Can I Get a Loan for Solar Panels?

My husband decided to have a solar rooftop for our home but it seemed to be quite costly. After consulting with some close friends, we decided to opt for a loan for solar rooftop for home. We visited our SBI bank’s branch to inquire about the loan details and learned everything about it. Since you seem interested in knowing more about this, let me share my insights here.

How can You Avail a Loan for Solar Panel Installation?

Different banks provide different schemes for solar panel installation. Since we have a bank account at SBI, let me share how can you get a loan for solar panels here.

• The loan amount will be between Rs 50,000 and Rs 10 lakh.an 

• The borrower must pay a minimum of 20%.

• Existing home loan borrowers will enjoy 20 bps concession in rate of interest (based on an extension of mortgage)

• The repayment period is between 6 months and 5 years

• The processing fee will be 0.50% of the loan amount+GST

• Salaried personal segment customers who have salary accounts with the bank

• A minimum CIBIL score of 670 and above

• Minimum NAI (Net Annual Income) of Rs.3 lakhs and above.

• EMI/NMI ratio: For NAI < = Rs. 3 lakhs & up to Rs. 5 lakhs is 40% and for NAI > Rs.5 lakhs is 50

• Quotation of solar rooftop installation

• Approval from the concerned jurisdiction

• Electricity bill for the last 6 months

• KYC documents as asked for by the bank

• Last 2 years ITR returns or Form 16

• Salary statement for the last 6 months

Once you have these, you can visit the bank and fill out a form, or apply online here:

You will be asked to provide details like your bank account number, name, PAN number, and others, so fill them out correctly, and your application will be processed.

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Purchasing solar panels is similar to purchasing any other product, such as a car or a bike or mobile phone. In fact, the accessibility of loans and EMI alternatives has made it convenient for people to buy and own cars, homes, and mobile phones these days. But did you know that you could also get a solar panel on loan through the solar loan scheme? Well, I for sure didn’t know until my neighbour bought one and told me about it. It was then that I came to know about loan for solar rooftop. So, I am going to tell you all that he told me about it.

Can I get solar system loans?

If your question is “can I get a loan for solar panels?”. So, let me tell you that anyone with a credit card can conveniently use the EMI option to purchase solar panels. Nearly 30 crores of India's approximately 80 crore bank card holders also have a Pradhan Mantri Jan Dhan Yojana debit card (ATM card). Only 50 lakh people, or around 1% of the population, possess credit cards that enable them to take advantage of the EMI option for solar system installation.

In order to obtain a solar rooftop loan follow the given guideline.

How to buy Solar Panel on EMI with Debit Card?

By enabling customers to view the loan eligibility requirements, a select group of institutions, including SBI, HDFC Bank, Axis Bank, ICICI Bank, Kotak Mahindra Bank, and Federal Bank, have already made it simpler to apply for a loan. If a potential consumer already holds an account with HDFC bank, he must send an SMS with the keyword DCEMI to the number 56767. To generate this text message, the same cellphone number that is associated with the bank should be used. On the same phone, you will receive a response with your loan status. You will be informed of your eligibility amount if you are qualified. The likelihood of a loan being approved is only 0.02%, and the bank's internal database and criteria determine whether the cardholder is approved for a loan.

In a similar manner, you can try different banks, such as

SMS DCEMI to 567676 using your mobile number registered at SBI Bank

ICICI Bank: Text DCEMI to 5676766, followed by the last four digits of your debit card number.

SMS DCEMISPACE>last four digits of Debit Card number> from Axis Bank.

Send an SMS with the following elements to 9008915353: 5676782 for Kotak Bank; 

And, to 5676788 for Federal Bank; DCEMI; SPACE; the last four digits of your debit card number; or a missed call to 7812900900.

Now you know all about loan for solar rooftop.