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  • Bank of Maharashtra(BOM) Loan for Solar Lighting is Rated as "Great!" by 8 Users

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    Bank of Maharashtra(BOM) Loan for Solar Lighting

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    Bank of Maharashtra was founded on 16th September, 1935 in Pune. It now has over 1890 branches across India and caters to 15 million customers in the nation. The bank offers products and services on consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, savings, securities, asset management, wealth management, credit cards and others.

    Bank of Maharashtra Solar Lighting Scheme Loan

    Under the Jawaharlal Nehru National Solar Mission (JNNSM), a Scheme for Solar Lighting Systems and Small Capacity Photovoltaic System is operational. The loan provided by Bank of Maharashtra can be used to account for expenses in the installation of solar lighting systems. The idea is to help promote the use of renewable energy practices.

    Features of Bank of Maharashtra Loan for Solar Lighting Scheme

    The following can be mentioned as the salient features of the bank’s loan –

    Loan Purpose Installation of solar photovoltaic system for lighting and/or other uses
    Loan Amount Lesser of 80% of cost approved by the MNRE or actual cost of unit, subject to models approved by the MNRE and with capacities ranging from 10wp to 200wp
    Loan Margin 20% of cost borne by the applicant
    Subsidy on cost Lesser of 40% of approved benchmarked cost or actual cost of the unit
    Repayment Term 3 years to 5 years. No prepayment or settlement allowed within 3 years
    Security Collateral Up to a loan amount < INR 250000 – Hypothecation of unit Loan amount >= INR 25000 – Hypothecation of unit and acceptable guarantor and/or paper security to the extent of the loan amount

    Bank of Maharashtra Solar Lighting Scheme Loan Interest Rates

    Solar Lighting Scheme Loan from Bank of Maharashtra has a fixed interest rate that is applicable for all age groups and customers irrespective of any conditions. The interest rate is fixed at base rate of the bank with an additional 4%. As of November 2015, the interest rate on this particular loan is fixed at 14.25% per annum.

    Subject to further base rate changes or changes in the loan rate itself, these figures can change.

    Eligibility Criteria for Bank of Maharashtra Solar Lighting Scheme Loan

    Bank of Maharashtra Solar Lighting Scheme Loan can be offered to all the customers of the bank who can furnish proof of income ensuring their repayment capacity. Such proof should be appealing to the sanctioning authority. Limited companies and/or corporates are not considered eligible for this loan.

    Calculating EMIs on Bank of Maharashtra Solar Lighting Scheme Loan

    Knowing an EMI amount that will help in clearing out a loan within a set period always helps in managing finances. Since this loan cannot be closed before three years are over, one should ideally plan an EMI amount that preferably ends the loan as early as possible, i.e. at the end of the 3rd year of the loan. BankBazaar offers EMI calculators, wherein loan amount, loan tenure and interest rates need to be filled in, to generate the EMI amount for repayment.

    Based on the capacity to pay off the loan EMI, one can choose the tenure that is most appealing. BankBazaar will give you a breakup of the loan, amortization, repayment details, interest and principal components.

    Bank of Maharashtra Solar Lighting Scheme Loan FAQs

    1. Who can avail Bank of Maharashtra Solar Lighting Scheme Loan?
    2. All customers of the bank with sufficient income proof to ensure repayment capacity, excepting limited companies and/or corporates.

    3. What is the maximum loan limit?
    4. The maximum loan amount offered 80% of the benchmark or actual cost of unit, whichever is lesser.

    5. What is the interest rate for Solar Lighting Scheme Loan?
    6. Bank of Maharashtra Solar Lighting Scheme Loan interest rate is fixed at 14.25% per annum.

    7. What is the repayment period offered?
    8. The repayment term for the loan is 36 months to 60 months.

    9. Is pre-closure or settlement allowed?
    10. Pre-closure of loan before 36 months is not allowed.

    Bank of Maharashtra(BOM) Loan for Solar Lighting Reviews

    • Bank of Maharashtra Personal Loan
      "Awesome Experience"
      0.5 5.0/5 "Blown Away!"
      Bank Of Maharashtra bank gave me good service on personal loan, they gave me the principal amount of Rs. 1.5 lakh for the tenure of 36 months. Now one loan got completed through foreclosure, another loan is running. interest rate which they offered me is upto the mark.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 07, 2017
    • Bank of Maharashtra Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I applied for the personal loan from Bank of Maharashtra, i was happy that my loan application was approved and the requested amount was disbursed. As i work this bank, the service was good and quick. I had taken loan for 1.5 lakhs with the rate of interest of 11% which is nominal when compared to other banks.
      Was this review helpful? 0
      , aligarh
      Reviewed on Oct 28, 2017
    • Bank of Maharashtra Personal Loan
      "DISSATISFIED"
      0.5 1.0/5 "Really Bad"
      ICICI was about to process my personal loan and asked for my documents for the verification and I have submitted the documents online as well, actually i needed the loan of 1.67 lakhs because I have home loan and card loan so balance amount I need to transfer in one so ICICI is charging me 11% rate of interest where other banks is offering by 8.5 something, so that's why dropped the plan.
      Was this review helpful? 0
      , baloda bazar
      Reviewed on Aug 27, 2017
    • Bank of Maharashtra Personal Loan
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      The personal loan process was good at Bank of Maharashtra. It was completed within three days. The rate of interest was also normal. It was a rate of 15.5%. The processing charges was of 3L for the loan amount of 1.5 Lakh. Overall it was a satisfactory experience.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 17, 2016
    • Bank of Maharashtra Personal Loan
      "always good..."
      0.5 5.0/5 "Blown Away!"
      In all the times Bank of Maharashtra is fine. Bank employees will come my place to help. For us they have given very low rate of interest as 10% for the personal loan. In addition to that, for us the processing charge is zero and because of our company.
      Was this review helpful? 5
      , pune
      Reviewed on Nov 28, 2015
    • Bank of Maharashtra Personal Loan
      "Good "
      0.5 3.0/5 "Satisfactory"
      I could not recall the interest rate that been sanctioned to me for personal loan but offered rate is reasonable. Documentation process was not lengthy as it was smooth and quick. Also Bank of Maharashtra is nominal in processing charge. As my salary account is with them so got some offers and the loan got disbursed in 15 days of time. EMI date is 15th of every month.
      Was this review helpful? 3
      , mumbai
      Reviewed on Apr 29, 2015
    • Bank of Maharashtra Personal Loan
      "Great experience"
      0.5 3.5/5 "Pretty good"
      It was very easy for me to avail a personal loan from bank of Maharashtra because one of my friend is working with them. He helped me a lot and made the loan process much easier. Very quickly I have got the loan sanctioned. Compared to private banks documentation was very simple and the processing was little delayed upto 15 days but that's fine. I don't find anything problematic with this bank.
      Was this review helpful? 2
      , mumbai
      Reviewed on Aug 02, 2014
    • Bank of Maharashtra Personal Loan
      "Disappointing Service"
      0.5 2.0/5 "Expected more"
      I am overall satisfied with the Bank of Maharashtra salary account i am holding this account for the past four years the net banking fund transfer and the customer service is really good and i got sufficient number of ATM's and i get alert message from the bank when ever i make a transaction.
      Was this review helpful? 3
      , jalna
      Reviewed on Jul 12, 2014
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