People in India have started realizing the power of solar energy. Many people, therefore, want to install a solar power system in their homes. But one aspect of concern is the cost of installation of a solar power system.
The cost of rooftop and On Ground Solar Installation depends on certain factors. These factors are the location, size of the project, the type of solar panels used etc. But more than the cost the long-term benefits of using solar power set up are many.
Not possible to make the initial investment for the solar power set-up?
Some of you might already be convinced that you must use solar energy for your home or commercial set-up. But what might be holding you back is the cost factor. If that is the case then there is one thing that you need to remember. Buying a solar energy system is almost like buying any other utility item like a car or even buying a home.
If you do not have money to buy a car or a high-end mobile phone then what option do you explore? Yes, you explore the option of getting a loan to buy these things. Similarly for solar energy set up also it is now possible to get a loan.
Keep in mind that the Government of India is promoting solar energy in India. To encourage people to buy the solar energy system the Indian Government is offering subsidies. Also, many leading banks in the country are offering loans for buying solar energy sets up.
So, once you get the loan you can easily set up solar power set up in your home. After the installation, you have to only look after the solar power set up like the Solar Electric Fences Maintenance aspect.
Explore the different ways of getting a collateral-free solar loan!
In the case of collateral loans, you have to give some kind of security to the lender. The lender can then recover the loan amount from that collateral if you are unable to repay the loan amount.
In the case of a collateral-free loan, you do not have to give any such security to avail of the loan facility. This sounds like a good option right? So now how can you get a collateral-free loan for buying solar power set up?
Take a look at how you can get a collateral-free solar loan!
You have to avail of the collateral-free solar loan scheme in which you can get a loan amount of up to Rs 1 crore and the interest rate is 8.25%. Compared to the high loan amount the interest rate is very low in this collateral-free loan.
Due to the low-interest rate and collateral free solar loan is very popular in the country. You can check with some of the banks and non-banking finance companies for this type of loan.
You surely want to know what happens if you are not able to repay the solar loan. In that case, the local distribution company comes into the picture. If the person is unable to repay the loan then this distribution company plays the role of recovery. The company can also take legal action against the defaulter.
The Central Government has a scheme PM Kusum Yojana Component A. For collateral-free solar loans, you can also explore this option. Once you have the loan then you do not have to worry about the cost of installation or Solar Electric Fences Maintenance.
If you have a bank debit card then you can buy the solar loan and pay the EMI using this debit card. But for this, you have to check the eligibility criteria with the banks. You can connect with leading banks like SBI, HDFC, Axis Bank, and ICICI for the same.
There are some banks like the SBI that offers home improvement loan and an interest rate of 8%. Here you first need to connect with the bank and check the eligibility criteria. Next, you have to get in touch with a leading solar power system company. This company surveys your location and gives a quotation for the solar power set-up based. In this letter from the company, the bank approves the loan.
Just like any other loan even in the case of solar loans, there is a documentation procedure that needs to be completed. The applicant has to submit the solar loan application form. Other documents like the PAN card of the applicant, address proof, last three months’ electricity bills with payment receipts etc have to be submitted by the applicant.
From where are you going to purchase your solar power system?
Before you look out for the right solar loan option you must choose the solar power company. Always choose a leading company that is known for its rooftop and On Ground Solar Installation services.
We at Megamax Solar are a leading company for the installation and maintenance of different types of solar power setups. Our experts shall survey your home or commercial premises. They shall also take into consideration the exact power requirement. Based on all these details they calculate the capacity of the solar power set-up that you need. An estimate of the solar power set-up is given to the client. Once you have the estimate then you can choose the best option for the solar power loan that is collateral-free.
Summary:
If the initial investment is the only hurdle that you have in solar power set up then do not worry. You can always look out for a solar loan option. These days it is possible to get a collateral-free solar loan at competitive interest rates, Just make sure that you choose the appropriate financial institute for availing of the loan facility. As for solar power set up and maintenance just get in touch with Megamax Solar-A leading solar company in India.