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.
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