Personal loan for solar panels

Personal loan for solar panels

A personal loan for solar panels can help finance your solar installation. Explore solar loan eligibility, interest rates, flexible EMIs, and quick online application options with Bajaj Finance.
FAQs

FAQs

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Rs. 40,000 - Rs. 75 lakh

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Key takeaways


A personal loan for solar panels can help finance the purchase and installation of a solar energy system without pledging an asset as security. It can also help spread eligible expenses across manageable monthly instalments.


  • Borrow Rs. 40,000 to Rs. 75 lakh  based on your eligibility and lender terms.
  • Choose a repayment tenure ranging from 12 months to 108 months.
  • Fund eligible solar panel purchase and installation expenses without providing collateral.
  • Check interest rates, which may range from 10% to 30.5% p.a., depending on the lender and borrower profile.
  • Review your age, income, employment status and CIBIL Score before applying.
  • Select an EMI and tenure that fit comfortably within your monthly budget.

Review the applicable fees, terms and total repayment cost before choosing a personal loan.

Personal loan for solar panels

A personal loan can be used to finance eligible solar panel purchase and installation expenses, subject to the lender's terms. Unlike secured financing, it does not require property or another asset as collateral. You can explore a personal loan to understand available loan amounts, repayment tenures and eligibility requirements.


The funds may help manage expenses such as solar panels, inverters, batteries, mounting structures, labour and installation charges, depending on the project and lender's conditions.

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Can you get a personal loan for solar panel installation?

Yes, a personal loan can be used to fund solar panel installation when the loan's end use permits such expenses. The borrower generally does not need to pledge the solar equipment or another asset as collateral for an unsecured personal loan.


The amount you can borrow depends on factors such as income, existing financial commitments, credit profile and lender-specific eligibility criteria. Bajaj Finance states that its Personal Loan is available for amounts from Rs. 40,000 to Rs. 75 lakh, with repayment tenures from 12 months to 108 months.

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Benefits of a personal loan for solar panels

A personal loan can make a large solar installation expense easier to manage by spreading repayment across monthly instalments. Key benefits include:


BenefitWhat it means
No collateralAn unsecured personal loan does not require an asset as security
Flexible repaymentChoose a suitable tenure within the lender's available range
Online applicationThe application process can be completed online
Multiple eligible expensesFunds may help cover panels, equipment and installation costs

The actual loan amount, interest rate, tenure and charges depend on the lender and the borrower's eligibility. Bajaj Finance lists no collateral and flexible repayment tenures of 12 months to 108 months among its personal loan features.

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Personal loan for solar panels – eligibility criteria

Eligibility for a solar panel loan depends on the lender's requirements and your overall financial profile. Factors such as employment type, age, income and credit history help lenders assess your repayment capacity. You should also meet the lender's applicable requirements for the loan amount and location before applying.


NationalityIndian
Age21 years to 80 years
Employed withPublic, private, or MNC.
CIBIL Score650 or higher.
Customer profileSelf-employed or Salaried

*The applicant should be 80 years or younger at the end of the loan tenure.


With a Bajaj Finance Personal Loan, you can get funds from Rs. 40,000 to Rs. 75 lakh. Check your eligibility for personal loan using just mobile number and OTP – 100% online process.

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Documents required for a solar panel loan

Documentation requirements for a Bajaj Finance Personal Loan are minimal. Five document categories are required at the time of application:


Document CategoryAccepted Options
KYC proofAadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card
Identity proofPAN card, Real-time image / photograph
Employment proofEmployee ID card, Letter of Allotment of Accommodation Issued by Employer
Income proofSalary slips — last 3 months, Bank account statements — last 3 months
OthersPension order, Utility bill, Phone bill, Piped gas bill, Property / Municipal tax receipt


 

Know more about the personal loan documents required during application.

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Personal Loan interest rate for solar panels

The interest rate on a personal loan for solar panels depends on the lender and your individual profile. Factors such as credit history, income, existing obligations, loan amount and tenure can influence the applicable rate.


Bajaj Finance currently states Personal Loan interest rates starting from 10% p.a., while the applicable rate can vary according to the borrower's profile and prevailing terms.


When comparing loans, look beyond the interest rate. Consider the processing fee, applicable charges, EMI, total interest payable and overall repayment amount. A lower monthly EMI may result from a longer tenure but can increase the total interest paid.

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How much EMI will you pay for a solar panel loan?

Your EMI depends on the loan amount, interest rate and repayment tenure. For illustration, the following table shows approximate EMIs at 11% p.a.


Loan amountTenureInterest rateApprox. monthly EMI
Rs. 1 lakh12 months11% p.a.Rs. 8,838
Rs. 3 lakh36 months11% p.a.Rs. 9,822
Rs. 5 lakh60 months11% p.a.Rs. 10,871
Rs. 10 lakh84 months11% p.a.Rs. 10,871

These figures are indicative and calculated using the standard reducing-balance EMI formula. The actual EMI will depend on the sanctioned amount, applicable interest rate, tenure and other loan terms. Choose a tenure that keeps the EMI manageable while considering the total repayment cost.



You can use the personal loan EMI calculator to estimate your repayment before applying.

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How to apply for a personal loan for solar panels

You can apply online for a personal loan by completing the lender's application and verification process.


  1. Check loan eligibility – Visit our personal loan page, enter the loan amount you need, select the repayment period, and click on "CHECK LOAN OFFER" to check your loan eligibility.
  2. Enter personal details – Provide your personal, financial, and employment details to receive a personalised loan offer.
  3. Review your loan offer – Check your offer details and adjust the loan amount or repayment tenure, if required.
  4. Complete KYC verification – Verify your identity and bank details to proceed with your application.

  5. Speak to a loan specialist – Once your application is submitted, an executive will contact you with the next steps.


For Bajaj Finance, the process is designed to be completed online, helping eligible applicants manage their loan application without a branch visit.


You can check your eligibility online using your mobile number and OTP before proceeding with the application.

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A personal loan for solar panels can help spread the cost of purchasing and installing a solar energy system across manageable monthly instalments. Before applying, assess the total installation cost, compare the interest rate and charges, calculate the EMI and select a repayment tenure that suits your budget. Checking eligibility and keeping the required documents ready can also make the application process more organised.

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Frequently asked questions

Overview

How to get loan for solar power plant?

You can finance a solar power plant through a suitable loan product after checking the lender's eligibility requirements, permitted end use, loan amount, interest rate and repayment terms. The financing route may differ depending on whether the installation is for residential, commercial or business use. For a smaller residential solar installation, an eligible personal loan may be considered if the lender permits this use. For larger commercial projects, specialised business or project financing may be more appropriate. Compare the available options and check documentation, repayment obligations and applicable charges before proceeding. Check your offer in just 2 steps and apply online to get our loan.

Yes, a personal loan may be used to fund solar panel installation if the lender permits this purpose. The funds can potentially help cover eligible expenses such as panels, inverters, mounting equipment, labour and installation charges. A personal loan is generally unsecured, so you do not have to pledge an asset as collateral. However, approval and the amount sanctioned depend on your eligibility, income, credit profile and the lender's assessment. Check the loan terms carefully to confirm that your planned solar installation expenses are permitted before applying.

You can consider financing options such as a personal loan to fund eligible solar panel purchase and installation costs without paying the entire expense from your savings. A personal loan allows the borrowed amount to be repaid through monthly EMIs over a selected tenure. Before choosing this option, calculate the total project cost and compare it with the loan amount you need. Also consider the interest rate, processing fees, other applicable charges and total repayment. Selecting a suitable tenure can help balance the monthly EMI with your budget.

The interest rate on a solar panel loan varies according to the lender and the borrower's financial profile. For a Bajaj Finance Personal Loan, the currently stated interest rate starts from 10% p.a. The applicable rate can differ based on factors such as credit history, income, existing obligations, loan amount and repayment tenure. When comparing financing options, do not consider the interest rate alone. Check the processing fee, other applicable charges, EMI and total repayment amount to understand the overall cost of borrowing. Check your offer in just 2 steps and apply online to get our loan.

The amount you can borrow depends on your eligibility, income, credit profile, existing financial commitments and the lender's terms. Bajaj Finance currently states that its Personal Loan amount ranges from Rs. 40,000 to Rs. 75 lakh. However, the maximum amount available to you may be lower than the stated upper limit because lenders assess each application individually. Before applying, estimate your complete solar installation cost and borrow only what you need and can comfortably repay. You can also use an EMI calculator to understand the monthly repayment for different loan amounts and tenures.

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Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.
For customer support, call Personal Loan IVR: 7757 000 000