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Allahabad Bank to fund solar power systems buyers

According to reports, Kolkata-headquartered Allahabad Bank Tuesday entered into a strategic partnership with the Environ Energy Corporation for promoting installation of solar power energy systems by financing customers of the latter’s solar power solutions.

A memorandum of understanding for this was signed by the bank’s general manager (Priority Sector Credit) B.K.Srivastav and Environ’s assistant general manager (marketing) S.K.Chakraborty here.

As per the accord, the bank would finance customers of Environ availing solar power solutions.

‘Just like you get loans for cars and other products, customers purchasing our solar power products can now avail of finances from all branches of Allahabad Bank,’ Chakraborty told IANS here.

All individuals including all categories of farmers, agricultural labourers, rural artisans, professionals, entrepreneurs, salaried persons, are eligible under the Scheme. ‘The borrowers are required to bring 20 percent of the cost of the project as margin,’ he said.

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