Tata Power Solar Systems, Indian Bank enter into pact to boost home rooftops

CHENNAI: 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-MD, Tata Power Renewable Energy, said, “This collaboration marks a significant step forward, offering tailored financing solutions to empower homeowners while aligning with government initiatives like the PM Surya Ghar: Muft Bijli Yojana, aimed at promoting rooftop solar adoption.”

Vikas Kumar, chief general manager, retail assets and MSME, Indian Bank said, “This partnership demonstrates our commitment to promoting awareness, growth, and social upliftment. By offering financial assistance and expertise, we aim to make a significant contribution to India’s energy objectives and ensure the success of this laudable initiative.”