Loan for solar panels

• Loan amount from 3,000 to 20,000 EUR.
• Loan period up to 10 years, so monthly payments may be smaller.
• Can be repaid before maturity without additional fees.
• No collateral required.
• No down payment required.
• If you‘ve got Swedbank Home Insurance, its Real estate insurance cover will apply for solar panels installed on insured house, its additions or in a land plot owned by you.

For purchasing and installing solar panels for your own use with a further connection to the electric grid, i.e., on the roof of your house or woodshed or on the land plot you own with further connection to the network.

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

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.

To that end, we recommend to consult with industry experts.

You‘ll apply in five easy steps:

1. Fill out the application in Internet bank.
2. We’ll notify you about the decision via SMS, by phone, or by sending you a message in Internet bank.
3. Then you’ll need to get acquainted with the terms of the agreement in the Standard credit information.
4. If the conditions are acceptable to you, sign the agreement in the Internet bank.
5. That’s it! We’ll transfer you the money immediately after signing the agreement.

Important! 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.

Eligibility requirements

You must be at least 18 years old to take out a Loan for solar panels. The available loan amount ranges from 3,000 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 600 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.
• Be ready to submit official documents evidencing the source of your income if the planned source of repayment of the loan is not a salary/wages.

• 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 (min 100 EUR).

You 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.

• 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.
• In case of discovering that the loan was used not according to its intended purpose, the bank shall have the right to cancel the special fixed interest rate and to apply a yearly interest rate of 19%.