Canara Bank to fund solar heaters

Canara Bank has signed an MoU with Tata BP Solar India Limited, under which the bank will provide financial solutions to the buyers of Tata BP Solar water heaters.

According to an official release issued here on Monday, Canara Bank will give loans upto 85 per cent of the system cost to eligible customers for purchase of Tata BP's solar water heaters. The finance will be available at an attractive interest rates of 2 per cent for domestic users, 3 per cent for institutional users and 5 per cent for commercial and industrial users including SMEs.

Tata BP Solar will assist in credit delivery with its dealer network in various states in which the bank has its presence, it said.