If you are planning to buy solar system for your residence or for your commercial building, but dont have enough money? Lets not look any further, Solex Solar not just privides solar panels, solar water pumps but also helps you fulfil your needs of solar financing.
In our commitment to fostering renewable energy initiatives, we offer collateral-free solar finance options in partnership with many Banking institutions. It also means that our clients can start their solar journey without having to worry about standard collateral requirements. We believe in simplifying the process so that businesses and people may simply receive the financial assistance they require to adopt solar energy solutions.
Solar financing is critical in making solar energy more accessible and financially sustainable for households and businesses alike. Investing in solar panels and water pump systems can have large upfront expenditures, and not everyone has the necessary funds.
Solar finance offers a practical answer by spreading out the initial cost over time, making sustainable energy solutions more feasible for people and businesses without halting your other financial plans. Also, financing alternatives can be aligned with the long-term savings achieved by solar installations, resulting in a win-win situation in which the benefits of lower energy costs offset the financing payments.
Based on the the residential requirement of 10kW solar plant in the Surat, Gujarat. The total required amount is ₹ 410,000 at the interest rate of 12.5% for a period of 2 Years. Let us understand what would be the calculation and key metrics.
₹ 19,396
24
₹ 4,65,504
₹ 55,504
Principal Amount = 88.1%
Total Interest = 11.9%
Month | Principal (A) |
Interest (B) |
Total Payment (A + B) |
Balance | Loan Paid To Date |
---|---|---|---|---|---|
01 | ₹ 15,125 | ₹ 4,271 | ₹ 19,396 | ₹ 3,94,875 | 3.69% |
02 | ₹ 15,283 | ₹ 4,113 | ₹ 19,396 | ₹ 3,79,592 | 7.42% |
03 | ₹ 15,442 | ₹ 3,954 | ₹ 19,396 | ₹ 3,64,150 | 11.18% |
04 | ₹ 15,603 | ₹ 3,793 | ₹ 19,396 | ₹ 3,48,547 | 14.99% |
05 | ₹ 15,765 | ₹ 3,631 | ₹ 19,396 | ₹ 3,32,782 | 18.83% |
05 | ₹ 15,765 | ₹ 3,631 | ₹ 19,396 | ₹ 3,32,782 | 18.83% |
06 | ₹ 15,930 | ₹ 3,466 | ₹ 19,396 | ₹ 3,16,853 | 22.72% |
07 | ₹ 16,095 | ₹ 3,301 | ₹ 19,396 | ₹ 3,00,757 | 26.64% |
08 | ₹ 16,263 | ₹ 3,133 | ₹ 19,396 | ₹ 2,84,494 | 30.61% |
09 | ₹ 16,433 | ₹ 2,963 | ₹ 19,396 | ₹ 2,68,062 | 34.62% |
10 | ₹ 16,604 | ₹ 2,792 | ₹ 19,396 | ₹ 2,51,458 | 38.67% |
11 | ₹ 16,777 | ₹ 2,619 | ₹ 19,396 | ₹ 2,34,681 | 42.76% |
12 | ₹ 16,951 | ₹ 2,445 | ₹ 19,396 | ₹ 2,17,730 | 46.90% |
13 | ₹ 17,128 | ₹ 2,268 | ₹ 19,396 | ₹ 2,00,602 | 51.07% |
14 | ₹ 17,306 | ₹ 2,090 | ₹ 19,396 | ₹ 1,83,295 | 55.29% |
15 | ₹ 17,487 | ₹ 1,909 | ₹ 19,396 | ₹ 1,65,809 | 59.56% |
16 | ₹ 17,669 | ₹ 1,727 | ₹ 19,396 | ₹ 1,48,140 | 63.87% |
17 | ₹ 17,853 | ₹ 1,543 | ₹ 19,396 | ₹ 1,30,287 | 68.22% |
18 | ₹ 18,039 | ₹ 1,357 | ₹ 19,396 | ₹ 1,12,248 | 72.62% |
19 | ₹ 18,227 | ₹ 1,169 | ₹ 19,396 | ₹ 94,022 | 77.07% |
20 | ₹ 18,417 | ₹ 979 | ₹ 19,396 | ₹ 75,605 | 81.56% |
21 | ₹ 18,608 | ₹ 788 | ₹ 19,396 | ₹ 56,996 | 86.10% |
21 | ₹ 18,608 | ₹ 788 | ₹ 19,396 | ₹ 56,996 | 86.10% |
22 | ₹ 18,802 | ₹ 594 | ₹ 19,396 | ₹ 38,194 | 90.68% |
23 | ₹ 18,998 | ₹ 398 | ₹ 19,396 | ₹ 19,196 | 95.32% |
24 | ₹ 19,196 | ₹ 200 | ₹ 19,396 | ₹ 0 | 100.00% |