How to calculate Loan / EMI?
Here is a formula of EMI calculation:
For example, if you want to plan a 5KW Solar System without Battery and It's price is Rs. 3,00,000. First select Bank and EMI Plan, such as Bank is HDFC Bank and EMI Plan is 60 months.
Monthly EMI = Total Cost + (Total Cost * Interest Rate / No. of Month)
= 3,00,000 + (3,00,000 * 15% / 60)
= (3,00,000 + 45,000) / 60
= 5,750 INR.
Here is Monthly EMI = Rs. 5,750 per month*. This is approximate number, it can be vary depending on banks and emi plan.
EMI / Loan on Solar System Video
Get the estimated EMI you can have for solar power system. It is simple & easy, just need to fill the budget you are planning to spend or cost of your required solar power system & select your bank. An average cost of solar panels starts from Rs. 700 to 15,000 per module. If you don't know the complete solar system pricing, you can check solar system pricing from here.
EMI Calculator for Solar System helps you to calculate:
How to calculate solar panel emi?
How much does interest rate of solar panel emi?, etc.
Customer Success Story
Customer Name: Shankar Pal, Ghaziabad, Uttar Pradesh
System Details: 5kW Grid Connected Solar System
"I bought 5 kw on grid system from loom solar only because I got monthly emi facility as I had not enough money to pay in advance, whereas I was paying electricity bill approx. 10,000 to 15,000 monthly so LOOM SOLAR helped me to own this system and pay 20,000 monthly emi rather than paying electricity bills. Now I can own this system after 24 months and will use for balance 21 years.
Rooftop Solar Loan FAQs
What is Rooftop Solar Loan?
A Rooftop Solar loan is offered to the buyers who are willing to install solar panels in home. This loan assists you financially in buying the rooftop solar panel at an affordable and convenient rate.
Who is Eligible?
A home owner who wants to install solar panels more than two kilowatt solar systems in home, they are eligible for loan. An interested homeowner can visit nearby banks in his area.
What is the interest rate?
The interest rate of solar loan is average 10% to 15% yearly and It is based on the customer profile and loan providers. Your CIBIL profile will help you to build a good rapport and get an exciting interest rate.
How to Apply?
You can apply a rooftop solar loan in 4 quick and easy steps:
1. Contact to Rooftop Solar Company, (LOOM SOLAR)
2. Contact nearwise Banks in your area
3. Submit Solar Quotation of Private Limited Company, Income & Address Proof, etc.
4. Bank will verify all documentation, and release first 80% payment to solar provider's bank account at time of product purchase, second 15% payment on the time of submitting installation report and remaining 5% payment on final customer's noc certificate.
Important Information: This is an approximate numbers. For more information for better understanding ,You can also now enquire for a solar loan online. Visit https://www.loomsolar.com/pages/solar-loan-form to apply now!