BANK OF MAHARASHTRA -SOLAR HOME SYSTEMS

Mahadeep Solar Home Systems

Purpose:

To install solar home systems for domestic use as well as for entrepreneurs to establish central battery charging stations and hire out solar lights to small businesses such as street hawkers and households on daily fee basis.

Eligibility:

Applicants in Ahmednagar, Kolhapur, Nasik, Pune, Ratnagiri, Sangali, Satara And Sindhudurg Districts.

a. Domestic Users - Farmers, Rural Artisans, Salaried persons, Business or Self Employed persons with own house and having sufficient repayment capacity.

b. Entrepreneurs - Persons running small business / service activity and to help them to set up battery charging setups for hiring activity. Before availing credit under this scheme entrepreneurs should undergo training at Mahabank Self Employment Training Institute (MSETI).

Amount of loan:

a. Domestic users - 85 % of cost of the system, maximum Rs. 25,000/-
b. Entrepreneurs - 75 % of cost of the system, maximum Rs. 2,00,000/-
Margin:
a. Domestic users - 15 % in Banks favor.
b. Entrepreneurs - 25 % in Banks favor

Rate of Interest:Click here to view the Interest Rate

Repayment:Repayment of loan would be decided as per the income generation of the applicant. Total loan will be repayable within 5 years.

Security:

a. Domestic users:
1. Hypothecation of the system to be purchased
b. Entrepreneurs:
1. Hypothecation of the system to be purchased
2. Two guarantors acceptable to the bank

Other Terms and Conditions

1. The cost of the systems should include installation and AMC charges
2. The home systems should be purchased from empaneled dealers, which are approved by UNEP.