EFFECTIVE SOLAR SUBSIDY Govt to encourage alternative energy offers subsidy for solar power .If loan is taken it will be Rs6600= and without loan it is Rs 2000= The loan has to be taken compulsorily from Nationalised Banks and other designated banks only and cannot be closed before two years The agents make it attractive to avail of the loans to claim more subsidy. The subsidy in spite of submitting reports and documentation does not come easily without constant pursuing the matter
The cost is Rs 30,000= and down payment is Rs7500=and loan amount is Rs22500= At the end of 2 years period amount paid to the bank by installments, processing fee and interest works out to be Rs 26,010= .Total interest works out as Rs 26010-Rs22500=Rs3510. Effective subsidy Rs6600-Rs3510= Rs 3090 Hence the almost half the subsidy benefits the bank by way of interest. It is advisable to take direct subsidy without loan, if not enticed to take loan. Nelson Lopes Chinchinim
