Sun, Fuel Your Business with
Shriram Solar Panel Loan
Solar Panel Finance – Interest Rates & Charges
Solar panel loan interest rates under Shriram Solar Panel Finance start from 14%* p.a. The applicable rate for a specific application is determined based on the applicant's profile, the loan amount, and the chosen tenure, and is confirmed at the time of loan sanction.
| Types of Fees | Applicable Charges* |
|---|---|
| Interest Rate | Starting from 14%* p.a. |
| Processing Charges | Up to 5% of the loan amount |
| Foreclosure Charges | Up to 4% on the principal outstanding |
*Fees and charges vary by state. For the complete schedule of applicable fees and charges under Shriram Solar Panel Finance, refer to the Interest Rate Policy
Factors Affecting Solar Loan Interest Rates
The solar panel loan interest rates applicable to a Shriram Solar Panel Finance application may vary based on the factors listed below. These are assessed during the application review process.
| Factors | How It is Assessed |
|---|---|
| Credit Score | Credit history is reviewed as part of the applicant's profile assessment. A stronger credit profile may result in a more favourable rate. No minimum credit score is required for eligibility. |
| Loan Amount | The financing amount is assessed individually. The applicable rate is confirmed at sanction. |
| Loan Tenure | Loan tenure between 6 and 60 months affects the EMI structure and total interest payable. Tenure choice may also be a factor in the rate confirmed at sanction. |
| Income and Repayment Capacity | Business income and existing financial obligations are reviewed during assessment. |
| Borrower Profile | Nature of business, age, and documentation completeness are reviewed. |
Other Fees and Charges for Solar Panel Finance
The following charges apply to Shriram Solar Panel Finance. All charges are as per the Interest Rate Policy and are disclosed before the loan agreement is executed.
| Other Charges | Applicable Amount* |
|---|---|
| Documentation Charges | Up to ₹3,000. The applicable charge is confirmed at the time of loan sanction. |
| Cheque Bouncing Charges | Up to ₹1,000 per instance of cheque, ACH, or ECS bounce. |
| Penal Charges | Up to 36% per annum on the instalments in arrears, levied without capitalisation. |
| Statement and Document Retrieval Charges | Up to ₹500 per request. |
| NOC-related Charges | Up to ₹500 per request. |
| Stamping Charges | At actuals, as applicable in the State of execution. |
*Fees and charges vary by state. For the complete schedule of applicable fees and charges under Shriram Solar Panel Finance, refer to the Interest Rate Policy
FAQs
What is the current interest rate for solar financing?
The interest rate for Shriram Solar Panel Finance starts at 14%* p.a. The rate applicable to a specific application is confirmed after the applicant's profile is reviewed.
Are there any hidden fees for solar loans?
No. All applicable fees and charges for Shriram Solar Panel Finance - including the processing fee, documentation charges, penal charges, and foreclosure charges - are disclosed on this page and in the Shriram Finance Interest Rate Policy. The complete fee schedule applicable to a specific application is confirmed in the loan agreement before execution.
How does my credit score impact the charges on a solar loan?
Credit score is reviewed as part of the overall applicant profile assessment. A stronger credit profile may result in a more favourable solar panels loan interest rate at the time of sanction, though no minimum credit score is required for Shriram Solar Panel Finance eligibility.
Do charges differ for residential vs. commercial solar financing?
Shriram Solar Panel Finance is available to commercial, industrial, and agricultural businesses, as well as to individual applicants funding solar panel installation. Charges apply uniformly per the Interest Rate Policy and are confirmed at the time of loan sanction based on the applicant's profile and loan parameters. The applicable solar panel loan interest rates and charges are disclosed in the loan agreement before execution.
Does choosing a shorter loan tenure reduce overall interest outflow?
Yes. A shorter loan tenure reduces the total solar EMI interest paid over the loan period, as the principal is repaid in fewer instalments. The monthly EMI will be higher than for a longer tenure. The EMI breakdown for the solar loan can be estimated using the Shriram Solar Panel Finance EMI calculator before applying.
Does the loan amount depend on the total installation cost quoted by the solar vendor?
The solar installation quotation submitted by the applicant is used as a reference for the financing requirement under Shriram Solar Panel Finance. The final amount sanctioned and the applicable solar panels loan interest rates are based on the applicant's eligibility assessment and the terms confirmed at sanction.
Why do solar panels loan interest rates vary across lenders?
Solar panel loan interest rates vary across lenders based on the lender type, applicant eligibility requirements, documentation requirements, loan product structure, and government scheme alignment. Shriram Solar Panel Finance is structured for applicants seeking solar financing with no minimum credit score, no income criterion, and no compulsory collateral, with rates starting from 14%* p.a. The applicable rate for a specific application is determined at the time of loan sanction.
Low Processing Charges & Quick Loan Disbursals on Solar Panel Finance
