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Rooftop Solar Loan for residential property

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ROOFTOP SOLAR LOAN FOR RESIDENTIAL PROPERTY

Rooftop Solar Loan is a financing option that allows all individuals to purchase Grid-connected RTS (Roof Top Solar) for residential purpose only up to Rs. 6 Lakhs for 36 months. You can repay the loan over time, typically every month with interest.

ELIGIBILITY CRITERIA SOLAR ROOFTOP FINANCE FOR THE INDIVIDUAL - RESIDENTIAL

  • All Individual Applicant
  • Applicant must be an Indian citizen residing in India with property in a city we operate in.
  • Age: Minimum age: 25 years
  • CIBIL Score: 680 or higher.
  • Salaried / Self-employed applicant must have net annual income Rs. 3 Lakhs with a stable income source.
  • Have Roof Top Rights on which the installation is proposed.
  • Have sufficient Roof area as mandated by MNRE from time to time.
  • Latest Electricity Bill.

ELIGIBLE SECURITY

Hypothecation of assets created out of Bank Finance as primary security and if housing loan borrower opts for extension of mortgage, housing property as collateral security.

DOCUMENTS REQUIRED

  • Proof of Identity residence – Aadhaar/ passport/ driver’s license/ Voter ID/ and other government-issued IDs)
  • Proof of Address (recent utility bill, property deed)
  • Any document confirming the ownership of the property such as sale deed, no objection certificate, and property tax receipts etc.
  • Salary slips for the last 6 months, 2 years IT returns/ Form 16
  • Proof of employment (ID card issued by the employer)
  • Bank account statement of the last 6 months reflecting the salary credit.
  • 1 year GST ITR filling return, (applicable for self-employed applicant)
  • Proforma Invoice / Quotation for equipment, installation, etc.
  • Feasibility approval from Jurisdictional ESCOM (whether applicable)

APPLICATION PROCESS

Check your eligibility. 

check your eligibility for Rooftop Solar Loan with just a few details.

Upload documents.

complete your application by uploading a few documents.

Get a loan offer.  

we will evaluate & propose a fair loan offer to you based on eligibility.

Sign Your Loan Agreement & Get the Disbursement in Minutes 

Once approved, the loan amount will be disbursed as per the agreement after verification.

APPLICABLE FEES AND CHARGES:

Type of fees Applicable Charges
Rate in Interest 11 % Flat Interest Rate
Processing Fees Up to 5% of the loan amount (Inclusive applicable taxes)
EMI Bounce Charges Rs. 250 per bounce will be levied
Penal Charges Delay in payment of Installment(s) shall attract the Penal Charges of Rs 20, per day per installment from the respective due date until the date of receipt of full instalment(s) amount.
Document Processing Charges 2% (Inclusive applicable taxes)
Prepayment Charges NIL
Stamp duty Payable per respective state and deducted upfront from the loan amount, if applicable.
Broken Period Interest NA

FREQUENTLY ASKED QUESTIONS

What is a Solar Rooftop Loan?

A Solar Rooftop Loan is a financial product designed to help individuals finance the installation of solar panels on their rooftops. These loans often come with favorable terms to promote renewable energy adoption.

Typically, the following criteria are considered for eligibility:

  • Indian residents who own a property suitable for solar panel installation.
  • Good credit history.
  • Stable source of income to repay the loan.

  • Cost Savings: Reduction in electricity bills.
  • Environmental Impact: Reduction in carbon footprint.
  • Increased Property Value: Solar installations can increase property value.
  • Government Incentives: The government offers Various subsidies and incentives.

Are there any government subsidies for solar rooftop installations?

Yes, the Indian government provides subsidies for residential solar rooftop installations. The amount and availability of subsidies can vary by state and policy updates.

Yes, you can make the prepayment of the loan after the completion of the mandatory term.

If you sell your property, you can either transfer the loan to the new owner (subject to lender approval) or prepay the remaining loan amount.