Tata Power Solar Systems partners with Indian Bank to boost rooftops at residences

Tata Power Solar Systems on Tuesday announced its partnership with state-owned Indian Bank to promote the adoption of solar rooftop among residential consumers.

The collaboration aims to facilitate financing solutions under the popular Pradhan Mantri Surya Ghar Muft Bijli Yojana scheme for installations up to 3 KW, as well as extend support for installations ranging from 3 to 10 KW under the regular scheme, a statement said.

Under the framework of the PM Surya Ghar Muft Bijli Yojana initiative, residential consumers can avail of loans up to Rs 2 lakh at an annual interest rate of 7 per cent, in compliance with government regulations.

With a nominal margin money requirement of 10 per cent and collateral-free financing, homeowners can embark on their solar journey with ease.

Furthermore, the tenure for repayment extends up to 10 years, offering flexibility and convenience. For installations exceeding 3 KW up to 10 KW, TPSSL and Indian Bank present a tailored financing solution that accommodates the diverse needs of homeowners.

Eligible applicants can access loans up to Rs 6 Lakh, with a margin money requirement of 20 per cent. Interest rates ranging from 8.4 per cent to 10.8 per cent per annum ensure competitive financing options.

Deepesh Nanda, CEO & Managing Director, Tata Power Renewable Energy said, "This collaboration marks a significant step forward, offering tailored financing solutions to empower homeowners while seamlessly aligning with government initiatives like the PM Surya Ghar."