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Solar Panel Loans & Rooftop Financing | Go Green with Ruloans
Get solar panel loans with low interest rates. Ruloans makes solar rooftop loans & green energy financing easy and affordable for homes & businesses.
What is Solar Panel Loan?
A Solar Panel Loan is a smart and convenient financial solution that enables homeowners, businesses, and industries to install rooftop solar systems without paying the entire cost upfront. Instead, the total cost is divided into easy monthly EMIs, making the shift to solar energy both affordable and accessible.
By choosing a solar panel loan, you can lower your electricity bills, reduce dependency on conventional power sources, and actively contribute to a greener, more sustainable future. It’s an ideal way to embrace renewable energy without putting a strain on your finances.
Features and Benefits of Solar Panel Loan
Flexible Tenure: 12 to 84 months
No Additional Collateral Required
Minimum Turnover 25 Crores
Minimum 5 Years Old Company
Loan Amount: Minimum 60 Lakhs to Rs 3 Crores
Dedicated & Personalized Support
Minimal Documentation & Digital Processing
Loan EMIs Lower Than Your Current Electricity Bills
Comprehensive Financing: Covers solar panels + ancillaries
Quick Approvals: Score-based assessment for faster processing
Attractive Solar Loan Interest Rates: 7.99% Flat Rate or 12.5% Reducing Balance Rate onwards
Solar Rooftop Loan Eligibility Criteria
Average Bank Balance Program
- Maximum Loan Limit = LTV or eligible loan amount based on maximum allowed EMI, whichever is lower.
- Maximum EMI = 0.50 x ABB (ABB = Average bank balance in operative account of the customer for last 12 months)
- Apply industry net margin on the turnover.
GST Program
- Latest 12 months' GST turnover
- Apply industry net margin on the turnover
- Calculate DSCR considering existing and proposed obligations
- Eligible EMI at DSCR 1.2 to be considered
Saving with Renewable Energy
- Collect latest 3 months of electricity bills
- Calculate average energy consumption in units and amount.
- Calculate energy savings with solar panel installation for the same consumption.
- Add back the savings for a higher loan eligibility.
Documents Required for Solar Panel Loan
For a seamless Rooftop Solar Panel loan approval process, the following documents are required:
For Company KYC
GST Certificate
Shop Light Bill
Udyam Registration Certificate
Applicant & Co-Applicant KYC
PAN Card
Aadhaar Card
Residence Electricity Bill
Financial Documents.
Bank Statement (Last 1 year - PDF format)
Last 2 Years ITR
Solar Panel Loan EMI Calculator
Plan your repayments smartly using our Solar Loan EMI Calculator. Simply input the loan amount, tenure, and applicable solar panel loan rates to get an instant monthly EMI estimate. This helps you choose the most suitable loan offer as per your repayment capacity.
Fees and Charges for Solar Panel Loan
The fees and charges of solar panel loans usually vary from lender to lender and from case to case. The aforementioned table will give you a fair idea of the fees and charges related to solar loans:
Particulars
Charges
Loan Processing Fees
0.2% to 0.6% of loan amount
Loan Cancellation
1%
Stamp Duty Charges
As per actuals
Legal Fees
Nil
Penal Charges
Nil
How to Apply for Solar Panel Loan Online?
- Visit www.ruloans.com, click on the Loans menu in the header, and choose the Solar Loan option.
- Click on "Apply Now" button to begin your application.
- Sign in to your account with your Mobile Number linked to your Aadhaar and PAN card.
- Click on the Login with OTP.
- Fill in the Consent form with Your Basic Details.
- Tick the box to agree to Ruloans' Privacy Policy and Terms & Conditions, then click Continue.
- Verify with OTP which is sent to your mobile number, and click continue.
- Fill in your address details, then click on continue.
- Fill in your Income Details and then click on continue.
- Please select your income details, then click on continue.
- Please provide loan details, then click on continue
- Please select the provider Ruloans Experts, then click on continue with applied amount
- Your loan application has been successfully submitted.
- Thank you for applying with Ruloans! Our team will get in touch with you soon.
Wait for approval while Ruloans gets you the best deal that suits your MSME’s needs.
Invest in solar rooftop panels and reduce your energy bills while promoting a greener future.
Apply for a solar loan with us and take the first step toward sustainable energy adoption!
Solar Loan FAQs
Yes, you can install solar panels on EMI with our Rooftop Solar Finance, which offers flexible loan repayment options tailored to your financial needs.
The cost of solar panels for rooftops varies based on capacity, brand, and installation requirements. Typically depends on the lenders, on the size and efficiency of the system.
Our solar panel loan rates start from a flat 7.99% or 12.5% reducing balance, depending on eligibility and credit profile.
Yes, there are government subsidies and financial incentives available in India to promote the adoption of solar panel systems, including those financed through loans. The primary initiative is the PM Surya Ghar: Muft Bijli Yojana, which offers subsidies on rooftop solar installations to help reduce household electricity bills. In addition to this, other financial schemes and loan options are available to make solar energy adoption more affordable for both individuals and businesses, including MSMEs. These incentives significantly lower the upfront cost, while a solar panel loan helps you finance the balance amount with easy EMIs.
Most borrowers break even on their rooftop solar investment within 8 to 12 years, though in some cases, it can be as early as 5 years. The exact payback period depends on several factors such as the initial installation cost, monthly electricity consumption, local electricity rates, and available government incentives like tax credits or net metering. With a properly sized system and EMIs that are often lower than your current electricity bills, you can start seeing noticeable savings within a few months of installation.
Yes, a solar panel loan can be prepaid either partially or fully before the end of the tenure. Most lenders offer flexible repayment options, and many do not charge prepayment penalties after a certain period. Prepaying your loan helps reduce your total interest burden and allows you to achieve financial freedom sooner. You should check the specific prepayment terms with your lending partner while applying for a loan.