Mahabank Rooftop Solar Loan: Rate, Limit and How to Apply
Reviewed by: WeCredit Research Team
Bank of Maharashtra (Mahabank) lends up to Rs. 2 lakh for a rooftop solar system of up to 3 kW and up to Rs. 10 lakh for systems above 3 kW up to 10 kW under PM Surya Ghar. The bank charges no processing fee, allows 120 months to repay and links the rate to its RLLR, with the spread set by your CIBIL score for larger loans.
Quick answer: you register for the central subsidy on pmsuryaghar.gov.in and then apply for the loan through the bank’s digital route or the JanSamarth portal. WeCredit does not sanction government scheme loans. Bank of Maharashtra decides your loan, so confirm the current terms on the bank’s rooftop solar loan page before you apply.
Status note: A Ministry of New and Renewable Energy release of 28 July 2026 shows PM Surya Ghar running, with a 2026-27 budget estimate of Rs. 22,000 crore. The release states no end date, and the bank page carries no validity date or rate date. Check the official portal and the bank before you apply.
Mahabank Rooftop Solar Loan at a Glance
| Item | Up to 3 kW | Above 3 kW up to 10 kW |
|---|---|---|
| Loan amount | Rs. 10,000 to Rs. 2,00,000 | Rs. 10,000 to Rs. 10,00,000 |
| Margin (your share of project cost) | At least 10% | At least 20% |
| Interest rate | RLLR minus 2.30% for CIBIL 650 and above (new-to-credit applicants also eligible) | RLLR plus a spread of 0.20% to 1.00% by CIBIL band (table below) |
| Repayment | Up to 120 months including a moratorium of up to 6 months | Same |
| Processing fee | Nil | Nil |
| Account handling charge | Rs. 500 + 0.20% of the loan, minimum Rs. 500, maximum Rs. 2,500 | Same |
| Security | Hypothecation of the solar plant, registered with CERSAI | Same |
| Minimum income | None stated | Rs. 3 lakh a year |
| Subsidy shown by the bank | Rs. 30,000 (1 kW), Rs. 60,000 (2 kW), Rs. 78,000 (3 kW) | Rs. 78,000 |
The bank does not print the current RLLR value on this page, so this guide gives the spread only. Ask the branch or check the bank’s rate page for the RLLR that applies on your sanction date. For the national scheme, subsidy rules and portal steps, see our PM Surya Ghar subsidy rules. This page covers only the Mahabank loan.
Who Can Apply (Eligibility)
- For loans up to 3 kW, the bank lists individual applicants only, with roof-top rights over the installation site and enough roof area as required by the Ministry.
- Age is 21 to 70 years for loans up to 3 kW, counted including the repayment period.
- You must open a savings account with the bank before the loan is availed.
- You need your latest electricity bill; the system must be a residential grid-connected rooftop installation.
- Loans up to 3 kW need no minimum income. Loans above 3 kW up to 10 kW need a minimum annual income of Rs. 3 lakh.
- The bank states a CIBIL score of 680 or above for the up to 3 kW eligibility. Its rate row for the same band starts at 650. New-to-credit applicants are shown as eligible. Because the two figures differ, ask the branch which minimum applies to you.
Rate by CIBIL Score for Loans Above 3 kW
| CIBIL score | Spread over RLLR (non-home-loan borrowers) |
|---|---|
| 800 and above | RLLR + 0.20% |
| 750 to 799 | RLLR + 0.50% |
| 700 to 749 | RLLR + 0.75% |
| 650 to 699 | RLLR + 1.00% |
Existing home loan customers are shown as getting the same rate as their home loan for the larger band. For the up to 3 kW band the bank shows RLLR minus 2.30% for both home loan and non-home-loan borrowers, so confirm which applies to you.
Documents You Need
The bank page names only a few items. The bank sets the full document list at the time of appraisal, so ask the branch for it before you apply.
- Your latest electricity bill.
- Proof of roof-top rights over the installation site.
- A savings account with Bank of Maharashtra, opened before the loan is availed.
- Your registration details from the national rooftop solar portal.
- Any other KYC or income papers the bank asks for. For loans above 3 kW, keep proof of your annual income of Rs. 3 lakh or more ready.
How to Apply: Step by Step
- Register on pmsuryaghar.gov.in with the details linked to your electricity connection.
- Choose a vendor registered or empanelled with your electricity distribution company, since the bank says the system details must come from such a vendor.
- For a loan up to Rs. 2 lakh, apply digitally through the bank’s Mahadigital Loans link shown on its page, or go to jansamarth.in, open the Renewable Energy section and choose Apply Now.
- The bank gives a digital in-principle sanction based on your self-declaration. Final sanction depends on document verification and the bank’s assessment.
- Open the savings account and complete the loan documents, including hypothecation of the plant.
- The vendor installs the system. The bank says the subsidy is claimed by the borrower and should be credited to the loan account, so quote your loan account number on the portal.
- Follow the portal’s steps for inspection and subsidy release. The bank page says the Ministry’s feasibility reports must be submitted before payment goes to the vendor.
Worked Example: Margin, Loan and EMI
These numbers are for illustration. The system costs and the 7% and 8% rates are assumptions, not bank figures, because the bank gives only a spread over RLLR.
| Case | Project cost | Margin | Loan | Assumed rate | EMI (120 months) | Total interest |
|---|---|---|---|---|---|---|
| Small home system (up to 3 kW) | Rs. 2,00,000 | 10% = Rs. 20,000 | Rs. 1,80,000 | 7.00% | Rs. 2,090 | Rs. 70,794 |
| Larger system (above 3 kW) | Rs. 10,00,000 | 20% = Rs. 2,00,000 | Rs. 8,00,000 | 8.00% | Rs. 9,706 | Rs. 3,64,745 |
Subsidy example: if a 3 kW system costs Rs. 2,00,000 and the central subsidy of Rs. 78,000 is credited to your loan account, the loan balance falls by Rs. 78,000. The subsidy is not part of the loan and is paid only after the portal steps are complete. To judge what a system may cost in your city, see our solar panel installation cost breakdown.
Is This Loan Right for You? Checklist
- You hold rights over the roof and it has enough shadow-free space.
- Your connection is residential and grid-connected.
- You can pay the 10% or 20% margin from your own money.
- You are 21 to 70 years old, and the loan ends before you cross the age limit (for the up to 3 kW band).
- You are ready to open a savings account with the bank.
- For a system above 3 kW, your annual income is Rs. 3 lakh or more.
Why an Application Gets Stuck, and the Fix
| Problem | Why it matters | Fix |
|---|---|---|
| CIBIL score below the bank’s minimum | The page shows 680 for eligibility and 650 in the rate row | Ask the branch for the cutoff before applying and check your score first |
| No registration on the national portal | All applications are sourced through the JanSamarth portal after registration | Register on pmsuryaghar.gov.in first |
| Vendor not registered or empanelled | The system details must come from a registered vendor | Pick a vendor registered or empanelled with your electricity distribution company |
| No savings account with the bank | The account must be opened before the loan is availed | Open it early, during document submission |
| Income below Rs. 3 lakh for a larger system | The minimum income applies above 3 kW | Choose a system up to 3 kW, or add income proof |
| Subsidy not showing in the loan account | The loan account number must be quoted on the portal | Enter the number as soon as the loan is sanctioned |
Mahabank Loan Compared with Other Surya Ghar Options
| Mahabank (up to 3 kW) | Mahabank (above 3 kW) | Loan described in the 28 July 2026 PIB release | |
|---|---|---|---|
| Maximum loan | Rs. 2,00,000 | Rs. 10,00,000 | Not stated |
| Margin | At least 10% | At least 20% | Not stated |
| Rate | RLLR minus 2.30% | RLLR + 0.20% to 1.00% | Repo rate plus 50 bps, 5.75% for the present |
| Tenure | 120 months | 120 months | 10 years |
| Collateral | Hypothecation of the plant | Hypothecation of the plant | Collateral-free, from nationalised banks |
The Ministry release describes a collateral-free loan from nationalised banks at 5.75% for the present, while the Mahabank page lists hypothecation of the plant as security. Ask the branch which terms apply to your application. If you also bank with Baroda, the Bank of Baroda rooftop solar loan offers a different structure of limits and margins.
Timeline: From Application to Subsidy
| Stage | What happens |
|---|---|
| Portal registration | You register on pmsuryaghar.gov.in |
| Loan application | Digital application for up to Rs. 2 lakh, or through JanSamarth |
| In-principle sanction | Digital, based on self-declaration |
| Final sanction | After document verification and bank assessment |
| Installation | Registered vendor installs the system |
| Subsidy | Claimed through the portal and credited to the loan account |
Common Mistakes
- Assuming the up to 3 kW rate applies to the larger loan. Larger loans carry a CIBIL-linked spread.
- Forgetting the margin. The bank does not finance the full cost.
- Treating the subsidy as part of the loan. It comes from the central scheme.
- Skipping the savings account, which the bank requires before the loan.
- Relying on an old rate. The page shows no date, so confirm the current RLLR.
Other Government Loan Options
This loan is one route to government-backed credit. To see how it sits next to schemes for businesses, farmers and students, browse the government loan schemes hub.
Frequently Asked Questions
How much can I borrow under the Mahabank rooftop solar loan?
Up to Rs. 2 lakh for systems up to 3 kW and up to Rs. 10 lakh for systems above 3 kW up to 10 kW, with a minimum of Rs. 10,000.
What is the interest rate?
For up to 3 kW the bank shows RLLR minus 2.30%. Above 3 kW it shows RLLR plus 0.20% to 1.00%, depending on your CIBIL score. The page does not state the RLLR value, so ask the bank.
Are there processing charges?
The processing fee is nil. The bank lists an account handling charge of Rs. 500 plus 0.20% of the loan, with a minimum of Rs. 500 and a maximum of Rs. 2,500.
How long can I take to repay?
Up to 120 months, including a moratorium of up to 6 months.
How much subsidy can I get?
The bank shows Rs. 30,000 for 1 kW, Rs. 60,000 for 2 kW and Rs. 78,000 for 3 kW. The Ministry says these are amounts at current benchmark prices, and that systems of 3 kW or higher get Rs. 78,000.
Do I need collateral?
The bank lists hypothecation of the solar plant as primary security, registered with CERSAI.
Is PM Surya Ghar still open?
A Ministry release of 28 July 2026 reports 39,72,447 systems installed covering 48,02,717 households as on 22 July 2026, with Rs. 22,000 crore budgeted for 2026-27. It states no end date, so check the portal.
Does WeCredit sanction this loan?
No. WeCredit does not sanction government scheme loans. Bank of Maharashtra decides the loan, and you should confirm details on the official sources.
