How to Buy Solar System on EMI?
With a fast-paced life and advent of e-commerce, there is no dearth of buying options for hungry consumers. Today, hundreds of goods are available in the online market and it just needs a click on the smartphone to buy one. Not only have the options and convenience increased, but the buying power of a customer has also expanded as a result of equated monthly installments or EMI, as it is popularly known as.
Want to upgrade your inverter battery? Costing is the hurdle? If yes, then leave your worries, as you can purchase these Solar System on EMI, so choose one without worrying about the cost. Loom Solar, Luminous, Microtek, Sun Power, and many more brands are there which provide the best Solar System. So, you can get your Solar systems with the finest features from these brands. But if you want to take advantage of EMI services then this facility is, only on the Bajaj Finserv EMI Network, where you can pay its cost on easy EMIs.
The Bajaj Finserv EMI Network provides you the latest solar system for home, office, and business and apart from this you can get your solar system delivery within 3 days on your home. Just visit on our store, select your solar system, and divide the cost of the solar system into easy EMIs, and enjoy the facility of the solar system.
A Glance at the Types of Solar System
There are two types of Solar system, one is On-grid solar system and another is an off-grid solar system, before knowing its components let us the difference between them.
a. On Grid Solar system
On-Grid solar systems are solar power systems that only generate power when the utility power grid is connected directly to it. They need to connect to the grid to function. These systems can send excess power generated back to the grid when you are overproducing so you credit it for later use.
b. Off Grid Solar System
These systems let you store your solar power in batteries for use when the power grid goes down or if you are not on the grid. These hybrid systems offer power to offset the grid power whenever the sun is shining and will even send excess power to the grid for credit for later use.
Look At The Components For Both Solar Systems
Let us understand these terms:
1. Solar Panel
Solar Panel designed to absorb the rays of the sun as a source of energy for generating heating or electricity.
2. Solar Inverter
Solar Inverter is also known as PV inverter, which is used to converts the variable direct current output of photovoltaic solar panel into a utility frequency alternating current that can be fed into commercial electrical grid or used by the local, off-grid electric network.
3. Solar Battery
Solar battery is a device that converts solar radiation into electricity.
4. Mounting Structure
Mounting Structure is nothing but just a supporting structure that holds the solar panels or arrays of solar panels to the ground.
5. Solar Accessories
Solar Accessories to complete your solar setup, accessories such as brackets, mounts, and tools, etc.
6. AC Module
These AC modules are defined by Underwriters Laboratories as the smallest and most complete system for harvesting solar energy. Which produce AC power without exterior DC connector.
Loom solar shaken their hand with Bajaj Finance to provide EMI options on the purchase of solar systems
Consumers can now easily buy a solar system for home and business through equated monthly installments as they do other domestic gadgets, increasing their affordability.
Loom Solar has partnered with Bajaj Finance Ltd to provide low-interest monthly installment options, providing instant credit processing for items below Rs 2.5 lakh.
At the beginning or the first phase, this plan will be initiated in 20 cities across 10 states, however, the plan will be rollout country-wide in the next few months. The buyer makes a nominal or minimal initial down payment and the rest is broken up into Equated Monthly Installments ranging from seven to 10 months. Moreover, this plan is initiated at the Loom Solar store.
Mr. Amod Anand, the director of Loom Solar said, "We have ensured that the offer is simple and without any hidden cost”. "There are numerous people who are hesitant to invest in solar due to the initial upfront cost. We are sure that this offer, with its strong financial incentive, will help people find our products at a very affordable price.
Some common Queries and their simplest solutions
How can I buy Solar Systems on EMI?
There are two ways to buy a solar system without paying prepaid money, such as EMI & Loan.
a. Credit Card:
First, if you have these banks credit card, such as CBI, Kotak Mahindra Bank, ICICI, Axis Bank, Induslnd Bank, HSBC, Corporation Bank, Standard Charted Bank, American Bank, HDFC bank, City Bank, SBI Bank, and Yes Bank, you can easily shop solar energy products for home and business. Below are some important steps, you have to follow:
Step 1: Must have credit card
Step 2: Visit Loom Solar Website, Simply choose any product which do you want to buy. On the make a payment page, you will see multiple bank emi options. You should have credit card of listed banks. In above section, we have given a list of available bank's name. For any support, fill free to call us at 8750 77 88 00.
b. Bajaj Finserv
Secondly, if you don't have credit card and you are planning to buy solar system for home, in this case, you have second option - Bajaj Finserv. It is totally different from credit card. You should have Bajaj Finserv card. If you have, contact to nearest Bajaj Authorized Shop and make this card. After making this card, you can easily buy solar products. Below are some important steps, you have to follow:
Step 1: For this, you must have a Bajaj Card.
Step 2: Of course, you must have sufficient credit, as you want to know a product’s price.
Step 3: In the end, you just need to contact to Loom Solar Team and confirm the order. For any support, fill free to call us at 8750 77 88 00.
c. Home Credit / Loan
And, you have neither Credit Card nor Bajaj Card, then you have the last option is Home Credit (Loan). Yes, many banks are giving Loans to buy solar system. For this, you should contact your nearest bank branch. Below are some important steps, you have to follow:
Step 1: Firstly, you will need Quotation of any trusted solar company
Step 2: Secondly, visit Nearest Bank with Quotation and Valid Id Proof (such as Source of Income, Aadhar Card, PAN card, Cancelled Cheque, Photos, etc.)
Step 3: After that, Bank will verify all documents and after verification, Bank will transfer the amount to the company.
EMI Compression Chart
Suppose you are buying single AC Module and its price is Rs. 25,000. So, we are showing all numbers according to Rs. 25,000.
How much it will take full time for all processes?
- Credit Card – On the spot
- Bajaj Finserv – On the spot
- Home Credit – Approx. 7 days
Is this system secure?
YES, completely secure – As, in this case, the customer can complain to authorize card customer care against the company, then the bank will verify all details and transactions.
Can Loom Solar Partners Sell Solar Systems on EMI?
YES, at present only Bajaj Finance Ltd started the services to provide the EMI services on Solar System out of other brands. To use these services, our partner must have the customer and his Bajaj Card details, then he will contact to Loom Solar representative. Loom Solar is an Authorized eShop Partner of Bajaj where the buyers can easily buy solar power products at EMI and our partner will receive his commission. For any support, Please feel free to contact us if you need any further information.
Buying a solar system involves a huge initial investment. Though there are many advantages of installing a solar system, its price still remains one of the biggest hurdles for investors thinking of going solar. Buying a solar system on installments will release some of the financial pressure and will act as an enabler for many potential users, who usually postpone investing in a solar power system to address their more critical financial needs.