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Our Bureau

Thiruvananthapuram , Dec. 18

CANARA Bank has come out with a scheme for financing purchase of solar water heaters at concessional rates of interest.

Under the scheme, subsidised by the Union Ministry of Non-conventional Energy Sources (MNES), the rate of interest for individuals will be 2 per cent per annum. For institutional users such as colleges and hostels, it will be 3 per cent, while for commercial and industrial users it will be 5 per cent.

According to a statement from the bank, finance will be available for the purchase of "flat plate collector based systems" (BIS approved) as well as "evacuated collector based systems" (MNES approved). The loan amount will be 85 per cent of the project cost with repayments spread over five years at convenient monthly instalments. The bank has not stipulated any upper ceiling for the loans.

Income tax-paying small and medium industries and commercial establishments would will be able to claim accelerated depreciation to the extent of 80 per cent of the investment under Section 32 of the Income Tax Act.

The bank proposed to finance loans worth Rs 50 crore in the first year of implementation of the scheme, thus saving energy to the extent of 12-15 MW, the statement added.

More Stories on : Consumer Finance | Non-conventional Energy

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