To provide finance to residential consumers for installation of solar rooftop
Tata Power Solar Systems (TPSSL), a wholly-owned subsidiary of Tata Power Renewable Energy (TPREL), announced its strategic partnership with Indian Bank to bolster 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.
Under the framework of the PM Surya Ghar Muft Bijli Yojana initiative, residential consumers can avail loans up to Rs 2 lakh at an annual interest rate of 7%, in compliance with government regulations. With a nominal margin money requirement of 10% 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%. Interest rates ranging from 8.4% to 10.8% per annum ensure competitive financing options.
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