Rooftop Solar Loan in Kanpur, Uttar Pradesh
A new vehicle, cell phone, or even a motorbike can cost as much as buying and installing a solar system. But as solar energy becomes more popular and the Indian government encourages the installation of solar panels, practical financing solutions for solar systems have emerged. You can apply for a solar loan if you don’t have the whole money needed to buy and install a solar system.
Which banks in Kanpur, Uttar Pradesh, provide solar loans?
Many national, state, and private banks in India already provide solar financing programs, including the State Bank of India (national), Bank of Maharashtra (State), Saraswat Bank (State), Canara Bank (National), and even the Central Bank of India (national). Rooftop Solar loan in Kanpur are available from several other institutions, including Axis Bank, HDFC Bank, and ICICI Bank, however, they fall under the category of “home renovation loans”.
The following banks in Kanpur, Uttar Pradesh, provide solar loans to clients:
Bank of India State
National Bank of Punjab
Bank Canara
However, like a loan for house improvements, a Rooftop solar loan can also be obtained from other national or private institutions. Several well-known banks and non-banking organizations that provide loans for house restoration and improvement include:
- Bank HDFC
- Bank Axis
- Axis Bank
- Finance by Bajaj
- Bank of Baroda
- Indus Bank
- Paisabazaar
These are only a few of the non-banking and banking organizations where you may submit an application for a solar loan. You should also take into account other aspects while applying for a solar loan, such as eligibility, interest rates, and EMI.
How do you determine if you qualify for a solar loan?
The requirements to be qualified for a Rooftop solar loan are listed below:
Age: To be eligible for a solar loan, the applicant must be at least 18 years old. Depending on the bank, the upper age restriction is set at 55 or 60 years.
Income: The applicant’s income should be between Rs. 15,000 and 20,000. The candidate must show evidence of enough income.
Special considerations: For farmers, tenant farmers, panchayat members, and agribusiness owners, several banks have unique programs.
What is the solar loan’s interest rate?
Solar loan interest rates range from 1.5 percent to 10 percent. Each solar loan’s interest rate is determined on an individual basis. The following are some elements that may impact solar loan interest rates:
Bank of preference: Different banks provide various interest rates on solar and home renovation loans. As a result, several banks may provide you with different quotes.
Your credit score is a significant factor in determining your eligibility for a solar loan. If your credit score is low (less than 700), you can pay higher interest rates.
Income: All banks will take into account your income when you apply, while some banks additionally take into account your job history when approving offers. To comprehend, income stability and history are used.
Although there are many other variables that might influence solar loan interest rates, these three are the most important ones.
What paperwork is required to submit a solar loan application?
It is necessary for you to present identification and address evidence. You can choose any two of the following: a voter ID card, a PAN card, an Aadhar card, a driving license, or a ration card.
Proof of income: You must present proof of income in order to be eligible for a solar loan. Such are:
Paystubs dating back three months for employees on salaries. These must be subsequent and submitted during the same fiscal year as the application.
Last six months’ worth of bank statements for self-employed people.
How is the EMI for a solar loan calculated?
The payback duration for solar loans and home renovation loans is three to five years. Use the calculation below to get the EMI you must pay:
where P is the loan’s principal, r is the interest rate, and n is the number of months before repayment.
To determine the EMI for your solar loan, you may use utilize an EMI calculator.
Available solar loan types in Kanpur, Uttar Pradesh
There are two types of solar loans available in Kanpur, Uttar Pradesh:
Debit cards with EMI: Customers of several banks may buy solar panels with their debit cards. Numerous significant Indian banks, such as ICICI Bank, HDFC Bank, Federal Bank, State Bank of India, etc., offer this feature. You may look up “EMI on the debit card” on the bank’s website to find out if you qualify for this program. The standard EMI on the debit card carries hefty interest rates, ranging from 7% to 16%.
Loans for solar or house improvements: As an alternative, you may apply for a loan from any bank directly for a loan for solar or a loan for home improvements. The majority of banks provide both online and offline application options. You will be required to present identification, income, and employment status evidence. Loans for solar energy and home improvements have lower interest rates, ranging from 6 to 10 percent, but they also have lower approval rates.
