Allahabad Bank will provide loans to farmers and rural artisans to install solar off-grid manufactured by Tata BP Solar India Ltd. The bank today entered into an agreement with Tata BP Solar for the implementation of ‘capital subsidy cum refinance scheme for installation of solar off-grid (photo voltaic and thermal) and decentralisation applications' under the Jawaharlal Nehru National Solar Mission announced by the Ministry of New and Renewable Energy, according to a statement.
The various categories of borrowers such as farmers, agricultural labourers, rural artisans, professionals, entrepreneurs and salaried persons among others will be eligible under the scheme. The bank will offer the loan at 5 per cent. Borrowers will have to foot 20 per cent of the project cost as margin, and 30 per cent will be available as capital subsidy, the release said. Allahabad Bank has tie ups with Kirti Solar and Bhaskar Solar.