our customers
Solar Loan EMI Calculator: Plan Repayment Smartly
Use the solar loan EMI calculator to quickly and accurately calculate the EMI and easily plan your finances.
Select the loan amount, interest rate, and tenure, and view the EMI amount with the total repayable amount to understand the interest breakdown.
Solar Loan: What It is and How It Works
Solar loans are designed to support green initiatives and aid individuals in adopting a sustainable alternative power solution. Banks and financial institutions offer solar loans to cover the cost of purchasing and installing solar panels. With financial aid, people can smoothly transfer to solar energy from the grid without being burdened by the hefty initial cost.
Use the solar panel financing to pay for the purchase and installation cost and repay in affordable EMIs over an extended period. This financial solution allows you to benefit from sustainable solar energy and reduce electricity bills immediately, while the repayment responsibility is flexible with varying tenures.
Features of Solar Loans
Cost Efficiency:
Divide the high installation cost with flexible monthly payments with solar finance.
Ownership Benefits:
Hold ownership of the solar panels and obtain long-term savings with solar loans.
Instant Savings:
With solar panels installed, start saving on electricity bills from day one.
Environmental Impact:
Reduce carbon footprint and contribute to making the earth greener with solar energy.
Why Opt for a Solar Loan
A solar rooftop loan is specially designed to serve the green initiative. Learn what makes it a better financing option for solar panel installation compared to other types of loans:
- Low Interest Rates: Starting at 7.00%, low interest rates on solar loans keep the overall cost within budget.
- Flexible Tenures: With tenures ranging between 5 to 15 years, repayment is convenient.
- Prompt Approval: Dedicated solar rooftop loan solutions make approval hassle-free
Solar Loan Interest Rates from Top Lenders
Banks and Solar Financing Companies |
Interest Rates (per annum) |
|---|---|
| State Bank of India | Starting at 6.75% |
| Bank of India | Starting at 7.00% |
| Punjab National Bank | Starting at 9.40% (fixed rates decided as per CIBIL score) |
| Canara Bank | Starting at 6.90% |
| Bank of Maharashtra | Starting at RLLR - 2.30% |
Eligibility Criteria for Solar Loans
The eligibility criteria for solar loans are minimal, with the requirement to meet the following:
- Age: Applicants must be between 18 to 65 years old.
- Income: A minimum monthly income of Rs. 25,000 is required for approval on loan for solar rooftop.
- Employment: Both salaried and self-employed individuals are eligible for solar loans. Salaried applicants with stable incomes are given priority.
- CIBIL Score: A CIBIL score of 750 or above is required for approval.
Documents Required for Solar Loans
The basic documents required for Solar loan online approval are:
- Proof of Identity: Aadhaar Card / Voter ID / Passport / PAN Card / Driver's License
- Proof of Address: Aadhaar Card / Utility Bill
- Income Proof: Latest salary slips, bank statements of the last three months, ITR of previous 3 years
- Property Documents: Proof of property ownership where the solar installation will be set up, property tax receipts
- Electricity Bill: Bills for the last three months
How to Apply for Solar Loan?
Why Apply for Solar Loans with My Mudra
Apply for solar panel loans online with a few clicks on My Mudra and enjoy speedy approval and disbursal. Plan repayment effortlessly with our EMI calculator.
We are best known for offering:
- Competitive Interest Rates
- No Collateral Required
- Quick Approval.
Solar Loan Loan FAQs
How is a solar loan different from a solar lease?
A solar loan helps you finance a solar system and own it outright upon fulfilling the loan payment. You can access government incentives, added property value, and permanent savings in electric bill payments. Solar lease involves paying a company or provider monthly rental fees and, in the meantime, never possessing the solar system. You neither own it nor get significant benefits from fiscal incentives.
Why do I need a rooftop solar loan?
A solar roof loan assists you in funding solar system installation without paying the full amount. You can stagger payments over time while lowering electricity bills with this loan. Moreover, property value is enhanced by solar system ownership. It offers energy independence and can be eligible for government subsidies or tax incentives.
Do I need collateral for solar loans?
Solar loans are available without any collateral requirement. Apply for a collateral-free solar loan on My Mudra. The no-collateral option allows applicants with no significant assets to avail of the loan without hassle. Since there is no need for collateral verification, the application can be evaluated, and the loan can be processed quickly.
What is the solar loan interest rate?
Solar loan interest rates vary from lender to lender. They start at 7.00% and can be even lower depending on the provider. To access the best interest rates in the market, maintain a high CIBIL score, good credit history, and stable income.
How long does it take to approve solar loans?
My Mudra offers a fast approval rate on solar loans. Submit your solar loan application with all required documents, and the loan will be processed quickly, often within 24 hours.
Who is eligible for solar loans?
Homeowners, businesses, housing societies, and institutions wanting to install solar rooftop systems can apply for home loans. Common eligibility conditions are age restrictions, income stability, creditworthiness, and property ownership. Specific government programs also provide special concessions for household consumers and MSMEs.
Hear from our Solar Loan customers
Ravi Malhotra
Verified CustomerGetting a solar rooftop loan through My Mudra was fast and hassle-free. The EMI is affordable, and now my electricity bills are almost zero!
Sneha Reddy
Verified CustomerI compared many solar financing companies, but My Mudra gave me the best rate and quick approval. Highly recommended for solar panel loans.
Amit Sharma
Verified CustomerI used the solar loan EMI calculator on the site and knew exactly what I had to pay. No hidden charges. Very transparent process!
Pooja Nair
Verified CustomerThanks to My Mudra, I installed a solar rooftop system without paying a huge amount upfront. Their solar finance option is perfect!
Karan Joshi
Verified CustomerWas looking for the best interest rate for a solar loan and found it here. Great service and smooth documentation.
