Solar Panel On EMI:
Are you looking to reduce your electricity bills by installing solar panels but lack the funds for upfront costs? There’s good news! Solar panels can now be installed on an EMI basis. Traditionally, securing bank loans for solar installations has been challenging, often requiring collateral.
Loan Information
Many banks may not even be aware of solar loan options, and if they are, collateral is typically required. However, a new digital process allows you to obtain loans for solar panels without any paperwork or collateral, with EMI options ranging from 12 to 60 months and interest rates starting at 8.99% based on your CIBIL score.
EMI Calculation
The cost to install a 5kW solar system is approximately ₹3 lakh. With a loan covering 80% of this cost, you’ll need a down payment of ₹60,000, plus a processing fee of around ₹6,000. Subsidies of ₹58,000 are available for domestic projects, reducing your out-of-pocket expenses significantly.
How Much EMI Will Be Required?
Using the flat rate of 8.99% over five years, your EMI would be about ₹5,800 per month. Remarkably, a 5kW solar system can save you ₹5,000 to ₹6,000 on your electricity bill each month, making this an economically viable option.
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Summary at glance
The article discusses the option of installing solar panels on an EMI basis, making it accessible for those who cannot afford the upfront costs. Previously, obtaining loans for solar installations was challenging and often required collateral; however, a new digital platform simplifies this process, allowing customers to secure loans without paperwork or collateral. With interest rates starting at 8.99%, potential buyers can finance up to 80% of the installation costs, making solar energy more affordable.
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