Bank of Maharashtra(BOM) Loan for Solar Home Lighting
Bank of Maharashtra 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 Home Lighting Scheme Loan
A Scheme for Solar Home Lighting Systems is operational. The loan provided by Bank of Maharashtra can be used to account to buy new solar lighting systems along with other required accessories for usage in agro-processing units. 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 lighting system for use in agro-processing unit |
Loan Amount | Lesser of 80%-85% of the project cost |
Loan Margin |
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Repayment Term | 3 years to 5 years. No prepayment or settlement allowed within 3 years |
Security Collateral |
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Rate of Interest | |
Requirement for Paper |
For loan amount above Rs.1.60 lakh
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Component |
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**Note: Know about Personal Loan
Eligibility Criteria for Bank of Maharashtra Solar Home Lighting Scheme Loan
Following entities can avail the BoM Solar Home Lighting Scheme Loan:
- Agri entrepreneurs
- Small and marginal farmers
- Share Croppers and tenant farmers
How to Apply for a Bank of Maharashtra Solar Home Lighting Scheme Loan
Given below are the steps to apply for a Bank of Maharashtra Solar Home Lighting Scheme Loan:
- Click on the link https://bankofmaharashtra.in/loan-against-property.
- Click on the ‘Apply Now’ button.
- Enter your details and click on ‘Register Now’.
- A representative of the bank will get in touch with you and will help you with the application process.
Calculating EMIs on Bank of Maharashtra Solar Home 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.
FAQs on Bank of Maharashtra Solar Lighting Scheme Loan
- Who can avail Bank of Maharashtra Solar Home Lighting Scheme Loan?
All customers of the bank with sufficient income proof to ensure repayment capacity, excepting limited companies and/or corporates.
- What is the maximum loan limit?
The maximum loan amount offered 80% -85% of the benchmark or actual cost of unit, whichever is lesser.
- What is the interest rate for Solar Home Lighting Scheme Loan?
Bank of Maharashtra Solar Home Lighting Scheme Loan interest rate is fixed ranges between 11.1% p.a. and 12.1% p.a.
- What is the repayment period offered?
The repayment term for the loan is 36 months to 60 months.
- What type of loan is Bank of Maharashtra Solar Home Lighting Scheme Loan?
Bank of Maharashtra Solar Home Lighting Scheme Loan is a Term Loan
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