Tata Power Solar partners with Indian Bank to support PM Surya Ghar Muft Bijli Yojana
Tata Power Solar Systems Limited (TPSSL), a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL), announced its strategic partnership with Indian Bank to support the adoption of solar rooftop among residential consumers. The collaboration aims to facilitate financing solutions under the recently announced Pradhan Mantri Surya Ghar Muft Bijli Yojana for installations up to 3 KW, as well as extend support for installations ranging from 3 to 10 KW under the regular scheme.
Deepesh Nanda, CEO & Managing Director, Tata Power Renewable Energy Limited, stated, “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: Muft Bijli Yojana, aimed at promoting rooftop solar adoption.”
Vikas Kumar, Chief General Manager, Retail Assets & MSME, Indian Bank commented, “By offering financial assistance and expertise, we aim to make a significant contribution to India’s energy objectives.”
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.
