Bank of Maharashtra Roof Top Solar Panel Loan Scheme for PM Suryaghar Muft Bijli Yojna

In this article, we will provide you with information regarding the Bank of Maharashtra Roof Top Solar Panel Loan Scheme for financing PM Surya Ghar Muft Bijli Yojana.

PM Surya Ghar: Muft Bijli Yojana is an ambitious Rooftop solar scheme by the Government of India to reduce the cost of electricity for the Lower middle class or underprivileged people of India.

To achieve the same the government is providing subsidies for the installation of rooftop solar panels along with bank finance options for needy people at low interest under PM Surya Ghar Yojana i.e. also known as PM Suryodaya Yojana.

Types of loan offered by Bank of Maharashtra Roof Top Solar Panel Loan Scheme for PM Suryaghar Muft Bijli Yojna

• Maha Bank Rooftop Solar Panel Loan scheme- PM Suryaghar Muft Bijli Yojna – Upto 3KW

• Maha Bank Rooftop Solar Panel Loan scheme- PM Suryaghar Muft Bijli Yojna -Above 3KW to 10KW

• Maha Bank Rooftop Solar Panel Loan Scheme for Housing Loan Borrowers (Composite Loan)

Here we will discuss in detail the above-mentioned types of bank loans offered by Maha Bank:-

Maha Bank Rooftop Solar Panel Loan scheme- PM Suryaghar Muft Bijli Yojna – Upto 3KW

S.no	Parameter	Eligibility Conditions(Up-to 3KW)
1	Purpose	The loan is provided for the installation of Grid-connected RTS (Roof Top Solar) up to 3 KW for residential purposes only.
2	Eligibility	Minimum Margin – 10% of project cost. (The project cost includes Design, Supply, Installation, testing & commissioning of grid-connected Rooftop Solar Photovoltaic Systems in residential premises including maintenance).
3	Annual Income Criteria:-	No Minimum Annual Income criteria.
4	Co-Applicant	Only one Co-Applicant may be considered in Close Family relations for adding the Income Spouse Father Mother Brother Son Daughter  Sister
5	Minimum and Maximum Loan amount	Minimum Limit:  Rs. 10,000/- Maximum Limit:  Rs 2.00 Lakh
6	Margin	Minimum Margin – 10% of project cost. (The project cost includes Design, Supply, Installation, testing & commissioning of Grid connected Rooftop Solar Photovoltaic Systems in residential premises including maintenance).
7	Quantum of Finance	Maximum loan amount will be lowest of loan amount assessed on the basis of:- (a) Permissible Deduction norms (b) Maximum permissible Margin Norms. (c) Loan requested amount. Maximum Loan amount as per Scheme
8	Age	Minimum Age of applicant: -21 Years, Maximum -70- Years (Including repayment period)
9	Subsidy	As applicable under the Central Government Rooftop Solar Subsidy Programme and any state Subsidy program for Rooftop Solar. Applicant should register in the National Portal for Rooftop Solar & submit the approved project details of purchasing Rooftop Solar from registered/empaneled with DISCOM /MNRE. Rooftop Solar Plant Capacity Up to 3KW i. 1 KW – Rs 30000/- ii. 2 KW – Rs 60000/- iii. 3 KW – Rs 78000/- To be Claimed by Borrower (Loan Account Number to be provided for credit of Subsidy Amount in the Loan Account). In case the subsidy is received in other than the loan account, a suitable undertaking in the matter is to be obtained from the borrower that he/she will deposit the same in the loan account. Extant guidelines of the Central/State Govt. subsidy scheme are to be complied with.
10	Rate of Interest	120 Months including a moratorium
11	Moratorium	Upto 6 Months
12	Loan repayment period	Primary Security: –  Hypothecation of Asset purchased i.e. Solar Rooftop plant /setup. Registration of Hypothecation charges with CERSAI shall be done.
13	Processing Fees	Nil
14	Account Handling Charges (Includes Documentation, Inspection/supervision, NeSL and CIBIL charges)	Rs. 500 + 0.20 % of Loan amount Minimum Rs 500/- Maximum Rs 2500/-
15	Security	Disbursement is to be made directly to the Vendor / EPC Contractor after submission of all the required feasibility reports as mandated by MNRE. (Subsidy to be claimed by Borrower / Vendor quoting the Loan Account Number)
16	Disbursement	Digital In-Principle Sanction to be given based on Self Declaration by the Applicant. The final Sanction is to be based on verification of relevant documents and assessment by the Banks. All applications will be sourced through Jan Samarth Portal Only Available for Self-Sourced Journey as well as assisted journeys.
17	In Principal offer	Digital In-Principle Sanction to be given based on Self Declaration by the Applicant. The final Sanction is to be based on verification of relevant documents and assessment by the Banks. All applications will be sourced through the Jan Samarth Portal Only Available for Self-Sourced Journey as well as assisted journeys.
18	Link for loan application	To apply register at https://pmsuryaghar.gov.in After successful registration, please apply at https://www.jansamarth.in→ Renewable energy → Apply now

Maha Bank Rooftop Solar Panel Loan scheme- PM Suryaghar Muft Bijli Yojna – Above 3KW to 10KW

S.no	Parameter		Eligibility Conditions (Above 3 KW to 10 KW)
1	Purpose		Loan is provided for installation of Grid connected RTS (Roof Top Solar) (Above 3 KW to 10 KW) for residential purpose only.
2	Eligibility	Any Individual having Residential property in his/her name and have not availed loan with any other bank/FI against the said house except our Bank. Have sufficient Roof area as mandated by MNRE from time to time. Eligible Borrowers: a) Permanent salaried employees of Central/ State government/ Corporate Salary Account Holders/ Employees of PSU & Private Companies. b) Pensioners of Central/ State Government/ PSU. c) Self-Employed, Professionals, Businessman/ Independent Entrepreneurs/Agriculturist who have regular source of income. In case of agriculturists not filing income tax returns, income certificate issued by Tahsildar/ Mandal Revenue Officer/Revenue Department Officer having State Level Gazetted rank can be accepted for sanction of loan.
3	Annual Income Criteria:-		Minimum Annual Income – Rs. 3.00 Lakh
4	Co-Applicant	Only one Co-Applicant may be considered in Close Family relations for adding the Income Spouse Father Mother Brother Son Daughter Sister
5	Minimum and Maximum Loan amount		Minimum Limit:  Rs. 10,000/-Maximum Limit:  Rs 10.00 Lakh
6	Margin		Minimum Margin – 20% of project cost (The project cost includes Design, Supply, Installation, testing & commissioning of Grid connected Rooftop Solar Photovoltaic Systems in residential premises including maintenance).
7	Quantum of Finance	Maximum loan amount will be lowest of loan amount assessed on the basis of Permissible Deduction norms. Maximum permissible Margin Norms. Loan requested amount. Maximum Loan amount as per Scheme
8	Age	Minimum Age of applicant: -21 Years, Maximum -70- Years (Including repayment period)
9	Subsidy	As applicable under Central Government Rooftop Solar Subsidy Programme and any state Subsidy program for Rooftop Solar. Applicant should register in National Portal for Rooftop Solar & submit the approved project details of purchasing Rooftop solar from registered/empaneled with DISCOM /MNRE. Rooftop Solar Plant Capacity(Up to 4KW to 10KW) Subsidy Amount –Rs 78000/- To be Claimed by Borrower (Loan Account Number to be provided for credit of Subsidy Amount in the Loan Account). In case the subsidy is received in other than loan account, suitable undertaking in the matter is to be obtained from the borrower that he/she will deposit the same in loan account. Extant guidelines of Central/State Govt. subsidy scheme are to be complied with.
10	Rate of Interest		For Non Home Loan borrower) CIBIL score Rate of Interest Eff. ROI 800 & above RLLR + 0.20% 9.50% 750 to 799 RLLR + 0.50% 9.80% 700 to 749 RLLR + 0.75% 10.05% 650 to 699 RLLR + 1.00% 10.30% For Home Loan customers (Same rate as Home Loan)
11	Moratorium	Upto 6 Months
12	Loan repayment period	120 Months including moratorium
13	Processing Fees	Nil
14	Account Handling Charges (Includes Documentation, Inspection/supervision, NeSL and CIBIL charges)	Rs. 500 + 0.20 % of Loan amount Minimum Rs 500/- Maximum Rs 2500/-
15	Security	Primary Security: –  Hypothecation of Asset purchased i.e. Solar Roof top plant /setup. Registration of Hypothecation charges with CERSAI shall be done.
16	Disbursement	Disbursement to be made directly to the Vendor / EPC Contractor after submission of all the required feasibility reports as mandated by MNRE. (Subsidy to be claimed by Borrower / Vendor quoting the Loan Account Number)
17	In Principal offer	Digital In-Principle Sanction to be given based on Self Declaration by the Applicant. Final Sanction to be based on verification of relevant documents and assessment by the Banks. All applications will be sourced through Jan Samarth Portal Only Available for Self-Sourced Journey as well as assisted journey.
18	Link for loan application	To apply register at https://pmsuryaghar.gov.in After successful registration, please apply at https://www.jansamarth.in→ Renewable energy → Apply now

Maha Bank Rooftop Solar Panel Loan Scheme for Housing Loan Borrowers (Composite Loan)

Product Name	Maha Bank Rooftop Solar Panel Loan scheme for Housing Loan borrower (Composite Loan)
Loan Purpose	Installation of Grid connected RTS (Roof Top Solar) plant for residential purpose
Eligibility	Individuals with Home Loan
Margin / LTV	As per Housing Loan Scheme
Maximum Loan Amount	Rs 10.00 Lakhs
Maximum Loan Tenure	30 years
Net Interest Rate to Customer (% p.a.)	– For Rooftop Solar Plant Capacity up to 3 KW: RLLR – 2.30%, Effective Rate: 7%
	– Rooftop Solar Plant Capacity above 3 KW: 8.35% to 10.10% (Floating based on CIC score)
Type of Loan	Residential – Composite (Solar Roof Top Scheme + Home Loan)

Details of Nodal Officer from the Bank

Name	Designation	Email	Mobile
Ravi Anand	Chief Manager	cmretail[at]mahabank[dot]co[dot]in	020-25614264

Also Check:- Bank Financing Options from Other Bank