Loan for solar panels

• Loan amount from 3,000 to 20,000 EUR.
• Loan period up to 10 years (smaller monthly payments).
• Early repayment possible without additional fees.
• No collateral required.
• No down payment required.
• If you have Swedbank Home Insurance, its Real estate insurance cover will apply to solar panels installed on the insured house, outbuildings or on a land plot you own.

For purchasing and installing solar panels for your own use with a connection to the electric grid (for example, on the roof of your house, outbuilding, or on the land plot you own).

Wondering which solution suits you best? Look for information from merchants offering certified, European Union standard compliant solar panels and their delivery and installation.

Tip! Before applying for a loan for solar panels, you need to decide which company you are going to buy them from and how much money you will need.

Apply in 5 easy steps:

1. Fill out the application in internet banking.
2. We’ll notify you about the decision via text message, by calling or sending you a message in internet banking.
3. Thoroughly read the standard credit information terms of the agreement.
4. If you’re happy with the terms and conditions, sign the agreement in internet banking. New lending transactions may be concluded via Internet Banking between 7 AM and 10 PM. Automated aggregation and registration of data on transactions concluded during the day takes place after 10 PM and, pursuant to the Consumer Rights Protection Law, it is prohibited to enter into consumer lending contracts during night time until 7 AM.
5. That’s it! We’ll transfer you the money immediately after signing the agreement.

Important! After concluding solar panel loan agreement, you commit to purchasing and installing solar panels. You are obliged to submit a document proving the connection of the solar panels to the electric grid within 90 days from signing agreement.

Eligibility requirements

You must be at least 18 years old to take out this loan. The available loan amount ranges from 3000 to 20 000 EUR and it depends on your net income and any other financial obligations you may have.

The property where you want to install the solar panels must be registered in your name with the Land Register and may not be mortgaged before applying for loan (except if the property is mortgaged with Swedbank).

Income

• If you take out the loan on your own, your income must be at least 500 EUR per month after taxes.
• If you take out the loan with a guarantor, your total household income (with the guarantor) must be at least 800 EUR per month after taxes.
• You must be earning a steady income for at least 6 consecutive months and your probationary period must be over.

Obligations

• Monthly expenses for covering your loans must not exceed 40% of your monthly income.
• You may not have any outstanding loan debts at Swedbank or other creditors, or outstanding bills.
• If the income used repay the loan is not your salary/wage, you may be asked to submit official documents evidencing the source of this income.

• Fixed interest rate is 5.9%.
• Interest is paid from the total outstanding amount of the loan granted.
• Contract fee is 1% of the loan amount (no less than 100 EUR).

You – the borrower – need to have an active Swedbank account. All information about account handling fees is published on the bank fees section.

• Loan must be repaid on the basis of annuity schedule within the agreed term by means of pre-determined monthly payments on your determined payment date.
• Loan term from 6 months to 10 years.
• Possibility to make early repayments without additional fees.

• After concluding a loan for solar panels agreement, you commit to purchasing and installing solar panels. You are obliged to submit a document proving the connection of the solar panels to the electric grid within 90 days from signing agreement.
• If we discover that the loan was used for other purposes than purchasing and installing solar panels, we, the bank, have the right to cancel the special fixed interest rate and apply a yearly interest rate of 19%.