Canara Bank signs MoU with Tata BP Solar

Bangalore, Mar 3 (UNI) Canara Bank has signed a Memorandum of Understanding with Tata BP Solar to provide financial solutions to buyers of its water heaters.

According to the MoU, the bank would be the preferred financier for products from Tata BP Solar, the Bank said in a release here today.

Under the scheme, Canara Bank would give loans up to 85 per cent of the system cost to eligible customers for purchase of Tata BP's Solar water heaters. The finance would be available at an attractive interest rate of two per cent for domestic users, three per cent for institutional users and five per cent for commercial and industrial users (including SMEs).

The company would assist in credit delivery through its dealer network in various States, in which the Bank had its presence.

The MoU was signed yesterday by Tata BP Solar General Manager (Sales and Marketing) Anjan Ghosh and Canara Bank General Manager R Prabha, the release said.

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