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Allahabad Bank to offer loans to promote solar energy

The Economic Times:  July 27, 2011

Kolkata: Allahabad Bank will provideloans to farmers and rural artisans to buysolar off-grids made byEnviron Energy Corporation India Pvt Ltd. It has entered into an agreement with thesolar energy solution company on Tuesday to this end.

The Kolkata-based public sector bank will offer the loan at 5% under the government's capital subsidy-cum-refinance scheme for promotion of solar off-grid. Farmers, agricultural labourers, rural artisans, entrepreneurs and salaried persons are eligible to get a loan under the scheme.

To avail of the loan, borrowers are required to foot 20% of the cost of the project as margin while 30% is available as capital subsidy. Borrowers will also get a Rs 500 rebate from the solar company.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.