If you are thinking about going solar in 2026, you landed at the right place. Solar power is no longer just a fancy idea. It is saving money on electricity bills for lakhs of Indian families and businesses right now. And Bank of Baroda solar loan 2026 makes it super easy to start. I will walk you through everything step by step. From rates to eligibility. All in simple words.
What is Bank of Baroda Solar Loan?
Bank of Baroda solar loan funds your rooftop solar panels or bigger solar projects. It covers homes, farms, and small businesses. Bank of Baroda ties up with government schemes like PM Surya Ghar Yojana. This gives you subsidies and low rates.
Main types you will see:
- PM Surya Ghar Yojana loans for homes (bundled or standalone).
- Solar projects finance for MSMEs and farms up to 10 MW.
- Special MoUs with Tata Power for quick funding.
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Bank of Baroda pushes green energy hard. They aim for net-zero by 2057. They plant trees for every loan too. RBI also supports this with higher priority sector limits up to ₹35 crore for solar.
Why Choose Bank of Baroda Solar Loan in 2026?
India’s solar push is huge. PM Surya Ghar aims to light 1 crore homes by 2027. Electricity bills are rising. Solar cuts them by 70-90%. Bank of Baroda solar loan 2026 fits perfectly.
Key reasons families and businesses pick it:
- Low starting rates from 6-7.75%.
- Up to 90% financing – you pay just 10% upfront.
- Subsidies up to ₹78,000 direct to your loan account.
- Tenure up to 10 years (120 months).
- No or low collateral for many cases.
In 2025, Bank of Baroda signed MoUs with Tata Power. This funds MSMEs with collateral-free loans up to ₹10 crore. Perfect for shops, factories going solar.
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For homeowners, no income proof needed for small systems up to 3 kW. RBI raised PSL limits to ₹35 crore per project. This means more easy funding for solar in 2026.
Types of Bank of Baroda Solar Loans in 2026
Bank of Baroda offers different solar loans. Pick based on your need.
1. PM Surya Ghar Yojana – Residential Loans
This is for rooftops on homes. Two options:
Bundled Scheme:
- Covers solar panels + batteries + appliances.
- Up to 90% finance.
- Rates from 6.00%.
- Subsidy up to ₹78,000.
Standalone Scheme:
For systems up to 3 kW: Loan up to ₹2 lakh. No income docs. 10% margin. Rate 7%. Above 3-10 kW: Up to ₹6 lakh. 20% margin. Rates from 9.15% for home loan customers.
2. Solar Projects Finance Scheme for Businesses
- Up to 10 MW projects.
- Collateral-free up to ₹10 crore via CGTMSE.
- Rates from 7.75%.
- Tenure up to 120 months.
Tata Power tie-up makes it fast. Buy panels from them, get loan easy.
3. Green Energy Loans for Larger Projects
RBI allows up to ₹35 crore under priority sector. Bank of Baroda funds solar farms, pumps, village lights. Farmers get loans for solar pumps on barren land too.
Check official pages:
- PM Surya Ghar Bundled: https://bankofbaroda.bank.in/personal-banking/loans/other-loans/pm-suryaghar-yojana-bundled
- Standalone: https://bankofbaroda.bank.in/personal-banking/loans/other-loans/pm-suryaghar-yojana-standalone
Interest Rates and Charges for 2026
Rates are linked to repo rate. They change. But here is latest from 2025 data.
Residential Solar Loan Rates
| System Size | Max Loan | Margin | Rate (p.a.) | Tenure |
|---|---|---|---|---|
| Up to 3 kW | ₹2 lakh | 10% | 7% (EBLR -2.15%) | 10 years |
| 3-10 kW | ₹6 lakh | 20% | 9.15% (home loan customers) | 10 years |
| Larger | Varies | Varies | From 6% | 120 months |
MSME Solar Loan Rates
Other charges:
Bank of Baroda home loan customers get extra low rates.
Eligibility Criteria for Bank of Baroda Solar Loan
Simple rules. Most Indians qualify.
For Homes (PM Surya Ghar):
- Indian resident. Own a house with roof space.
- Registered on national portal for subsidy.
- No income proof for small loans (up to 3 kW).
- Good CIBIL score preferred.
For MSMEs:
- MSME registered or eligible.
- Project up to 10 MW via Tata Power or partners.
- Farmers for solar pumps: Land proof.
Common docs:
- Aadhaar, PAN, address proof.
- Roof ownership papers.
- Vendor quote for panels.
- Bank statements (if needed).
Apply digital. No physical docs often.
Step-by-Step: How to Apply for Bank of Baroda Solar Loan 2026
Follow these easy steps. I did it for my relative last year.
- Check Eligibility: Visit BoB site or app. Use solar calculator.
- Register for Subsidy: Go to pmsuryaghar.gov.in. Get approval.
- Get Vendor Quote: From Tata Power or approved sellers.
- Apply Online: Bob World app or branch. Upload docs.
- Sanction Letter: Quick in 7-15 days.
- Install Panels: After loan disbursal.
- Subsidy Credit: Auto to your account. Principal reduces.
For MSMEs: Contact Tata Power partner first. Digital process. Up to 90% finance fast.
Benefits and Savings with Bank of Baroda Solar Loan
Solar pays back in 4-6 years. Loan makes it faster.
Money Savings:
- Cut bills by ₹20,000-50,000 yearly for 3-10 kW home.
- Subsidy ₹30,000-78,000 free.
- Low EMI: ₹2,000-5,000/month for ₹2-6 lakh loan at 7-9%.
Other Perks:
- Green power. Sell excess to grid.
- Tax benefits under Section 80EEB? Check latest.
- BoB plants tree for your loan.
ROI Example: 3 kW system costs ₹1.5-2 lakh post subsidy. Saves ₹25,000/year. Payback 5 years. Loan EMI covered by savings.
For businesses: MSMEs save 30-50% on power. Collateral-free up to ₹10 cr.
RBI Guidelines and Safety for Solar Loans
RBI supports solar big time.
- PSL limit up to ₹35 crore for solar generators.
- Households up to ₹10 lakh easy.
- Farmers: Solar pumps on any land.
Bank of Baroda follows all. Safe as any home loan. Net-zero goal by 2057 shows commitment.
Bank of Baroda Solar Loan vs Other Banks
Quick compare with SBI, Canara (2025 data).
| Feature | BoB | SBI | Canara |
|---|---|---|---|
| Rate (upto 3kW) | 7% | 7% | 7% |
| Max Tenure | 120 months | 10 years | 10 years |
| Subsidy | Yes, up to 78k | Yes | Yes |
| Collateral | No for small | No | No |
BoB stands out for MSME tie-ups and digital apply.
Tips to Get Your Solar Loan Approved Fast
From my chats with BoB staff:
- Keep CIBIL above 700.
- Get 2-3 vendor quotes.
- Apply early in month.
- Use Bob World for paperless.
- Link with existing BoB account for low rates.
- For MSME: Use CGTMSE cover.
Avoid delays: Complete subsidy registration first.
FAQs on Bank of Baroda Solar Loan 2026
1. What is the interest rate for Bank of Baroda solar loan?
Starts from 6-7% for homes under PM Surya Ghar. MSMEs from 7.75%. Exact rate on your CIBIL, size. Floating linked to EBLR.
2. Do I need collateral for BoB solar loan?
No for homes up to 3 kW (₹2 lakh). MSMEs up to ₹10 cr via CGTMSE. Larger needs property or guarantee.
3. How much subsidy with Bank of Baroda solar loan?
Up to ₹78,000 for 3-10 kW systems. Direct to loan. Reduces EMI. Register on pmsuryaghar.gov.in first.
4. What is max loan amount under BoB solar scheme?
₹2 lakh (upto 3 kW homes). ₹6 lakh (upto 10 kW). MSMEs ₹10 crore collateral-free.
5. Can I prepay Bank of Baroda solar loan?
Yes. No penalty often. Saves interest. Check your offer letter.
6. Is Bank of Baroda solar loan only for homes?
No. Homes, MSMEs, farms, solar projects up to 10 MW. Tata Power partners for business.
Conclusion and Next Steps
Bank of Baroda solar loan 2026 is a smart pick. Low rates. High finance. Big subsidies. Perfect for India’s solar boom. Whether home or shop, it cuts bills and goes green.
Ready? Visit BoB site. Register for PM Surya Ghar. Get quote from Tata Power. Share your roof size or business type in comments. I can help shortlist!
