RSK Solar Energy

NBFC solar loans

Non-banking finance companies lend for rooftop solar too, and some specialise in it. They can be quicker and more flexible than a bank, often at a higher rate, which makes them most useful when a bank says no or takes too long.

Updated 27 September 2026

What an NBFC is

A non-banking finance company is a lender registered with the Reserve Bank of India that is not a bank. It lends, but cannot offer the savings and current accounts a bank does. Many NBFCs offer personal and consumer loans, and some lend specifically for rooftop solar, sometimes through the installer.

When an NBFC suits a solar purchase

  • The bank has said no, or is taking too long.
  • Your income is irregular or hard to document, as it can be for farmers and small traders. NBFCs are often more flexible about that.
  • You want the finance arranged at the same time as the quote.

What it usually costs

NBFCs often charge more than banks, because they take on borrowers a bank would not, or decide faster. So before accepting an NBFC offer, compare it with the cheaper routes:

What to check before signing

  • That the NBFC is registered with the Reserve Bank of India, which publishes the list.
  • The rate, and whether it is quoted as a flat rate or on a reducing balance. A flat rate looks lower but costs more.
  • The processing fee and any other charges.
  • Whether you can repay early, and at what cost.
  • The whole agreement, before you sign. Be wary of anyone who wants a fee before the loan is sanctioned.

The loan and the subsidy

However the system is financed, the PM Surya Ghar subsidy is paid into your own bank account after the DISCOM inspection. It is not paid to the NBFC and does not reduce the loan.

Through our finance partner

We can put you in touch with our finance partner when we quote. It makes its own credit decision on its own terms, and we cannot promise approval or a rate. For every option, see five ways to finance solar.

Questions we are asked

What is an NBFC?

A non-banking finance company: a lender registered with the Reserve Bank of India that is not a bank. NBFCs make loans, but none can offer a savings or current account, which is the clearest difference from a bank.

Is an NBFC loan more expensive than a bank loan for solar?

Often, though not always. NBFCs may be quicker or accept borrowers a bank would turn down, and they usually price that in. Compare any NBFC offer with the PM Surya Ghar bank loan and a home loan top-up first.

How do I check an NBFC is genuine?

Check that it is registered with the Reserve Bank of India, which publishes the list of registered NBFCs, and read the loan agreement fully before signing. Be wary of anyone asking for fees before a loan is sanctioned.