• Bank of Maharashtra(BOM) Loan for Solar Lighting

    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.

    FAQs on Bank of Maharashtra Solar Lighting Scheme Loan

    1. Who can avail Bank of Maharashtra Solar Lighting Scheme Loan?

      All customers of the bank with sufficient income proof to ensure repayment capacity, excepting limited companies and/or corporates.

    2. What is the maximum loan limit?

      The maximum loan amount offered 80% of the benchmark or actual cost of unit, whichever is lesser.

    3. What is the interest rate for Solar Lighting Scheme Loan?

      Bank of Maharashtra Solar Lighting Scheme Loan interest rate is fixed at 14.25% per annum.

    4. What is the repayment period offered?

      The repayment term for the loan is 36 months to 60 months.

    5. Is pre-closure or settlement allowed?

      Pre-closure of loan before 36 months is not allowed.

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