Financing by SolarSquare: 5-year (60-month) EMI scheme Launched
Will Craig once said, “Success comes in direct proportion to the number of people you help“, and we couldn’t agree more!
Many people pin their hopes on financing options like EMIs and loans to install solar systems. It’s not that installing solar is bone-breaking, but at the same time, it does require marginally over a lakh of rupees.
Although the return on investment is in tens of lakhs of rupees over decades, the initial investment of a lakh or so does matter.
And being fans of Mr Craig that we are, we truly believe that we are a people’s company: of the people, by the people, for the people. Hence, we took it upon ourselves to provide easy financing options.
After the two superhero EMI options we already offer – an interest-free 6-month EMI and a 36-month EMI – we’ve come up with the mother of all solar financing options, our 5-year EMI scheme.
It might make you wonder how an EMI of 5 years is good news, right? Well, we can explain. If you’ve been meaning to install a solar system, grab your cup of coffee because this guide will be a delightful read. Take a plunge!
Why so much fuss about SolarSquare’s 5-year EMI?
SolarSquare’s 5-year EMI can be paid in 60 easy instalments spread across 60 months (5 years). Some of the star features that make this EMI truly easy have been listed below.
#1. Starting price is super affordable
- Approx ₹2200/ month for a 2 KW solar system
- Approx ₹4200/ month for a 3 KW solar system
#2. The cost of instalment will not be an extra burden
Here’s the funny thing about solar systems – they steal your electricity bills instead of stealing from your wallet.
Let’s explain the maths of solar financing in terms of our new EMI scheme in basic numbers.
- – Suppose your power consumption is roughly 330-350 units per month
- – A 3 KW solar system produces around 360 units of electricity per month
- – The government provides a subsidy of ₹14,588/ KW for systems up to 3 KW
- – The subsidy offered for a 3 KW solar system would be ₹43,764
- – The cost of a 3 KW solar system ranges between ₹1,80,000 to ₹2,40,000
- – The cost of a 3 KW solar system after subsidy would be ₹1,36,236 to ₹1,96,236
Here’s how things flow:
Before installing solar, your monthly electricity bill must have been at least ₹3500
After installing a 3 KW solar system, your bill can reduce by 90%
You can save about ₹3000/ month
The monthly instalment of our 5-year EMI for a 3 KW system starts at approx ₹4200
It means the money you would have spent on your electricity bill had you not had a solar system can now be used to pay your monthly EMI instalment.
Eligibility criteria to get solar financing at SolarSquare
Before anything else, we sell transparency – to avoid any ugly surprises later on, we’re unveiling simple eligibility criteria that we do follow. Have a look.
- Your ideal credit score should be greater than 650
- Bank default history is a deal breaker
- You should be employed to get a solar loan
- You should be a business owner with a monthly income of at least ₹20,000
- Your age should be less than 55
- The sum of existing EMIs and the new ones should be less than 60% of your monthly income
- You need to pay a 30% down payment
- We finance the remaining 70% of the entire installation cost
Does all this mean we do not offer EMI services to retired people? Well, we absolutely do.
If you’re a retired person who wants to apply for our 5-year EMI scheme, you can get the EMI in the name of a blood relative.
Documents required to apply for our 5-year EMI scheme
We’re here to make things simpler. Nothing with us is complicated. The documents we need won’t bury you under a pile of papers. We need very general documents.
- Your income proof/ salary slip
- Your PAN card
- Your Aadhaar card
- Your ITR statement
Since its launch, SolarSquare’s 5-year EMI has become the most popular service we offer. It has been helping many customers to switch to solar finally.
If it was an upfront payment holding you back, now is the time to break free from the trap of high electricity bills and install a rooftop solar system.
Also, we keep providing easy financing options because solar is a one-time investment.