Solar Financing

As the world embraces sustainable living practices, the adoption of solar energy solutions is becoming increasingly popular. For individuals and businesses looking to invest in solar technology, solar loans provide a financial gateway to harness the power of clean and renewable energy.

As solar technology continues to evolve, these loans open doors for more widespread adoption, making clean energy a reality for a broader segment of the population.

Eligibility criteria to get loan for Solar Installation

Securing a personal loan for solar installation is feasible if you fulfill the following eligibility criteria:

• Age Requirement:

• Applicants should be aged between 18-65 years to be eligible for a solar loan.

• Residential Status:

• Loan applicants must be residents of India to qualify for a solar loan.

• Minimum Income:

• Individuals seeking a solar loan should have a minimum monthly income of Rs. 15,000 to meet the eligibility criteria.

• Employment Status:

• Both self-employed professionals and salaried individuals are eligible to apply for a solar loan.

• Credit Score:

• Applicants must maintain a minimum credit score of -1 to be considered for a solar loan. A credit score is a crucial factor that reflects your creditworthiness and repayment ability.

Documents required to get Solar Loan

Below is the list of documents you need to submit to get a personal loan for Solar Installation.

• Identity proof: PAN card/ Aadhar card

• Address proof: Utility bill, passport, rent agreement, sales deed

• Bank statement of past 6 months reflecting salary credit

• Business existence proof: Shop and registration certificate/GST registration/ Property Documents /Maintenance Bill/Electricity Bill 

Benefits of loan for Solar Installation

Usage of Funds for Solar Installation:

The loan amount sanctioned for solar installation can be utilized for various purposes associated with the solar energy project. Whether it's covering the costs of solar panels, inverters, batteries, installation charges, or any other expenses related to the solar installation process, borrowers have the flexibility to allocate funds as needed. There are no restrictions on the usage of the loan amount, providing individuals with the financial freedom to address all aspects of their solar energy project.

Flexible Repayment Tenures:

Solar installation projects can vary in scale and complexity, and the associated costs can differ accordingly. With a personal loan tailored for solar installation from Credit Fair, borrowers can enjoy the convenience of flexible repayment tenures. The repayment period can extend from a minimum of 6 months to a maximum of 60 months, allowing borrowers to choose a tenure that aligns with their financial capacity and preferences.

Affordable Interest Rates:

Credit Fair offers personal loans for solar installation at competitive and affordable interest rates. The interest rates are determined based on various factors, including the borrower's age, income, credit score, and other relevant criteria. With the option of ZERO cost EMI, borrowers can manage the financial commitment of their solar installation project without excessive interest burdens.

Instant Approval and Disbursal:

Credit Fair ensures a seamless and quick lending process for solar installation loans. Borrowers can benefit from instant approval and disbursal of funds within 24-48 hours, providing swift access to the financial resources needed for their solar energy endeavors.

Minimum Documentation:

Applying for a personal loan for solar installation through Credit Fair involves minimal documentation. The hassle-free process eliminates the need for extensive paperwork, and basic KYC documents along with income proofs are sufficient to complete the application.

Increase Credit Score:

Timely repayment of the loan amount for solar installation contributes to an improved credit score. As borrowers fulfill their financial commitments responsibly, it enhances their creditworthiness, opening doors to potential future financing opportunities.

Embark on your solar journey with Credit Fair – your trusted partner in making sustainable energy solutions accessible through hassle-free and affordable financing options.

Apply with Credit Fair

Credit Fair offers you a loan upto Rs. 10 lakhs for funding your Solar Installations or any other expenses related to it. The loan is offered at ZERO COST EMI at LOW processing fee.