Karnataka Bank partners with SELCO Solar Light Private Limited to finance solar-based livelihood products

Karnataka Bank today said that it has signed a Memorandum of Understanding (MOU) with SELCO Solar Light Private Limited to finance solar-based livelihood products to its customers.

Under this collaborative initiative, Karnataka Bank provides financial support to individuals/HUF/ Farmers/Traders/Businessmen/Proprietorship concerns/Professionals/Salaried Persons/Institutions etc to purchase solar energy products of SELCO Solar Light Private Limited in India. Customers can avail of loans from the Bank with a competitive interest rate for installing SELCO Solar energy products for both household and commercial use.

Mahabaleshwara M.S, Managing Director & CEO, Karnataka Bank, said, "This is a collaborative effort between KBL and SELCO for promoting the use of renewable energy products and thereby increasing usage of solar energy and reducing carbon emission. Our bank is providing various finance schemes for the purchase of solar energy products to our customers with an attractive rate of interest and speedy sanction of loans through a digital platform. Bank's wider presence in rural areas will help customers to afford these solar energy products by the rural sector which will facilitate them to use sustainable energy solutions. The partnership offers constant commitment towards providing best in class services to our customers as well as the potential buyers of SELCO products."

Mohan Bhaskar Hegde, CEO, SELCO, said, "Solar Power continues to be indispensable in all walks of life today. The development of society in this area of economic cooperation is the key to the prosperity of individuals and communities. The Karnataka Bank's many steps in the public sphere are also significant. This will help thousands of women live a hopeful life".

SELCO Solar Light Private Limited is engaged in the business of designing, assembling, selling and servicing solar energy products for the last 27 years with the main objective of providing energy access to an underserved population.