comfortable EMI.
• EMI Payments: Repayment is structured through Equated Monthly Instalments (EMIs).
• Repayment Holiday: Borrowers are eligible for a "repayment holiday" of upto 6 months from the date of the first disbursement.
• Age Eligibility: To ensure financial stability the applicant's age must not exceed 75 years by the end of the loan tenure.
• Zero Service Charges: There are no service charges or additional fees.
• Security: No Collateral Security; the primary security for the loan is the hypothecation of the solar equipment and assets purchased using the loan funds.

Government Subsidy Directly Supporting Borrowers

A major advantage of PM Surya Ghar Muft Bijli Yojana scheme is the availability of government subsidy. Under the scheme:

• Customers installing systems upto 3 kW and above 3 kW to 10 kW are eligible for a subsidy of Rs. 78,000.
• Borrowers have to apply for the subsidy through the National Portal for Rooftop Solar (pmsuryaghar.gov.in). Once approved, the subsidy amount is directly credited to the borrower account, to reduce the outstanding balance and further lowering the EMI burden.

Average Monthly Electricity Consumption (units)	Suitable Rooftop Solar Plant Capacity	Subsidy Support	Subsidy Support to North Eastern States
0–150	1 – 2 kW	Rs 30,000 to Rs 60,000/-	Rs 33,000 to Rs 66,000/-
150–300	2 – 3 kW	Rs 60,000 to Rs 78,000/-	Rs 66,000 to Rs 85,800/-

Why Canara Bank Stands Out Among Solar Loan Providers

Several factors collectively position Canara Bank as one of India's best solar loan providers:

• Customer-centric terms – Reducing balance interest rates and no processing charges, No Collateral security.
• High accessibility – with a practical income requirement and simplified security terms
• Support for sustainable living – by financing efficient rooftop solar systems that reduce electricity bills and carbon footprints
• Integration with government subsidy programs – ensuring borrowers receive maximum financial support
• Complete transparency – allowing customers to use a loan interest calculator to understand their EMIs and repayment structure clearly

For households looking to adopt solar energy, these advantages create a financing experience that is efficient, reliable and aligned with India's renewable energy goals.

Conclusion

As India continues to encourage clean energy adoption at the residential level, banks must provide financing solutions that are both affordable and accessible. Our Canara Rooftop Solar – PM Surya Ghar Yojana loan scheme achieves exactly this by combining lesser interest rates, flexible repayment options, zero processing charges and seamless subsidy integration.

Whether you are planning to lower your electricity expenses, increase your home's energy independence or make a long-term investment in sustainable living, Canara Bank's solar loan offers one of the most dependable financing pathways available today. With its customer-friendly design and commitment to green energy, the bank has rightfully earned its reputation as one of India's best solar loan providers.

Loan Investments are subject to terms and conditions – Read all the scheme details carefully before applying.