Solar Panel Loans & Rooftop Financing | Go Green with Bhriti financial
Get solar panel loans with low interest rates. Ruloans makes solar rooftop loans & green energy financing easy and affordable for homes & businesses.
What is Solar Panel Loan?
A Solar Panel Loan is a smart and convenient financial solution that enables homeowners, businesses, and industries to install rooftop solar systems without paying the entire cost upfront. Instead, the total cost is divided into easy monthly EMIs, making the shift to solar energy both affordable and accessible.
By choosing a solar panel loan, you can lower your electricity bills, reduce dependency on conventional power sources, and actively contribute to a greener, more sustainable future. It’s an ideal way to embrace renewable energy without putting a strain on your finances.
Features and Benefits of Solar Panel Loan
- Flexible Tenure: 12 to 84 months
- No Additional Collateral Required
- Minimum Turnover 25 Crores
- Minimum 5 Years Old Company
- Loan Amount: Minimum 60 Lakhs to Rs 3 Crores
- Dedicated & Personalized Support
- Minimal Documentation & Digital Processing
- Loan EMIs Lower Than Your Current Electricity Bills
- Comprehensive Financing: Covers solar panels + ancillaries
- Quick Approvals: Score-based assessment for faster processing
- Attractive Solar Loan Interest Rates
- 7.99% Flat Rate or 12.5% Reducing Balance Rate onwards
Solar Rooftop Loan Eligibility Criteria
Before applying for a solar panel loan, it’s essential to determine whether you meet the required eligibility criteria. This step ensures a higher chance of approval and smooth processing. Here’s how you can check your eligibility for a solar loan:
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.
Documents Required for Solar Panel Loan
- Identity proof (Aadhar card, PAN card, driving license, passport, etc.).
- Address proof (Aadhar card, Ration card, Rent Agreement, utility bills, etc.)
- Income tax returns (ITR) for the last 3 years.
- Business ownership proof.
- Proforma invoice of the machinery purchase.
- Bank statements for the last 6 months.
Solar Panel Loan EMI Calculator
Plan your repayments smartly using our Solar Loan EMI Calculator. Simply input the loan amount, tenure, and applicable solar panel loan rates to get an instant monthly EMI estimate. This helps you choose the most suitable loan offer as per your repayment capacity.
Fees and Charges for Solar Panel Loan
The fees and charges of solar panel loans usually vary from lender to lender and from case to case. The aforementioned table will give you a fair idea of the fees and charges related to solar loans:
- Solar loan Processing Fees : 0.2% to 0.6% of loan amount
- Solar loan Cancellation : 1%
- Stamp Duty Charges : As per actuals
- Legal Fees : Nil
- Penal Charges : Nil
How to Apply for Solar Panel Loan Online?
Follow these simple steps to apply for a Rooftop Solar Panel online through Bhriti Financial Services.
- Visit https://bhriti.com/, click on the Loans menu in the header, and choose the Solar Loan option.
- Click on “Apply Now” button to begin your application.
- Sign in to your account with your Mobile Number linked to your Aadhaar and PAN card.
- Click on the Login with OTP.
- Fill in the Consent form with Your Basic Details.
- Tick the box to agree to Bhriti Financial’ Privacy Policy and Terms & Conditions, then click Continue.
- Verify with OTP which is sent to your mobile number, and click continue.
- Fill in your address details, then click on continue.
- Fill in your Income Details and then click on continue.
- Please select your income details, then click on continue.
- Please provide loan details, then click on continue
- Please select the provider Ruloans Experts, then click on continue with applied amount
- Your loan application has been successfully submitted.
- Thank you for applying with Bhriti Financial! Our team will get in touch with you soon.
- Wait for approval while Bhriti Financial gets you the best deal that suits your MSME’s needs.
Solar Loan FAQs
Can I install solar on EMI?
Yes, you can install solar panels on EMI with our Rooftop Solar Finance, which offers flexible loan repayment options tailored to your financial needs.
What is the cost of solar panels for rooftops?
What are the typicle solar panel loan rates?
Is there a subsidy or government incentive on solar panel loans?
Yes, there are government subsidies and financial incentives available in India to promote the adoption of solar panel systems, including those financed through loans. The primary initiative is the PM Surya Ghar: Muft Bijli Yojana, which offers subsidies on rooftop solar installations to help reduce household electricity bills. In addition to this, other financial schemes and loan options are available to make solar energy adoption more affordable for both individuals and businesses, including MSMEs. These incentives significantly lower the upfront cost, while a solar panel loan helps you finance the balance amount with easy EMIs.
How soon wil I see saving or break even after taking a rooftop solar panel loan?
Can I prepay my solar panel loan?
Yes, a solar panel loan can be prepaid either partially or fully before the end of the tenure. Most lenders offer flexible repayment options, and many do not charge prepayment penalties after a certain period. Prepaying your loan helps reduce your total interest burden and allows you to achieve financial freedom sooner. You should check the specific prepayment terms with your lending partner while applying for a loan.