A big public sector bank, BOI (Bank of India) also introduced BOI Star Rooftop Solar Panel Finance Loan to empower the usage of solar energy to the ground level. That’s why every enthusiastic poor family will use this Bank of India Financial plan to install residential solar panel under Pradhan Mantri Surya Ghar Muft Bijli Yojana (PM-SGBMY).
You can apply for Bank of India Solar Loan through Online as well as Offline method too. For the full details about interest rate, EMI Options, Loan Amount, Calculator etc. please read this full article.
Headings
- 1 About BOI Star Rooftop Solar Panel Finance Loan – PM Surya Ghar Muft Bijli Yojana 2024
- 1.1 Unveiling Bank of India (BOI) Solar Loan Features: Competitive Interest Rate and Easy EMI Options
- 1.2 Eligibility for PM Surya Ghar Yojana Solar Loan from Bank of India
- 1.3 Features of BOI Solar Loan – Attract More!
- 1.4 Preparing these Documents
- 1.5 Quick Revision Table – Bank of India Solar Loan for PM Surya Ghar Scheme
- 1.6 Offline Application Process
- 1.7 Bank of India Online Solar Loan Application Process
- 1.8 Contact Number
- 1.9 Frequently Asked Questions
- 1.10 Final Words
About BOI Star Rooftop Solar Panel Finance Loan – PM Surya Ghar Muft Bijli Yojana 2024
Bank of India also introduced solar finance plan for the poor and medium income groups of the society. In which they offer 2 plans for the residential as well as industrial plans. Where you will offers to install up to 3 KW Capacity rooftop solar (RTS) plant and 3 to 10 KW Solar plant. These plans are offered under the new renewable energy scheme by the centre government called PM-SGMBY.
Unveiling Bank of India (BOI) Solar Loan Features: Competitive Interest Rate and Easy EMI Options
Bank introduced collateral free low interest rate for those who applying for up to 3 KW Rooftop solar panel under the Surya Ghar Yojana. Let’s check the details of Interest Rate and EMI possibilities.
- BOI Solar Loan Interest Rate:- Bank offers 7.00% annual interest rate for those who are willing to install up to 3 KW Solar panel on their rooftop with RBLR 2.25% Minimum. But those who want to install 3 to 10 KW Capacity rooftop solar plant, they offers solar loan interest same as home loan interest rate.
- EMI Options:- Bank of India unveiling the easy EMI Options for solar rooftop loan. Either you are installing below 3 KW or 3 to 10 KW you have maximum 120 installments (excluding moratorium) to repay the loan amount.
- Solar Loan Amount:- Here beneficiaries can be divided into two groups. If you apply for PM Surya Ghar Yojana for up to 3 KW then you will get maximum 2 lakh loan and other than that you will get up to 10 lakh loan amount from the bank.
Eligibility for PM Surya Ghar Yojana Solar Loan from Bank of India
If you are eligible for Pradhan Mantri Surya Ghar Yojana then you may also eligible for BOI Rooftop Solar Loan. For the eligible in the scheme you have own house with right of rooftop of the house where you can install solar system. For the bank criteria, your cibil score should be 675 or above then this.
Along with that those who want to apply for BOI Rooftop Solar Panel Loan as a individual then their age is not more than 70 years at the time of submission of final installment.
Features of BOI Solar Loan – Attract More!
- Quick Disbursement:- When you follows eligibility criteria and found eligible then there no time taking process for the loan amount disbursement.
- Less Documentation Work:- As we already explained in the next heading, you don’t need bunch of papers for issuing a PM Surya Ghar loan from the bank of India.
- Solar Loan Processing Fees:- No need to pay any processing charges as well as PPC Charges.
- BOI Solar Loan Limit:- If you are individual and want to install more than 3 KW solar system then you will get up to 10 Lakh financial help but if you apply as a housing society then you will get maximum 1 Crore Solar loan.
- ROI Calculation:- Rate of Interest will be calculated on daily reducing of solar loan amount sanctioned and no additional charges for prepayment.
Preparing these Documents
If you plan to borrow the boi loan for residential rooftop solar plant then you have to prepare these documents.
Mainly you should have 3 types of documents which proves that you are Indian locality along with Address proof and income proof (like, salary slip of last 6 months or Income tax return of the last financial year).
For the identity and address proof you can show your PAN or Voter Id and Aadhaar Card or Latest Electricity bill respectively.
Quick Revision Table – Bank of India Solar Loan for PM Surya Ghar Scheme
| Solar Loan from BOI | Details |
|---|---|
| Loan Amount (upto 3 KW) | 2 Lakh |
| Loan Amount (3 to 10 KW) | 10 Lakh |
| Margin | Individual – 5% Society – 10% |
| Loan Tenure | 10 Years |
| Processing Fees | NIL |
| Rate of Interest | Starting from 7.00% |
| CIBIL Score | 675 or Above |
| Mode of Application | Online or Offline |
Suggestion:- If you didn’t get the solar loan from Bank of India then you can also check the other possibilities in the Solar Finance category in this website.
Offline Application Process
If you wan to apply for BOI solar loan under PM Surya Ghar Muft Bijli Yojana through offline process then you just need to visit your nearest bank branch and approach any loan officer and tell them about solar loan you want to issue from the bank.
Just after he/she will provide a proper guidance on loan application to receive loan amount. For the further information you can contact the person that will mentioned further in this article.
Bank of India Online Solar Loan Application Process
In this method, at the end you have to contact the bank branch. Although you can visit this link for the online application. You can check the EMI Options as well as rate of interest on this link through BOI Solar Loan Calculator tool.
Contact Number
Here you can contact the Assistant General Manager for the further information about the scheme.
Frequently Asked Questions
Q: How much rate of interest have to pay for boi solar rooftop loan?
A: Interest rate starts from 7.00% annual.
Q: Boi solar rooftop loan contact number?
A: +91 99719 75233
Q: Who are eligible to avail solar loan from bank of India?
A: Those who are eligible for PM surya ghar scheme as well as cibil score of the applicant must above 675 are eligible.
Final Words
We hope you got the right information that will help you to issue the solar loan from BOI Star Rooftop Solar Panel Finance Loan plan. If you liked this information than please share it with others and also follow the home page of this website; pmsuryaghar.in