Solar Loan Calculator
Calculate EMI and total cost for your solar system loan financing
Loan Details
Total amount to be borrowed for solar system
Annual interest rate offered by bank/NBFC
Loan repayment period in months
One-time fee charged by lender at loan disbursement
Loan: ₹5,00,000 @ 10% for 5y 0m
Monthly EMI: ₹10,624 | Processing: ₹5,000
EMI Details
Monthly EMI
₹10,624
For 60 months (5 years)
Total Interest
₹1,37,412
Total Payment
₹6,37,412
Cost Breakdown
Principal Amount:₹5,00,000
Total Interest:₹1,37,412
Processing Fee (1%):₹5,000
Total Cost:₹6,42,412
Loan Analysis
Interest % of Total
21.56%
EMI to Income
21.25%
(Assuming ₹50K income)
Effective Interest Rate
5.7% per annum
Including processing fee impact
Loan Composition
Breakdown of loan principal, interest, and fees
Quick Summary
Loan Amount:₹5,00,000
Interest Rate:10% p.a.
Tenure:5 years
Monthly EMI:₹10,624
Processing Fee:₹5,000
Total Cost:₹6,42,412
EMI Schedule
How Solar Loan EMI Calculation Works
EMI Formula
EMI = [P × r × (1+r)^n] ÷ [(1+r)^n - 1]
Where P = ₹5,00,000, r = 0.83% per month, n = 60 months
Monthly EMI: ₹10,624 for 60 months
Total Cost Calculation
Total payment = EMI × Tenure = ₹10,624 × 60 = ₹6,37,412
Total interest = Total payment - Principal = ₹6,37,412 - ₹5,00,000 = ₹1,37,412
Processing fee: ₹5,00,000 × 1% = ₹5,000
Interest vs Principal
Early EMIs have higher interest component, later EMIs have higher principal component. This is called amortization.
Interest forms 21.56% of total payments over loan tenure
Solar Loan Benefits
Solar loans typically offer lower interest rates (8-12%) compared to personal loans. Many banks offer special green energy loan schemes.
Consider tax benefits, electricity savings, and loan terms when evaluating solar financing options
Solar Loan Tips & Benefits
Loan Optimization:
- • Compare rates: Banks vs NBFCs vs solar companies
- • Negotiate: Processing fee and prepayment charges
- • Choose tenure: Balance EMI amount vs total interest
- • Credit score: Higher score = better rates
Financial Benefits:
- • Electricity savings: Offset EMI with reduced bills
- • Tax benefits: Depreciation for commercial systems
- • Asset value: Solar system adds property value
- • Green financing: Special rates for renewable energy
Your ₹5,00,000 Solar Loan:
EMI: ₹10,624/month
Tenure: 5 years
Interest: 10% p.a.
Total Cost: ₹6,42,412
Processing: ₹5,000
Savings Potential: 70-90% on electricity
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