India’s renewable energy revolution is gaining momentum, and solar power is at its forefront. Whether you're a business looking to cut down on energy bills or a homeowner aiming to adopt green energy, solar project loan is making solar more affordable than ever. This article explores the top banks and NBFCs offering solar project finance in India, ensuring your transition to solar energy is smooth and budget-friendly.

Why Opt for Solar Project Loans?

With the falling cost of solar panels and supportive government schemes, financing solar projects has become more accessible. However, upfront installation costs can still be high. That’s where solar finance companies in India come in—offering loans and EMIs that make solar projects financially viable.

Top Banks Offering Solar Project Finance

1. State Bank of India (SBI)

SBI is one of the most trusted banks when it comes to solar project loans. Under its "SBI Green Fund" initiative, the bank offers loans for rooftop solar installations to residential and commercial users at competitive interest rates and flexible repayment tenures.

2. Punjab National Bank (PNB)

PNB supports solar energy adoption through loans under various government schemes. Their financing is ideal for MSMEs and large-scale solar projects looking for cost-effective funding.

3. Bank of Baroda

With dedicated products for solar project finance, Bank of Baroda supports individual homeowners, industries, and institutions. Their low processing fees and extended repayment periods make them a top choice.

Leading NBFCs Supporting Solar Projects

1. Tata Capital

Tata Capital has emerged as one of the top solar finance companies in India, offering customized loans for residential and commercial solar systems. Their quick approval and digital documentation processes are major plus points.

2. Hero FinCorp

Specializing in clean energy finance, Hero FinCorp provides structured financing solutions for rooftop and ground-mounted solar projects. Their strong presence in Tier 2 and Tier 3 cities makes solar accessible beyond metros.

3. My Mudra Fincorp Ltd.

My Mudra Fincorp Ltd offers tailor-made solar project finance solutions to EPC contractors and developers. Their loan products cater to both large-scale and small-scale solar installations, ensuring wide coverage.

Final Thoughts

India’s shift to renewable energy needs strong financial backing, and both banks and NBFCs are rising to the occasion. Whether you're planning a residential solar system or a large-scale commercial project, choosing the right lender can make all the difference. Explore these solar finance companies in India to make an informed and economical switch to clean energy today.