The Zoroastrian Co-operative Bank Ltd. (ZCBL) has launched a new initiative to promote the adoption of sustainable energy solutions by introducing the Solar Loan Scheme. This scheme aims to make solar energy more accessible and affordable for individuals and businesses in India. The initiative aligns with the country’s push for green energy solutions and the bank’s commitment to sustainability and financial inclusivity.
The Solar Loan Scheme offers attractive interest rates and flexible financing options, making it an attractive option for those looking to install solar power systems. For residential rooftop units, loans up to Rs 2 lakh are available at 7.99% annual percentage rate (p.a.), with 90% financing of the total project cost. No income proof or collateral is required. For larger residential and industrial units, loans range from Rs 2 lakh to Rs 5 crore, with interest rates between 8.75% and 9.00% p.a., and 85% financing. The loan tenure is 7 years, with an initial moratorium period. Additionally, no processing or prepayment charges apply to loans up to Rs 2 lakh.
ZCBL’s MD & CEO, Daljit Dogra, emphasized the bank’s commitment to sustainability and financial inclusivity, encouraging a transition to solar energy to reduce electricity costs and carbon footprints. The bank also offers 100% financing if cash collaterals of up to 25% are provided, while loans above Rs 5 crore will be considered on a case-by-case basis. Overall, this scheme is a significant step towards increasing the adoption of solar energy and promoting a sustainable future for India.