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

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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."