Rooftop Solar Panel Loans for Home and Businesses in India
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A Complete Guide to Solar Loans for Homes and Businesses by Freyr Energy
With the world moving towards greener sources of energy, solar power seems to be the first choice for many. Though easily available, it still involves an initial setup cost.
Solar loans are a saviour as they reduce the initial investment significantly. At Freyr Energy, we make your switch to solar simple, affordable and hassle-free. While solar power offers incredible savings and sustainability, the upfront cost often worries many homeowners and businesses.
That’s where Freyr Energy steps in — with our flexible solar loan options, partnered with leading banks and NBFCs, we help you go solar without financial stress.
What is a solar loan?
A solar loan is a financing solution offered by Freyr Energy in collaboration with banks and NBFCs. It enables individuals and industries to adopt solar without the financial burden. The availability of solar loans makes solar energy more affordable, as repayment can be made in installments over time.
Solar loans are made available at varying interest rates and flexible tenures. It is important for customers to compare and analyze these factors while choosing a lender.
Features and Benefits of Solar Loans
100% Finance Options
Go solar now, pay later with 100% finance option
EMIs starting from ₹1,466
Own your solar system with easy EMIs & flexible payment tenures ranging from 6-120 months
Instant Loan Approvals
Get quick loan approvals with minimal documentation
Easy Accessibility
Since loans reduce the upfront costs, solar installations have become accessible to many homeowners. This way, they can save on their power bills
Freyr Energy Solar Calculator
Calculate Your Savings
Explore the potential of solar energy and start saving from Day One!
Your Ideal System Size
3 kW
Annual Savings
₹ 30,000
Annually Generated Energy
4,286 Units
Roof Space Required
238 Sqft
Price (Excluding Subsidy & GST) ₹ 1,99,138
Subsidy + Freyr Energy Discount
Effective Cost ₹ 99,138 Down payment
₹ 21,138Loan Amount
₹ 78,000Eligibility for Solar Loans
Basic eligibility criteria
- The applicant should be an Indian citizen
- The applicant should be the owner of the rooftop and have a valid electricity connection
- Applicant's minimum and maximum ages are 21 and 60 years, respectively
- All statutory requirements should be fulfilled and documented
Documents required
- Any identity proof like Aadhaar Card, PAN Card, etc.
- Address proof
- Latest tax returns for income proof
- Proof of ownership of the rooftop
- Electricity bill in the applicant's name
- Bank statement for the past 6 months
Government Solar Scheme in India
PM Surya Ghar: Muft Bijli Yojana
Freyr Energy provides complete assistance in subsidy applications, handling the entire process from documentation to approval, ensuring a smooth and hassle-free experience for customers.
- The Government of India provides subsidies to make solar power accessible to all residential consumers.
- Through subsidies, they reduce the initial cost and thereby, the dependence on huge loans.
- Public sector banks offer loans to residential customers at concessional rates and flexible repayment options.
- Note: Subsidies apply only if the panels are Made in India.
Why Choose Us?
Freyr Energy is your trusted solar partner to make a shift to green energy. We have flexible financing options with 100% finance and easy EMI starting from ₹1,466, making your journey towards solar easier.
We have partnered with leading banks and NBFCs and assure you the best solar loan interest rates and flexible repayment options. We have a pan-India presence and have been helping homes and businesses save money and achieve their sustainability goals for more than a decade now.
FAQs
Have any specific Question ?
Connect with our solar specialists for personalized guidance.
1 Is a solar loan worth it?
If you cannot afford to pay the full installation cost upfront then it is worth taking a rooftop solar loan as it lets you spread the solar installation cost into manageable EMIs instead of making a single payment. With flexible financing options, you can own your solar system sooner and recover the cost over time through long-term savings on your electricity bills. Choose a loan tenure and EMI plan that fits your budget and repayment capacity.
2 Can I get a 100% loan for rooftop solar panels?
Yes, you can get a upto 100% loan for rooftop solar panels if the lender approves your application. The amount you qualify for, under a loan for a solar rooftop for home depends on your financial profile and the lender’s lending policy. Some applicants receive full financing, while others may receive a partial loan.
3 Which companies provide solar loans in India?
There are many public sector banks, private banks, and NBFCs across India that offer solar loans for rooftop solar installations. The solar loan interest rate, repayment tenure, and eligibility requirements differ from one lender to another, so it’s worth reviewing a few options before applying.
4 How can I apply for a solar loan?
Here’s a simple process to apply for solar financing:
- Choose a lender or financing partner.
- Submit the required KYC, income, and property documents.
- Complete the lender’s verification process.
- Review the loan offer and accept the terms.
If you choose Freyr Energy, the team will help you complete the loan application and the necessary paperwork.
5 How long does it take to get a solar loan approved?
Well, there is no fixed timeline for solar loan approval. While a few of the eligible applications are approved within minutes, a few other applications may take a couple of days. If you apply through Freyr Energy, eligible customers can receive instant loan approvals with minimal documentation.
6 Can I prepay or foreclose my solar loan?
Yes, you can usually prepay or foreclose your solar loan before the loan tenure ends. Check your loan agreement for the applicable terms and conditions, as some lenders may charge an early repayment fee while others may allow it at no extra cost.
7 Can I get a solar loan without collateral?
In many cases, you can get a collateral-free solar loan, which means you don’t have to keep your house, land, or other assets as security to borrow the money. Instead, the lender checks whether you’re in a position to repay the loan comfortably.
8 Can salaried and self-employed individuals apply for solar loans?
Solar loans are available to both salaried and self-employed applicants. Since each income type is verified differently, the lender may ask for different income documents depending on how you earn.