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Borg Energy launches financial schemes for solar power plant

Borg Energy has teamed up with Shriram City Union Finance and Bajaj Finserv Lending to enable customers to purchase the company's micro solar power plant under a solar finance scheme.

Under the finance scheme offered by Shriram, customers can avail a maximum of five lakh at an interest of 5.5% per annum for a 12 month EMI scheme and an interest of 5.99% per annum for an 18 month EMI scheme. Bajaj Finserv is offering a maximum loan of Rs 4.5 lakh at an interest rate of 6.5% per annum for a 12 month EMI scheme.

R Sivakumar, chief operating officer, Borg Energy said, "While banks and other financial institutions provide loans for purchase of cars and bikes, they should also include easy consumer finance options for the green energy sector under their priority loan scheme."

He added that difficulty in obtaining finance puts off many customers from buying solar power products. Borg which launched its Astra micro solar power plant earlier this year in the southern markets has so far sold 1,500 units in Tamil Nadu. The company is planning to sell 25,000 units this year.

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