SELCO helps its customers obtain the necessary credit to purchase
solar lighting and heating systems. Much like, in the urban world,
when considering other large purchases such as new homes or automobiles,
the presence of credit facilitates purchasing. Since an energy service
to an underserved household can represent several months of income, the
provision of affordable and accessible credit is essential. Over 90% of our customers utilize credit through our partners when purchasing SELCO systems.
- Financing Partners:
To assure that our customers have access to credit at the door-step, we partner with
commercial banks, regional rural banks (also called as grameen banks), and credit cooperatives.
SELCO's pioneering work in rural India encouraged many of the above
mentioned financial institutions to create a separate line of credit for
solar systems.
- Credit Terms:
Interest rates are based on the credit source and range from 5% to 14%. Customers typically put between 10-25% down, paying the balance over three
to five years.
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