Tata Power Solar Systems Ltd (TPSSL), an arm of Tata Power Renewable Energy Ltd (TPREL), has partnered with Indian Bank for collateral-free loan to residential consumers adopting rooftop solar systems. The collaboration aims to facilitate financing solutions under the Pradhan Mantri Surya Ghar Muft Bijli Yojana scheme for PV 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 INR 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,” stated Tata Power.
For installations exceeding 3 kW up to 10 kW, TPSSL and Indian Bank offer a tailored financing solution that accommodates the diverse needs of homeowners. Eligible applicants can access loans up to INR 6 Lakh, with a margin money requirement of 20%. Interest rates range from 8.4% to 10.8% per annum.
Deepesh Nanda, CEO and managing director, Tata Power Renewable Energy Ltd, 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.”
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