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Maharashtra Solar Manufacturers Association

India: Commercial Banks Give Priority to Solar Water Heater Loans

Submitted by Baerbel Epp on October 6, 2013

Solar water heaters have been made a priority in several loan programmes of well-known banks in India. For example, Bengaluru-based Canara Bank has granted more than 25,000 loans for individual solar water heaters so far and has given out loans worth INR 60 million in the solar heating and cooling sector. The Bank of Maharashtra has seen more than 15,000 borrowers over the last two years and has financed solar thermal systems worth INR 7.5 million. According to the bank’s Assistant General Manager, R Harikumar, business has been picking up since in July 2012, the Reserve Bank of India (RBI) included solar water heaters in the list of priority sectors for loans disbursed through commercial banks (see Article 6.6 of the guidelines).
Photo: Malaviya Solar Energy Consultancy

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