Salient Features of Greenifit's Solar Loans
Greenifit's Solar Financing Benefit
Go solar effortlessly with our hassle-free loan process. We make switching to solar energy affordable by minimizing upfront costs and simplifying the process.
Types Of Solar Loan Who can apply for Solar Loan
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FAQ: LOAN Model
What is Solar Loan?
A solar loan is a type of financing that allows homeowners or businesses to fund purchase and install a solar system. You repay in the form of monthly installments over loan tenure, while saving electricity bills.
What is the interest rate for Solar Loan?
Our Solar loan interest rates are flexible and based on customer profile. The interest rates vary depending on the customer’s credit score.
How long will it take to get my loan approved?
We believe in speedy approval and after receiving all the documents, our team will revert within 2 to 5 working days.
Is part payment or early foreclosure allowed on a solar loan?
What are the charges for applying for a Solar Loan?
Typically there are no upfront charges. The customer typically pays a processing fee to the lending institution. Some lending institutions may require customers to pay a small application fee at the time of application.
Are there any hidden charges?
No, there are no hidden charges.
The loan amount will be disbursed to my account or to the installer’s account, who is installing the solar system?
Loan amount will be disbursed directly in the installer’s bank account. The amount disbursed is expected to be used for the purpose of solar system installation only
The electricity bill is in a family member's name. Can I still apply for a solar loan?
Yes, you may still be eligible for solar loan.
FAQ: OPEX - LEASE / RENTAL Model
What is a Lease or Rental Model?
The solar lease model is a financing arrangement where a homeowner or business leases a solar energy system (like solar panels) from a third-party company instead of buying it outright.
How does Lease or Rental Model work?
A solar company installs solar panels on your property — usually at little or no upfront cost to you. Client/Customer does not own the panels — the solar company does. Client pays a fixed monthly lease payment like rental for using the solar system. Client use the electricity that is generated through the solar system, potentially reducing your e-bill. The solar company is responsible for maintenance and repairs.
What is the duration of the lease model?
Rental model usually is upto 5 years, whereas lease model is in between 10-15 years
What happens at the end of the lease term?
Company will transfer the ownership to the client/customer at the end of the tenure at the agreed price
Who is responsible for installation, maintenance, and repairs?
Company is responsible for installation, maintenance and repairs for the tenure i.e. contract signed
