Banks Lone For Solar Projects
Solar panel loans are similar to home improvement loans that homeowners have used for decades to build a deck or add a second bathroom to their homes. When a homeowner borrows money from a lender, they agree to pay it back, plus interest, in monthly installments over the loan term.
Solar panel loans have the same basic considerations as other types of loans:
- Lower interest rates result in lower overall costs for borrowers.
- Loans with shorter terms will generally have higher monthly payments and lower total costs over the life of the loan.
- Solar panel loans can be either secured or unsecured, which results in a wide array of interest rates, term lengths, and credit requirements among loan offerings.
60% of the entire cost is eligible for a bank loan, while the remaining 40% will be subsidized. RBI norms decide the margin that is to be paid by the beneficiary. You can repay the loan within a term of 5 years according to the interest rates set by the RBI.