Can I get a solar loan without collateral in Gujarat?

Yes, for residential systems up to 3 kW under PM Surya Ghar. Public sector banks offer collateral-free loans for these systems at concessional rates linked to the repo rate. Around 7% has been typical, but rates move, so check the current rate with the bank before you apply. For systems above 3 kW, regular solar or home improvement loan terms apply, which may be higher and may need more documents.

What is the EMI for a 3 kW solar system?

Taking a 3.3 kWp system at ₹87,000 after the ₹78,000 subsidy, the EMI at 7% is about ₹1,723 a month over 5 years or ₹1,313 over 7 years. If the loan is on the full ₹1,65,000 and you do not prepay, the EMI is about ₹3,267 over 5 years or ₹2,490 over 7 years. Your actual rate and loan amount decide the final figure.

Does the subsidy go to the bank or to my account?

Under PM Surya Ghar the subsidy is credited to the bank account you submit on the portal after commissioning. If you have a loan, some banks ask you to route it to the loan account or expect you to prepay with it. Ask your bank how it handles the subsidy before you sign the loan, so the flow is clear from the start.

Which banks give solar loans under PM Surya Ghar?

Public sector banks such as SBI take part, and one of our customers in Sherkhi, Bharuch financed their system with an SBI solar loan. Other public sector banks also offer loans under the scheme. The national portal lists financing options, and your own branch can tell you its current rate, margin and documents. Compare two banks if you have accounts with both.

Is taking a solar loan worth it?

It depends on your numbers. In our model the EMI on the net amount after subsidy is lower than the monthly bill saving for 2.2 kWp, 3.3 kWp and 4.4 kWp systems at 7% over 5 or 7 years. That means the system pays its own EMI from the first month. Homes on lower tariff slabs save less per unit, so check your own bill on our calculator first.

Solar Loan in Gujarat 2026, EMI Examples and PM Surya Ghar Loans

A solar loan in Gujarat can cost you less each month than the system saves. Taking a 3.3 kWp system at ₹87,000 after the ₹78,000 PM Surya Ghar subsidy, the EMI at 7% over 5 years is about ₹1,723. Our calculator puts the first-year saving for that system at about ₹3,105 a month, so on those numbers you are cash-positive from the first month.

How PM Surya Ghar loans work up to 3 kW

For residential systems up to 3 kW, public sector banks offer collateral-free loans under PM Surya Ghar at concessional rates linked to the RBI repo rate. Around 7% has been typical. Rates change with the repo rate, so check the current figure with your bank before you plan around it.

You do not need to pledge property or gold for these loans. The bank may ask you to put in a small margin of your own, and the exact share varies, so ask the branch. The national portal at pmsuryaghar.gov.in links to loan applications, and you can also walk into your branch with your installer’s quote.

The loan is for a home system only. Shops and factories do not get the central subsidy and do not fall under this loan route. They use regular business or solar loans instead.

Above 3 kW

A 4 kW or 5 kW home still gets the maximum ₹78,000 subsidy, but the concessional loan terms of the scheme do not cover systems above 3 kW. You will be on a regular solar loan or home improvement loan, with that bank’s normal rate and documents. Rates for these vary by bank and by your profile. We show a 7% example below for comparison, plus a 10% example so you can see how much a higher rate changes the EMI.

Documents banks usually ask for

Banks differ, but most ask for a similar set.

Aadhaar card and PAN card
Latest DGVCL electricity bill with your consumer number
Proof of house ownership, such as the property tax bill or index copy
Bank statements for the last six months
Income proof, such as salary slips or ITR
Passport-size photographs
The installer’s quotation with system size, brands and price
Your PM Surya Ghar application number, if you have already registered

Keep the electricity bill and ownership documents in the same name where possible. A mismatch between the bill holder and the property owner slows both the subsidy and the loan.

EMI examples at 7%

We worked these out with the standard EMI formula, EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly rate (7% ÷ 12) and n is the number of months. Amounts are the net price after subsidy from our savings calculator. The monthly saving is the calculator’s first-year figure at ₹8 a unit.

System	You pay after subsidy	EMI, 5 years	Interest over 5 years	EMI, 7 years	Interest over 7 years	Saving per month, year 1
2.2 kWp (4 panels)	₹46,400	₹919	₹8,727	₹700	₹12,425	₹2,070
3.3 kWp (6 panels)	₹87,000	₹1,723	₹16,362	₹1,313	₹23,297	₹3,105
4.4 kWp (8 panels)	₹1,42,000	₹2,812	₹26,706	₹2,143	₹38,025	₹4,140

In every row the EMI is lower than the monthly saving. On these numbers, each system pays its EMI out of the bill saving from the first month, with money left over. Over 5 years the 3.3 kWp system leaves roughly ₹1,380 a month in your pocket after the EMI. Over 7 years the gap is wider, at the cost of more interest in total.

The 4.4 kWp system sits above the 3 kW line, so its rate is likely to be higher than 7%. At 10%, the EMI on ₹1,42,000 is about ₹3,017 over 5 years or ₹2,357 over 7 years. That is still below the ₹4,140 monthly saving.

Two cautions. The saving figure assumes every solar unit replaces a unit you would have paid ₹8 for. Homes with low consumption sit on lower DGVCL slabs and save less per unit, so the margin on a 2.2 kWp system can be thinner than the table shows. Monsoon months also generate less than March to May, so the saving is higher in summer and lower in July and August. The EMI stays the same every month. Our guide on what size solar system your home needs helps you match size to your bill.

How the money flows, and why the gross amount matters

The subsidy does not reduce the price at the start. It arrives after the system is commissioned. That is why many loans are sanctioned on the gross amount, the full price before subsidy. The usual sequence looks like this.

You register on the PM Surya Ghar portal and DGVCL approves technical feasibility.
The bank sanctions the loan, often on the full system price, and pays the installer.
We install the system and apply for the net meter.
DGVCL inspects, fits the net meter, and the commissioning certificate is generated on the portal.
You submit your bank details and cancelled cheque on the portal.
The subsidy is credited to your bank account. The portal says within about 30 days.

Until the subsidy lands, you pay EMI on the gross amount. At 7%, a ₹1,65,000 loan for 3.3 kWp costs about ₹3,267 a month over 5 years or ₹2,490 over 7 years. A ₹1,10,000 loan for 2.2 kWp costs ₹2,178 or ₹1,660. A ₹2,20,000 loan for 4.4 kWp costs ₹4,356 or ₹3,320.

Look at the 5-year figures closely. On the gross amount, the 5-year EMI is slightly higher than the monthly saving for all three sizes. The 7-year EMI stays below the saving. This is why the subsidy step matters. When the ₹78,000 or ₹63,600 arrives, most borrowers use it to prepay part of the loan. That brings the outstanding amount close to the net price, and the bank either lowers your EMI or shortens the tenure. Ask the bank before you sign whether prepayment carries a charge and whether the subsidy must go to the loan account.

Our PM Surya Ghar subsidy guide for Bharuch covers each portal step in detail, and our post on DGVCL net metering explains the inspection.

A customer who did it this way

Farhan Qureshi in Sherkhi, Bharuch financed the system with an SBI solar loan under PM Surya Ghar. The ₹78,000 subsidy reached the bank account in six weeks. That is a little longer than the portal’s 30-day guide, and small delays like that are common. Plan your first few EMIs on the gross amount and treat the subsidy as a prepayment when it comes.

Our EMI option

If you are looking for solar panel EMI in Bharuch without going to a bank, we also offer easy EMI on residential systems. Terms depend on the system and change from time to time, so we give you the current options in writing along with the proposal. Because we take zero advance and you pay after approval, you are not out of pocket while DGVCL checks feasibility. You can compare our EMI option with your bank’s loan and pick whichever works out cheaper. If you are still choosing an installer, our checklist on how to choose a solar installer in Bharuch is worth reading first.

Talk to us

Send your latest DGVCL bill on WhatsApp at 98241 95027 and tell us if you plan to use a bank loan or our EMI. We will send a free proposal with the price, subsidy and EMI worked out within 48 hours. You can check your own numbers on the calculator or visit the shop at Mehfuz Complex, opp. Patel Welfare Hospital, Bharuch.