Solar Panel EMI & Financing

Down payment varies by financing option. Bank loans require 10-20%, NBFC financing may offer zero down payment, and vendor EMI typically needs 20-30% upfront. With PM Surya Ghar subsidy reducing the net cost significantly, the effective down payment is very manageable.

In most cases, yes. For a 3kW system, EMI is approximately Rs 1,500/month while monthly electricity savings are Rs 2,520. This means you save Rs 1,020/month even while paying EMI. After the EMI period ends, you enjoy 100% free electricity for 20+ years.

Typically you need: Aadhaar card, PAN card, income proof (salary slip / ITR / bank statement), electricity bill, property ownership document, and the solar system quotation from the vendor. UPNEDA-registered vendors like BL Solar Solutions provide all technical documentation.

Yes, PM Surya Ghar subsidy is available regardless of how you finance the system. The subsidy (up to Rs 78,000 for 3kW) is credited directly to your bank account after installation and DISCOM inspection. You can use this amount to prepay your loan partially.

Solar loan defaults are treated like any other loan default — it affects your credit score. However, since solar panels generate savings from day one, most borrowers find EMI payments very manageable. The monthly savings often exceed the EMI amount.

If financed through a home improvement loan, the principal repayment qualifies for Section 80C deduction (up to Rs 1.5 lakh/year). For commercial installations, businesses can claim accelerated depreciation of 40% under Section 32 of the Income Tax Act.

Bank solar loans take 7-15 days for approval. NBFC financing can be approved in 2-5 days. Vendor EMI from BL Solar Solutions can be arranged within 3-7 days. We help with all documentation to speed up the process.