Civil Bank to offers solar loans


    Civil Bank Ltd says it will start offering loans to buy and install solar power systems at 2.25 percent interest for households and at 4.5 percent for commercial purposes.

    Issuing a statement, the bank said that it had signed an agreement with the government’s Alternative Energy Promotion Center (AEPC) to implement a subsidized-solar loan program.

    AEPC Executive Director Ram Prasad Dhital and Civil Bank Chief Executive Officer Kishore Maharjan signed an agreement for the loan program on Sunday.

    “The loan can be availed by any household, office or factory with an installed electricity grid line provided by Nepal Electricity Authority and the bank will finance up to 90 percent of the cost of the solar equipment,” Civil Bank said in a statement. “Since the loan will be extended by pledging the solar equipment itself, clients need not provide additional collateral security to avail the loans.”

    Source : Republica