Looking for Solar Finance Options in India? Read This

Power consumption in India has been on the rise for the past few years, leading to skyrocketing electricity costs. While these price hikes have been prevalent across all realms of the economy, they have mainly affected the industrial and commercial sectors. As a result, today, both households and businesses are switching to renewable energy sources for their power requirements.

While there are several alternative energy sources available in the Indian market, solar power is the preferred choice for most, owing to its manifold benefits. However, finding financial assistance to purchase solar plants is still a challenge faced by many. The main reason behind this is the lack of knowledge about solar finance options available in India, which this guide will talk about.

So, if you wish to know how you can avail monetary aid to install solar power systems in India, keep reading!

What are the Solar Finance Options Available in India?

If you’re on the lookout for solar finance options in India, the first and most popular choice is to avail a loan. A solar loan is quite similar to home and car loans that are easily available in the market. All you need to do is provide specific details and documents, post which you will be required to pay Easy/Equated Monthly Installments, also known as EMIs.

However, the amount and term of the loan will depend on the bank’s terms & conditions plus the eligibility criteria, so it is best to inquire about all the details in advance. Additionally, some banks and NBFCs even offer no-cost EMIs, which is an added advantage for those on a budget. No-cost EMIs are interest-free installments, but they are usually available on small loan amounts. Therefore, it is recommended that you thoroughly research and compare the various solar finance options offered by banks.

In addition to applying for solar loans, consumers can also buy solar photovoltaic (PV) systems through their debit cards. However, this solar finance option is somewhat uncommon and isn’t easily accessible, which is why it is best to opt for a loan.

What is the Process to Avail a Solar Loan?

As discussed, the first step to avail of a solar loan is to check your eligibility criteria. Next, you need to visit the preferred bank to discuss some details, such as re-payment method and time, loan amount, interest rate, and more. Once these are finalized, you will have to provide certain documents like identification proof, address proof, and income proof, depending on the bank or NBFC’s requirements.

While solar loans are easily accessible to everyone, including self-employed individuals, businesses, and salaried employees, the terms and conditions can vary from one solar finance provider to another. Additionally, a few technicalities of the loan, including the principal amount, also depend on the type of solar plant you install.

Choose Luminous as Your Solar Finance Partner

Although you can look for solar finance options by yourself, choosing a trusted partner like Luminous only makes the process faster and hassle-free. Luminous is an industry leader in India’s solar solution market, known for providing consumers with high-quality, efficient, and best-in-class products. They not only offer end-to-end services, such as installation, net meter installation, warranty support, and plant health checkups, but also assistance for solar finance options.

They have partnered with India’s leading banks and NBFCs like YES Bank, IDBI Bank, and Metafin that offer various types of soar loans with maximum flexibility. Better yet, you get access to attractive rates & terms, making the process even more economical. So, wait no more, and choose Luminous as your solar finance partner. Explore their website today!