The process of installing solar panels on loan has become quite easy and convenient these days. Solar panels are a popular way to save on your electricity bill. Many people want to install solar panels on the roof of their house and many people are not able to bear the huge expense involved in it. But now with a solar loan, installing solar panels has become easier and more affordable than ever.

If you are thinking of installing solar panels at your home or at any other place, then you can also install solar panels on instalments. Nowadays many banks and financial institutions are providing loans to people for installation of solar panels on the roofs of their houses.

List of Banks who provide solar loan.

· Punjab National Bank (PNB)

· HDFC Bank

· Canara Bank

· Bank of Baroda

· IDBI Bank

· Union Bank of India

· Saraswat Bank

· Kotak Bank

· ICICI Bank

· Axis Bank

· State Bank of India (SBI)

Documents required for solar loan.

• Identity Proof — Aadhar Card, PAN Card etc.
• Electricity bill for last 6 months
• Bank statement of last 12 months
• Residential or property documents
• MSME Certificate (for business)

· File GST return for the current financial year (for business).

How to apply for solar loan?

The application process for taking a solar loan is quite simple, you can easily apply for a solar loan through the medium mentioned below.

Credit Card and Debit Card EMI

• Like any other item, you can buy solar panels with your credit card and get them installed by paying easy EMI.
• You can choose the EMI tenure on the credit card as per your convenience and pay the instalment from time to time.
• Apart from credit card, you can also install solar on EMI with debit card. Eligible customers are provided with a pre-approved limit to make purchases on Debit Card EMI which you can use as a loan.

You can contact your bank to get information about the pre-approved limit available on your debit card.

Solar Loan from Banks and NBFCs

Solar loan facility is provided by many leading banks and NBFCs for installation of Roof Top Solar System.

• This loan is given by the bank for installation of solar system as an individual, SME or business.
• You can take a collateral-free solar loan from the bank in which you also get the option to choose a longer loan repayment tenure as per your eligibility.
• The maximum repayment tenure offered by many solar finance companies and banks gives you enough time to complete the EMI.
• To take a solar loan, you can apply online by visiting the official website of the bank or NBFC or you can contact your nearest branch.

Solar Loan with Home Loan

• This loan is given by the bank to such customers who apply for a new home loan.
• Apart from this, such customers can also get this loan who are currently taking home loan from the bank.
• For example, Canara Bank — Housing cum Solar Loan is one such loan facility in which customers can take loan for solar system along with home loan.

Conclusion

This includes individual home loan borrowers who have sufficient space available to install solar equipment on their rooftop. At the same time, many banks provide solar loan facility in the form of home improvement loan for installation of residential solar system. To know more information about the solar systems and solar loan, it’s important to consult with a professional solar installer who will evaluate your specific needs and recommend the most appropriates for you.