Solar Loan
Harness the Power of the Sun with Solar Loans
Make your home or business energy-efficient with affordable financing, low interest rates, and flexible repayment plans designed to support your sustainable future.
Solar Loan
A Solar Loan is a type of financing that helps individuals or businesses install solar power systems such as solar panels, inverters, and batteries. It allows you to cover the cost of purchasing and setting up solar equipment without having to pay the full amount upfront. The loan is repaid in installments over time, making it easier to invest in renewable energy solutions.
Features and Benefits of Solar Loan
You can choose from several lenders offering excellent Solar loan rates paired with EMI options that are both affordable and convenient.
Covers Installation Costs
The loan covers the purchase and installation of solar panels, batteries, inverters, and related equipment, helping you transition to clean energy without high upfront expenses.Competitive Interest Rates
Many lenders offer attractive interest rates to encourage the adoption of renewable energy, reducing the overall cost of the loan.Long Repayment Tenure
Repayment terms can extend from 3 to 10 years, allowing you to choose a plan that aligns with your financial capacity and ensures manageable monthly payments.Minimal Documentation
The application process is often simple, requiring basic documents like identity proof, address proof, and details of the solar project.Increases Property Value
Solar energy systems can enhance the value of your property, as more people look for energy-efficient and eco-friendly homes and offices.
Solar Loan Eligibility
Average Bank Balance Program
- Maximum Loan Limit = LTV or eligible loan amount based on maximum allowed EMI, whichever is lower.
- Maximum EMI = 0.50 x ABB (ABB = Average bank balance in operative account of the customer for last 12 months)
- Apply industry net margin on the turnover.
GST Program- Latest 12 months’ GST turnover
- Apply industry net margin on the turnover
- Calculate DSCR considering existing and proposed obligations
- Eligible EMI at DSCR 1.2 to be considered
Saving with Renewable Energy- Collect latest 3 months of electricity bills
- Calculate average energy consumption in units and amount.
- Calculate energy savings with solar panel installation for the same consumption.
- Add back the savings for a higher loan eligibility.
Required documents for Solar Loan
For Company KYC
Applicant & Co-Applicant KYC
Financial Documents.
Fees and Charges for Solar Loan
Solar loan fees and charges usually vary from one lender to another and from case to case. The table above offers a helpful summary of the common expenses you may incur.