BoB known as Bank of Baroda participate to provide financial support in terms of solar loan to those who really want to use solar energy to power up their homes. BoB provides solar loans from Rs 2 Lakh to 10 Lakh financial support from their 2 products for PM Surya Ghar Yojana.
In this article you will get full details on Pradhan Mantri Surya Ghar Muft Bijli Yojana Loan from Bank of Baroda like what is the rate of interest, what is the loan repayment period and also how much loan amount you can easily avail from the bank etc.
Headings
BoB introduced 2 loan products under PM-SGMBY
As per the central government promised, major banks provide loan facility for the Rooftop Solar system like SBI Bank Solar Loan and BOI Surya Ghar Loan. Same way Bank of Baroda introduced 2 loan products whose name are PM Surya Ghar Yojana Composite and Standalone. By the way both products are same just little difference. In this article we provide full details of these 2 products.
Never Miss to Know – BoB Interest Rate and Loan Amount for Rooftop Solar Panel
Here you will know the detailed of Bank of Baroda’s Rate of Interest and How much loan amount provided by them.
- Rate of Interest: BoB offers Composite and Standalone loan with same ROI. Rate of interest depends on how much capacity solar panel you want to install. if you want to install up to 3 KW solar panel then you have to pay 7.00% annual interest rate and for above 3 to 10 KW capacity you have to pay 9.15% annual interest.
- Solar Loan Amount: Bank of Baroda provides you a loan amount based on your rooftop solar capacity. Based on the capacity you will get solar panel loan from 2 lakhs to 10 lakh from the BoB. In details, 2 lakh for up to 3 KW and more then 3 to 10 KW you will get Rs 10 lakh.
Benefits Overview
| BOB Solar Loan under Which Scheme | PM Surya Ghar Yojana |
| Interest Rate | Varied from 7.00 to 9.15% |
| Loan Repayment Period | 120 Months Maximum (Covers 6 months moratorium) |
| Solar Loan Amount | From 2 Lakh to 10 Lakh |
| Interest Rate Available in | Both Fixed and Floating Rate |
| Official Website | https://www.bankofbaroda.in/ |
Eligibility Conditions for Bank of Baroda Solar Loan
All the eligibility conditions that will consider for PM Surya Ghar Muft Bijli Yojana are same required for the taking the loan from Bank of Baroda. It’s are…
- Applicant should be Indian Citizen.
- Applicant must have rights of the rooftop where they want to install RTS System.
- Applicant come from medium and poor families.
- Enough Space required on the rooftop to install the solar panel system.
Along with that some criteria you have to follow for the bank side like Good CIBIL Score required and applicant should not defaulter in past.
By following these conditions you are eligible to apply for BoB Solar Loan under Pradhan Mantri Surya Ghar Muft Bijli Yojana.
Application Process
You can apply for Bank of Baroda (BoB) Solar Loan under PM Surya Ghar Yojana by visiting the nearest branch of the bank. You can contact the loan officer and tell them about for rooftop solar loan you want to apply. He or she will guide you properly and provide application form. All the details about the BoB financial services will be available at the branch.
Contact Details
| Officer Name | Designation | Email Id | Mobile Number |
|---|---|---|---|
| Sandeep Khetan | Assistant General Manager | retailcredit.bcc@bankofbaroda.com | 022-66985372 / 022-66985305 |
Conclusion
Here you got the details about Solar Loan that is offered by Bank of Baroda for those who want to install rooftop solar panel under the central government scheme – Pradhanmantri Surya Ghar Muft Bijli Yojana (PM-SGMBY). If you have any questions regarding the solar loan from BoB then please contact the details provided in previous heading. For more details to know about the scheme please visit the home page of this website; pmsuryaghar.in here.
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