IREDA Solar Loan: Interest Rate, Eligibility and EMI

ALMM and inverter compliance: MNRE’s current ALMM page publishes solar PV module and cell lists, not an inverter list. Verify the inverter’s exact model documents and applicable scheme or DISCOM requirements separately.

Your electricity bill crosses ₹8,000 a month, your neighbour just went solar, and you have spent three evenings reading about PM Surya Ghar. The subsidy numbers look attractive (₹78,000 for a 3 kW system), but the rest of the cost still needs to come from somewhere. Many homeowners search for an “IREDA solar loan” at this point, so this guide starts with what IREDA actually publishes and then shows the loans that homeowners can actually take. For the wider picture, see the solar loan guide in Hindi.

Direct answer. IREDA does not publish a loan product for households: its own loan-schemes page lists a rooftop solar scheme for industrial, commercial and institutional borrowers only (read 14 October 2026). A homeowner’s PM Surya Ghar loan comes from a bank. SBI’s own page lists 5.75% per annum up to ₹2 lakh and 7.90% per annum above ₹2 lakh up to ₹6 lakh (rates as on 15 December 2025), and HDFC Bank shows no solar-specific loan, with its Personal Loan advertised from 9.99%.

What Is IREDA, and Does It Lend to Homeowners?

The Indian Renewable Energy Development Agency is the Ministry of New and Renewable Energy’s specialised financier for renewable energy projects. It is not a retail bank and has no household counter. Its loan-schemes page (read 14 October 2026) lists 22 financing schemes. One of them is the “Loan Scheme for Financing Rooftop Solar PV Grid Connected / Interactive Power Projects”, and the page names the eligible borrowers as industrial, commercial and institutional entities. None of the 22 schemes is described as a household product. IREDA’s interest rates are set by borrower grade in a published rate matrix, and no household rate appears there.

You may see an “IREDA Suryodaya” loan promoted online. We found no scheme of that name among IREDA’s published loan schemes, so treat any such advertised rate as unverified until you see it on IREDA’s or your bank’s own page.

Qbits does not set or approve loans; the table only shows what each lender publishes. Rates float with the benchmark and change over time, so a number read on 14 October 2026 may be different when you apply.

How the Household Loan Process Works

For a homeowner, the path to a loan runs through the PM Surya Ghar portal and a bank, not through IREDA:

1. Register on the PM Surya Ghar portal (pmsuryaghar.gov.in) with your electricity connection details and apply for a rooftop system.
2. Obtain DISCOM feasibility approval for the system size.
3. Choose an empanelled installer and obtain an itemised written quotation that names ALMM-listed modules and the exact inverter model.
4. Apply for the bank loan. SBI’s page directs applicants to register on the PM Surya Ghar portal first and then apply for the loan through jansamarth.in. Other banks have their own routes, so use the bank’s own page.
5. Installation, inspection and subsidy. The installer commissions the system, the DISCOM inspects it, and the central subsidy is credited after verification. Apply the subsidy as a principal prepayment if your bank allows it.

This guide quotes no processing times for these stages. The time each step takes differs by DISCOM, bank and branch, and no published source gives a reliable range; ask your installer and your bank for their current timelines.

Eligibility: What SBI’s Page Requires

For the SBI Surya Ghar loan (read 14 October 2026) the page lists these conditions:

• Applicant: an individual, with age limits stated on the page (65 for a single applicant, 75 for a joint application, with the loan closing before the co-borrower reaches 75).
• Project: rooftop solar up to 10 kW, loan up to ₹6 lakh, with a 10% upfront margin on the project cost.
• Up to ₹2 lakh: no minimum CIBIL score, no minimum income, PAN optional, asset insurance not mandatory.
• Above ₹2 lakh up to ₹6 lakh: a minimum CIBIL score of 650, net annual income of at least ₹3 lakh, PAN mandatory and asset insurance mandatory at your cost. Loans with a history of default or write-off are ineligible.
• Security: hypothecation of the assets.
• Tenor: up to 120 months including a 6-month moratorium, with no prepayment penalty.
• Processing fee: nil.

The PM Surya Ghar eligibility rules for the subsidy are separate from the bank’s lending rules, so you need to meet both.

Loan Types Compared

What this means in practice. For a homeowner who qualifies for it, the published SBI rate is lower than the advertised starting rate of an HDFC Personal Loan. On a ₹2,00,000 loan over 5 years, that is about ₹30,601 in interest at 5.75% against about ₹54,905 at 9.99%, a difference of about ₹24,300 (both calculated here). A loan above ₹2 lakh moves to SBI’s 7.90% slab and carries the CIBIL and income conditions above. Whichever lender you choose, ask for the current rate in writing.

The Solar Finance Stack: Subsidy, Loan and Savings

Use this checklist to see how subsidy, loan and bill savings fit together for your own quote. The figures below are an assumed example, not a market price.

The Solar Finance Stack

Step 1, Take the gross cost from your itemised quote. Assume ₹2,00,000 for a 3 kW rooftop system. Use your own quote; this number is an assumption.

Step 2, Subtract the central subsidy. For 3 kW and above the central subsidy is ₹78,000 (₹30,000 per kW for the first 2 kW, then ₹18,000 for the third kW), credited after commissioning and DISCOM verification. Net cost after subsidy in this example: ₹1,22,000.

Step 3, Check state top-ups. Some states add their own support. Use the PM Surya Ghar subsidy amount guide and your state nodal agency for current figures; none is assumed here.

Step 4, Size the loan. The subsidy comes after commissioning, so the bank lends against the quotation first. With SBI’s 10% margin, the loan on a ₹2,00,000 quote is up to ₹1,80,000. At 5.75% for 10 years the EMI is about ₹1,976 (calculated).

Step 5, Estimate your own bill saving. Monthly units generated × your tariff, using your own bills. This guide quotes no generation or saving figure for your house.

Step 6, Compare. If your saving is higher than the EMI, the loan is cash-flow positive. If not, extend the tenure or prepay with the subsidy.

EMI Calculator: Example Loan Amounts on SBI’s Published Rates

Check whether the 7.90% slab applies to your whole loan or only to the part above ₹2 lakh; SBI’s page states the rate by loan-amount range, so ask the branch to confirm how it applies to your sanctioned amount. The subsidy is capped at ₹78,000 for 3 kW and above, so larger systems get proportionally less subsidy per kilowatt.

Documents You Need to Apply

For loans up to ₹2 lakh, SBI’s page keeps documentation light (KYC and a copy of the electricity bill). For larger loans, expect the bank to ask for more. Gather these before approaching a bank:

Identity and property:

• Aadhaar and PAN: PAN is mandatory above ₹2 lakh at SBI.
• Latest electricity bill in your name, which is also your PM Surya Ghar portal identifier.
• Proof that you may install on the roof: ownership or the owner’s consent, as the bank requires.

Income (above ₹2 lakh):

• Income proof: salary slips or income tax returns, as the bank specifies, to show the net annual income the page requires.

Solar project documents:

• DISCOM feasibility approval for the proposed system size.
• Itemised installer quotation naming ALMM-listed modules and the exact inverter model.

Credit documents:

• CIBIL score: banks check it independently; knowing it beforehand sets expectations (650 minimum above ₹2 lakh at SBI).

Common Mistakes That Delay or Cost You

• Searching for an IREDA household loan: IREDA publishes no such product. Spend the time on the bank route instead.
• Approaching the bank before DISCOM feasibility: complete the PM Surya Ghar online application first so the paperwork matches.
• Assuming the subsidy reduces the loan up front: it is credited after commissioning and verification. Plan to prepay principal with it.
• Ignoring the slab: SBI’s 5.75% applies up to ₹2 lakh; above that the page lists 7.90% and extra conditions. Size the loan with that in mind.
• Accepting a rate without the date: floating rates change. Ask for the written sanction letter showing the rate, the benchmark and how often it resets.
• Skipping the written quotation details: the DISCOM and the bank both rely on the model numbers in the installer’s quote, so get the exact inverter and module models written down.

For the full range of financing options beyond banks (including EMI offers from distributors and NBFC products), the inverter financing options guide covers the spectrum, and the SBI solar loan guide goes deeper on the SBI product. For zero-down-payment routes, the solar on EMI guide covers credit card, RESCO and NBFC instalment options.

How Net Metering Affects the Loan Return

Net metering lets the DISCOM credit the units your system exports against the units you draw. The credit rate and settlement terms are set by your state commission and DISCOM, so they change from state to state. Do not assume a fixed credit rate or a fixed export share when you compare EMI with savings; use your DISCOM’s current net metering terms and your own consumption pattern. The DISCOM interconnection agreement carries the metering terms.

Prepayment and Tenure Optimisation

SBI’s page lists no prepayment penalty, which makes this worth planning for.

Strategy 1, Use the subsidy as a prepayment. Worked example (calculated here): a ₹2,00,000 loan at 5.75% over 10 years has an EMI of about ₹2,195. After 12 EMIs the outstanding principal is about ₹1,84,758. A ₹78,000 prepayment brings it to about ₹1,06,758. If you keep paying the same EMI, the loan closes in about 56 more months instead of 108, and you save about ₹37,000 in interest.

Strategy 2, Pick the tenure by cash flow. A longer tenure lowers the EMI and raises the total interest (₹63,446 over 10 years against ₹30,601 over 5 on ₹2,00,000 at 5.75%). If cash flow is tight in year one, take the longer tenure and prepay once the subsidy and savings arrive.

Strategy 3, Match tenure to your payback. The payback period depends on your quote, tariff and consumption. The solar inverter payback period guide shows how to calculate it with your own numbers.

Where Qbits Fits in the Solar Finance Picture

Qbits is an inverter manufacturer. It does not lend, install systems or approve subsidy; the loan, the subsidy and the installation belong to your bank, the DISCOM and your chosen installer. Qbits’ part is the inverter model named in your quotation.

• Hybrid Inverters: Review current QBH model documents and confirm the exact battery, firmware, PV, backup-output, transfer, communication, warranty and project requirements in writing.
• Authorised Service Partners: Search the current directory, then confirm partner status, service scope, coverage and response process for your location.

Contact Qbits with questions about an inverter model named in a quote. Installers who want to supply Qbits inverters can apply through become our partner.

Which Route Fits Which Homeowner?

What the published SBI terms give you

• A published rate for loans up to ₹2 lakh of 5.75% and above ₹2 lakh of 7.90% (as on 15 December 2025)
• Up to 120 months, nil processing fee and no prepayment penalty on the page
• No minimum CIBIL score for loans up to ₹2 lakh

What to watch

• Rates are floating and change; the date on the page matters
• Above ₹2 lakh: CIBIL 650+, income of ₹3 lakh+, PAN and mandatory asset insurance
• The subsidy is credited after commissioning, not at loan disbursement

Sources (read 14 October 2026): SBI Surya Ghar loan page (rates as on 15 December 2025; page updated 13 February 2026); IREDA loan schemes; HDFC Bank personal loan.