Canara Bank Launches Muft Bijli Yojana Loan
Are You Tired of High Electricity Bills?
Do you find yourself dreading the arrival of your monthly electricity bill? Are you looking for a sustainable solution to power your home without breaking the bank? If so, you’re not alone! Many homeowners are seeking ways to reduce their energy costs while embracing eco-friendly alternatives. But where do you start? How can you make the switch to solar power without draining your savings account?
Introducing the Muft Bijli Yojana by Canara Bank
Imagine a world where you can generate your electricity for free. With Canara Bank’s innovative Muft Bijli Yojana, this dream is now a reality! This groundbreaking scheme offers homeowners the opportunity to finance the installation of rooftop solar photovoltaic systems alongside their housing loans.
But what exactly does this mean for you?
The Power of Solar: Benefits You Can’t Ignore
By participating in the Muft Bijli Yojana, homeowners can enjoy a plethora of benefits:
- Lower Rate of Interest: Say goodbye to exorbitant interest rates! With Canara Bank’s reduced rates, you can save more on your loan.
- Reducing Balance Interest Rate: Enjoy the convenience of reduced interest payments over time, allowing you to maximize your savings.
- Minimal Processing Charges: Canara Bank understands the importance of affordability. That’s why we offer minimal processing charges to ensure a hassle-free experience.
- Longer Repayment Period: We understand that every homeowner’s financial situation is unique. With a maximum tenure of 20 years, you can customize your repayment schedule to suit your needs.
How Does it Work?
The Muft Bijli Yojana operates on a simple premise: empower homeowners to embrace solar energy without the financial burden. Here’s a breakdown of how it works:
- Loan Quantum: Depending on your eligibility, you can receive up to 6 times your gross annual income for general housing loans, with a minimum of Rs 20 lakhs and no upper limit for Canara Home Loan Super Gain.
- Solar Loan Component: You can finance up to 20% of the eligible quantum under the housing loan component or 80% of the solar system’s cost, whichever is less, up to Rs. 10.00 lakhs.
- Margin: The margin required varies based on the project cost and type of housing loan, ensuring flexibility for homeowners.
- Processing Charges: Avail a waiver of 50% on processing charges during Canara Bank’s Retail Loan Festival, making it even more affordable to go solar.
- Repayment Tenure: Enjoy a maximum repayment period of 20 years in EMIs or the tenure stipulated under your housing loan, whichever is earlier.
| Feature | Details |
|---|---|
| Loan amount (housing) | Up to 6 times gross annual income (general), 4 times for NRIs, 6 times for agriculturists, minimum ₹20 lakhs |
| Loan amount (solar) | 20% of housing loan amount, 80% of solar system cost, or ₹10 lakhs (whichever is lower) |
| Interest rate | Linked to REPO Linked Lending Rate (currently 9.25%) |
| Repayment tenure | Up to 20 years |
| Government subsidy | Up to 40% of benchmark cost for residential systems up to 10 kW |
| Eligibility | Individual housing loan borrowers with suitable rooftops |
Eligibility Criteria: Is It Right for You?
The Muft Bijli Yojana is designed to cater to the needs of individual housing loan borrowers who have a free rooftop for installing solar equipment. Whether you’re a salaried individual, a self-employed entrepreneur, or an NRI, there’s a solution for everyone.
How to Get Started: Documents You’ll Need
Ready to make the switch to solar? Here’s a checklist of documents required to kickstart your journey:
- Loan Application with 2 passport-size photos
- KYC documents
- Proof of identity and residence
- Age proof
- Income documents (salary slips, bank statements, tax returns, etc.)
- Business documents (balance sheets, profit & loss accounts, etc.)
- NRI-specific documents (passport copies, work permits, salary certificates, etc.)
Conclusion: Embrace a Brighter Future with Muft Bijli Yojana
In conclusion, the Muft Bijli Yojana by Canara Bank offers homeowners a golden opportunity to embrace solar power and unlock long-term savings. With its flexible terms, minimal charges, and sustainable benefits, this scheme is truly a game-changer in the realm of homeownership.
So why wait? Take the first step towards a brighter, greener future today! Visit your nearest Canara Bank branch to learn more about the Muft Bijli Yojana and start your journey towards energy independence.
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