Ministry of Finance has advised banks to encourage the Home Loan / Home improvement loan seekers to install Rooftop Solar PVs and include the cost of such equipment in their Housing Loan proposals. RBI too has included renewable energy under the priority lending category thereby easing the process. Customers planning to install rooftop PV systems for their new homes can approach nationalized banks and avail loans of up to 10 lakhs.
If you already own a home, then you can take a home improvement loan for installing solar rooftop system. A home improvement loan fetches you a tax benefit on the interest component, that is, you can avail a deduction of up to Rs. 30,000 per annum (under section 24) for the interest that you pay on these loans.
We have tied-up with the below financial partners to provide collateral free financing for our Residential, Commercial and Industrial customers. Typically financing is available only for large projects > 100kWp whereas EcoSoch can provide financing for both large and small projects.
Electronica Finance Ltd, incorporated in 1990, is a part of the SRP Electronica Group and a pioneer in the field of Machine Finance. After an eventful journey of close to 3 decades, EFL today has more than 50 offices across the country, has served more than 7500 customers and has an AUM in excess of Rs.1250 crores.
EcoSoch has tied up with EFL to offer Rooftop Solar Loans exclusively for MSME sector