Solar EMI Calculator: SBI Loan & PM Surya Ghar EMI

Solar EMI calculator

Enter the loan amount, interest rate and tenure. The default shows a 3 kW system after the ₹78,000 subsidy (net cost ₹1,07,000) at SBI's PM Surya Ghar rate for loans up to ₹2 lakh.

Loan amount (₹)

Interest rate (% per year)

SBI up to ₹2 lakh: 5.75% SBI ₹2 to 6 lakh: 7.90%

Loan tenure

years months

Monthly EMI ₹2,056

Total interest ₹16,372

Total payable ₹1,23,372

Principal Interest

Monthly EMI ₹2,056, total interest ₹16,372, total payable ₹1,23,372.

Standard reducing-balance EMI, instalments from month 1. Moratorium, insurance and fees are not included. The presets are SBI's PM Surya Ghar rates "as on 15.12.2025"; the rate on your sanction date applies. Source: SBI PM Surya Ghar loan page.

What will a solar loan cost you every month? Use the calculator at the top of this page: enter the loan amount, the interest rate and the tenure, and it shows the EMI, total interest and total payable. For a 3 kW system after the ₹78,000 PM Surya Ghar subsidy, the net cost is about ₹1,07,000, and SBI's rate for loans up to ₹2 lakh gives an EMI of about ₹2,056 a month over 5 years.

This guide explains where that number comes from. It covers SBI's PM Surya Ghar loan terms, EMI tables for 1, 2, 3 and 5 kW systems, what happens when you prepay with the subsidy, and how the EMI compares with a typical electricity bill. Rates and fees were checked against SBI's own page on 14 October 2026. The post is written for homeowners and for installers who have to answer this question on every site visit.

SBI PM Surya Ghar Loan: Rate, Margin, Tenure and Fees

SBI's PM Surya Ghar rooftop solar loan is floating-rate: 5.75% a year for loans up to ₹2 lakh and 7.90% for loans above ₹2 lakh and up to ₹6 lakh, as on 15 December 2025. The product is called "PM Surya Ghar Loan for Solar Roof Top" on SBI's page. Here are the terms as SBI lists them.

Source: SBI, PM Surya Ghar loan for solar roof top (page last updated 13 February 2026, read on 14 October 2026). SBI also requires a savings account with SBI, and says the subsidy must be credited to the loan account. Canara Bank also lends under PM Surya Ghar, and we compare the two further down. For a lender-by-lender view beyond these, read our solar loan interest rates guide. For the application steps, see the PM Surya Ghar bank loan process and PM Surya Ghar EMI options for how the scheme's financing is structured.

EMI on a 1, 2, 3 and 5 kW Solar System After Subsidy

EMI on a solar loan depends on the amount you borrow, not on the gross system price. The central subsidy (CFA) is ₹30,000 per kW for the first 2 kW and ₹18,000 for the third kW, with a ₹78,000 ceiling. SBI's page lists ₹30,000 for 1 kW, ₹60,000 for 2 kW and ₹78,000 for 3 kW and above. The subsidy is claimed on the PM Surya Ghar portal. For the slab logic, see our subsidy calculation guide and the subsidy slabs post.

The project costs below are round example numbers for the maths, not a price list. Your quote will differ by state, brand and tax treatment, so replace them in the calculator. For real price bands, see the cost posts for 1 kW, 2 kW, 3 kW and 5 kW, or the cost by system size table.

Now the EMI on that net cost at SBI's two PM Surya Ghar rates. The 5.75% rate applies to loans up to ₹2 lakh, so the 5 kW example (a loan above ₹2 lakh) is shown at 7.90% only. All figures use the standard reducing-balance formula with instalments from month 1. The tenure trade-off matters. On the 3 kW loan at 5.75%, a 10-year tenure cuts the EMI from ₹2,056 to ₹1,175, but total interest rises from ₹16,372 to ₹33,944. If the monthly budget allows, the shorter tenure costs less overall. To see the effect of the 2026 GST change on your project cost, read our post on GST on solar installation, then enter the final quote in the calculator.

How Solar EMI Is Calculated

The EMI formula is EMI = P × r × (1+r)^n ÷ ((1+r)^n - 1). Here P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments. If the rate is zero, the EMI is simply P ÷ n.

You do not need the formula in the field. Remember the per-lakh figure instead. At 5.75%, a ₹1 lakh loan costs about ₹1,922 a month over 5 years and about ₹1,098 over 10 years. At 7.90%, it is about ₹2,023 over 5 years and ₹1,208 over 10 years. Multiply by the loan in lakh: ₹1.07 lakh × ₹1,922 is about ₹2,056.

## Prepaying the Loan With the Subsidy: Worked Example

SBI lists no prepayment penalty and says the subsidy is credited to your loan account, so the subsidy works like a part prepayment. Here is one example with stated assumptions. A 3 kW system costs ₹1,85,000. You pay the 10% margin and borrow 90%, which is ₹1,66,500, at 5.75% for 10 years. The EMI is ₹1,828 and total interest, if nothing changes, is ₹52,819.

Assume the ₹78,000 subsidy is credited after the 3rd EMI. This timing is an assumption, because subsidy timing varies; see our disbursement timeline post. The balance drops by ₹78,000 and two things can happen.

These figures ignore the 6-month moratorium, insurance and any rate reset. Treat them as a way to compare options, not as a bank quote.

EMI vs Your Electricity Bill

The question most customers actually ask is whether the EMI is lower than the bill they pay today. To compare, you need two assumptions: how much a kW generates and what a unit of grid power costs you. We use 120 units per kW a month and ₹7 a unit. Both are assumptions for illustration, not measured or sourced figures. Replace them with your local generation and your DISCOM slab.

These numbers assume net metering, where exported units are adjusted against your bill. See our net metering guide or the glossary entry. On the same assumptions, a 3 kW system with a ₹1,07,000 net cost has a simple payback of about 3.5 years (₹1,07,000 ÷ ₹30,240 a year). For payback in your state, see payback period by state and the residential solar ROI guide.

Which Lender: SBI, Canara and Others

Both banks below publish their PM Surya Ghar terms on their own sites. We read each page on 14 October 2026. Canara's page states no interest rate, so the rate row is blank by design: ask the branch.

Source: SBI and Canara Bank. For Bank of Baroda, PNB, private banks and NBFCs, check the lender's own page or read our solar financing partners and interest rates posts. We do not list rates here that we could not verify at the source. Non-subsidy loans from private lenders usually cost more, so compare the full cost, including fees, before you choose.

Eligibility, CIBIL Score and Documents

For SBI, you need rooftop rights, enough roof area as MNRE requires, a recent electricity bill and a savings account with SBI. Applications are registered first on the PM Surya Ghar portal, and the loan is then applied for through the Jan Samarth portal. Age is up to 65 in a single name, or up to 75 with a co-borrower. Customers new to credit are eligible.

Up to ₹2 lakh, SBI asks for KYC and the electricity bill. Above ₹2 lakh, it also asks for PAN, income proof such as salary slips or two years of ITR or Form 16, and a net annual income of ₹3 lakh or more. Eligibility for the subsidy itself is covered in our PM Surya Ghar eligibility guide and the glossary entry.

Loan or Cash: Which Is Better?

For many households, a loan keeps savings free and puts the EMI below the old bill. Cash costs less overall because there is no interest. Both are valid, so decide on cash flow.

For Installers: The EMI-Bill Match Test

Customers rarely open a calculator in front of you. The EMI-Bill Match Test is a three-step check you can do on a phone in two minutes: size the system from the bill, apply the EMI to the net cost, then compare the EMI with the bill.

1. 1

   Size the system from the bill

   Divide the monthly bill by ₹7 to get units, then divide the units by 120 to get kW. A ₹2,600 bill is about 370 units, so a 3 kW system. Both ₹7 and 120 are working assumptions, so adjust them to the customer's slab and site.

2. 2

   Apply the EMI to the net cost

   Subtract the subsidy from the quote. Multiply the net cost in lakh by ₹1,922 for a 5-year EMI at 5.75%. For a ₹1.07 lakh net cost, that is about ₹2,056.

3. 3

   Match the EMI against the bill

   If the EMI is below the current bill, the customer pays less each month than today. A line that works in Hinglish: "Aap jo paisa abhi DISCOM ko dete ho, wahi bank ko do. Loan khatam hone ke baad bijli ka bill bahut kam ho jayega."

A worked example: a customer pays ₹2,600 a month. Step 1 gives about 370 units, so recommend 3 kW. Step 2: ₹1,85,000 project cost minus ₹78,000 subsidy is ₹1,07,000, and the 5-year EMI is about ₹2,056. Step 3: ₹2,056 against ₹2,600 is about ₹544 lower each month. This is an illustration with stated assumptions, not a record of a real customer.

To put this maths in a branded PDF, see our guides on showing EMI in a solar proposal and showing ROI.

Mistakes Installers Make With EMI Quotes

The first mistake is quoting EMI on the gross cost. On a 3 kW system, ₹1,85,000 at 5.75% for 5 years gives an EMI of about ₹3,555. The customer expects ₹2,056 after subsidy. That gap is enough to lose a sale, so always state which base the EMI uses.

The second is over-promising generation. If a quote assumes more units per kW than the roof will deliver, the customer's bill stays higher than promised and trust drops. Use a conservative figure and write it on the proposal.

The third is hiding the tenure trade-off. A 10-year loan has a lower EMI but costs much more interest. Show both tenures and let the customer pick. For 3 kW system pricing, see our 3 kW price guide, and price the system first with the solar pricing calculator before you quote an EMI.

Show the EMI in Every Proposal

Doing this by hand for each customer takes time. Quickest Solar CRM puts the subsidy, the net cost and an EMI comparison into a branded proposal, so the customer sees the same numbers you discussed on site.

• Proposal Generator: net cost, subsidy and EMI comparison in a branded PDF.
• Quotation System: a GST-compliant quote with gross, subsidy and net itemised.
• WhatsApp Follow-up: send the proposal and follow up on it.

See the pricing page for plans, or book a demo.

Hindi Mein Saar

Yahan upar ka poora hisaab short mein, Hinglish mein.

• Subsidy ke baad 3 kW ka net kharch lagbhag ₹1,07,000 hota hai (example cost pe).
• SBI ka PM Surya Ghar loan: ₹2 lakh tak 5.75% aur ₹2 se 6 lakh tak 7.90% (15.12.2025 ke hisaab se). Rate floating hai.
• 5.75% pe 5 saal ka EMI lagbhag ₹2,056, 10 saal ka lagbhag ₹1,175.
• SBI mein processing fee nil hai aur prepayment penalty nahi hai. Margin kam se kam 10% dena hota hai.
• Sanction ke din ka rate lagta hai, isliye branch se rate aur reset ka schedule zaroor poochho.

Subsidy ki detail Hindi mein padhne ke liye PM Surya Ghar subsidy Hindi mein dekho, aur payback ke liye solar ROI calculator Hindi mein.

Frequently Asked Questions

What is the EMI on a 3 kW solar system after subsidy?

About ₹2,056 a month for 5 years, or about ₹1,175 for 10 years, on a ₹1,07,000 net loan at 5.75%. At 7.90% it is ₹2,164 for 5 years and ₹1,293 for 10 years. The net cost assumes a ₹1,85,000 project cost less the ₹78,000 subsidy, which is an example rather than a price list.

What is SBI's solar loan interest rate for PM Surya Ghar?

Per SBI's page, the floating rate is 5.75% a year for loans up to ₹2 lakh and 7.90% for loans above ₹2 lakh and up to ₹6 lakh, as on 15 December 2025. The rate on your sanction date applies, so confirm it with the branch.

Is the PM Surya Ghar loan collateral-free?

Yes, up to the amounts SBI and Canara describe. SBI lists the security as hypothecation of the solar assets, and Canara says the primary security is the solar equipment bought with the loan, with no other collateral.

Do I still get the subsidy if I take a loan?

Yes. The subsidy depends on the system size and an eligible installation, not on how you pay. It is ₹30,000 per kW for the first 2 kW and ₹18,000 for the third kW, capped at ₹78,000. SBI says the subsidy must be credited to your loan account.

Can I prepay the loan when the subsidy arrives?

SBI lists no prepayment penalty. In our worked example, a ₹78,000 prepayment after the 3rd EMI on a ₹1,66,500 loan at 5.75% for 10 years cuts the EMI to about ₹955 if the tenure stays, or closes the loan in about 4.75 years if the EMI stays. Ask the branch which option it uses.

What CIBIL score do I need for a solar loan?

At SBI, no minimum score is set for loans up to ₹2 lakh, and 650 or more is needed above that. SBI does not consider customers with a default or write-off. Canara asks for a CIC score of 680 or more, or a -1 to 99 score for borrowers with no credit history.

Is the EMI lower than my electricity bill?

Often, but it depends on your bill and system size. On our assumptions of 120 units per kW a month and ₹7 a unit, a 3 kW system saves ₹2,520 a month against an EMI of ₹2,056. Both assumptions are illustrative, so test them against your own bill with the calculator.

What margin and fees apply?

SBI requires a margin of at least 10% of project cost and charges no processing fee. Canara asks for at least 10% on loans up to ₹2 lakh and at least 20% above that, with no service charges. Insurance is optional at SBI up to 3 kW and required, at your cost, above 3 kW.

Will the October 2026 repo rate decision change my EMI?

It can, because the loan is floating. RBI's website shows the policy repo rate at 5.50% after the MPC met on 5 to 7 October 2026. SBI's page quotes rates as on 15 December 2025 and does not say how it will pass on later changes, so ask your branch for the sanction-date rate and the reset schedule.