Are you a Bareilly resident looking to harness solar energy but worried about the upfront costs? Bank of Baroda Solar Loans under the PM Surya Ghar Yojana might be your solution. In this guide, we’ll walk you through the benefits, eligibility criteria, and application process for these loans.

Whether you’re aiming to reduce your carbon footprint or slash your electricity bills, this article will provide you with all the information you need to make an informed decision about financing your solar installation.

Understanding Bank of Baroda Solar Rooftop Loans

Bank of Baroda (BoB) offers specialized solar rooftop loans under the Pradhan Mantri Surya Ghar Muft Bijli Yojana (PM-SGMBY) to support individuals and families looking to harness solar energy for their homes. These loans are designed to facilitate the installation of rooftop solar systems, making solar energy more accessible and affordable.

What are BoB Solar Rooftop Loans?
Bank of Baroda offers two loan products under the PM Surya Ghar Muft Bijli Yojana (PM-SGMBY): Composite and Standalone. These loans are designed to help homeowners finance their rooftop solar installations.

The loan amounts range from ₹2 lakh to ₹10 lakh, depending on the capacity of the solar installation. Specifically, loans of ₹2 lakh are available for systems up to 3 KW, while those installing systems between 3 KW and 10 KW can access loans up to ₹10 lakh.

Benefits of Choosing BoB Solar Loans:

Choosing Bank of Baroda for solar rooftop loans comes with several advantages:

• Attractive Interest Rates: Competitive rates starting from 7%, making it affordable for a wide range of customers.
• Flexible Loan Amounts: Loans available from ₹2 lakh to ₹10 lakh, catering to different installation capacities.
• Long Repayment Period: Borrowers can repay the loan over a maximum period of 10 years, including a moratorium period of 6 months, which provides financial flexibility.
• Government Subsidy: Eligible borrowers can benefit from a subsidy of up to ₹78,000 as per government guidelines, further reducing the financial burden.
• Easy Application Process: Applications can be made at any Bank of Baroda branch, where loan officers assist with the process and provide necessary forms

Eligibility Criteria for Bareilly Residents

1. Age Requirement:
   • Minimum Age: Applicants must be at least 21 years old.
   • Maximum Age: The upper age limit is generally 70 years at the time of loan maturity.
2. Residency Status:
   • The applicant must be a Resident Indian. Non-Resident Indians (NRIs) may also apply, provided they hold an Indian passport.
3. Income Source:
   • Both salaried and self-employed individuals are eligible to apply. A stable source of income is essential to ensure loan repayment.
4. Credit Score:
   • A minimum CIBIL score of 701 is typically required. This score reflects the applicant’s creditworthiness and repayment history.
5. Documentation:
   • Applicants need to provide valid identity proof, address proof, income proof, and passport-sized photographs. Documentation related to the solar installation project may also be required.
6. Loan Amount and Tenure:
   • The loan amount can vary based on the cost of the solar installation and the applicant’s repayment capacity. The tenure can extend up to 25 years, depending on the loan amount and terms agreed upon.
7. Repayment Capability:
   • The bank assesses the applicant’s financial stability, including existing EMIs and overall financial obligations, to determine repayment capacity.
8. Property Ownership:
   • The applicant must own the property where the solar panels will be installed, ensuring that the bank has a lien on the property as collateral.

Bank of Baroda Solar Loan Details and Interest Rates

Repayment Terms

The repayment period for the solar loans can extend up to 120 months, including a 6-month moratorium period during which no repayments are required. This flexibility allows borrowers time to adjust their finances post-installation

Step-by-Step Application Process

1. Initial Consultation
   • Visit your nearest Bank of Baroda branch
   • Discuss your solar installation plans with a loan officer
2. Document Submission
   • Prepare necessary documents (ID proof, income proof, property details)
   • Submit the loan application form along with required documents
3. Loan Approval
   • Bank assesses your creditworthiness and project feasibility
   • Receive loan approval based on eligibility
4. Vendor Selection
   • Choose an approved solar panel vendor/installer
   • Get a detailed project estimate
5. Loan Disbursement and Installation
   • Bank disburses the loan amount directly to the vendor
   • Proceed with solar panel installation

Additional Benefits and Considerations

1. Subsidy Availability: Borrowers may be eligible for a subsidy of up to ₹78,000, depending on the installation capacity and government guidelines.
2. Flexible Loan Options: The choice between fixed and floating interest rates provides borrowers with flexibility based on their financial planning.
3. Support for Sustainable Energy: By opting for solar energy, homeowners contribute to environmental sustainability while potentially reducing their electricity bills over time.

Frequently Asked Questions

Conclusion and Call to Action

Financing your solar rooftop installation in Bareilly has never been easier with Bank of Baroda’s Solar Rooftop Loans. By taking advantage of these loans, you can contribute to a greener future while potentially saving on your electricity bills in the long run.

Ready to start your solar journey? Contact our expert team today for a free consultation and assistance with your Bank of Baroda Solar Rooftop Loan application. Let us help you navigate the process and bring clean, affordable energy to your home in Bareilly.