ICICI Bank Solar Loan
ICICI Bank is now part of the Government of India’s initiative to promote solar energy, offering loans up to Rs 6 lakh for solar panel installations. The interest rate varies between 8% to 12%, typically around 11% per annum.
Loan Details
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- Bank Name: ICICI Bank
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- Loan Purpose: Solar System Installation
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- Loan Amount: Up to Rs 6 lakh
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- Interest Rate: 11% per annum
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- Repayment Period: 1 to 3 years
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- Processing Fee: Nil
Eligibility Criteria
This loan is exclusively available to individuals eligible under the Pradhan Mantri Suryoday Yojana, primarily aimed at supporting middle and lower-income families. Previous bank defaulters will not be eligible for this loan.
Environmental Impact
The initiative encourages the adoption of sustainable energy, contributing to environmental protection while helping families reduce their electricity bills. For more information, contact ICICI Bank at the helpline provided.
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Summary at glance
ICICI Bank is offering loans up to Rs 6 lakh for solar panel installations under the Pradhan Mantri Suryoday Yojana, aimed at supporting middle and poor families. The interest rate is set at 11% per annum, with a repayment period ranging from 1 to 3 years, allowing for convenient monthly installments. Eligibility is required, particularly for those qualified under the government scheme, and existing bank defaulters are ineligible for the loan.
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