Tata Power Solar partners Bank of India for low-cost finance to rooftop solar and EV charging station customers

Tata Power Solar Systems has partnered with Bank of India to provide affordable and easy financing solutions for its customers looking to invest in rooftop solar or electric vehicle (EV) charging infrastructure.

July 26, 2024 Uma Gupta

Image: Encavis AG

Tata Power Solar Systems Ltd, an arm of Tata Power Renewable Energy Ltd, has partnered with Bank of India, a public sector bank, to provide affordable and easy financing solutions for its customers looking to invest in either rooftop solar or electric vehicle (EV) charging infrastructure.

“This collaboration supports the Government’s initiatives to promote rooftop solar installations, targeting a wide spectrum of customers, including residential users under the PM Surya Ghar Yojana, housing societies, and micro, small, and medium enterprises (MSMEs). By providing tailored easy financing solutions, the partnership will mainstream green solutions and make sustainable energy adoption more accessible and affordable for all,” stated Tata Power Solar.

Under the PM Surya Ghar Yojana, residential customers seeking to install solar systems up to 3 kW can avail loans up to INR 200,000 with only a 5% margin money requirement. These loans are offered at an attractive interest rate of 7.10% per annum, are collateral-free, and have a tenure of up to 10 years.

For installations above 3 kW and up to 10 kW, loans can be availed up to INR 600,000 with a 5% margin money requirement. The interest rates for these loans range from 8.3% to 10.25% per annum, and these are also collateral-free with a tenure of up to 10 years. Registered housing societies and residential welfare associations can benefit from loans up to INR 1 crore with a 10% margin money requirement.

Tata Power Solar stated that all UDYAM registered MSME customers looking to set up rooftop solar systems or EV charging stations can avail of a loan of up to INR 30 crore. These loans will have low interest rates starting from 9.35% p.a. with a margin requirement of 15% and offer collateral-free options. Borrowers can avail higher repayment tenure of up to 120 months. Benefits of MSE-GIFT (Green Investment & Financing for Transformation) interest subvention can also be obtained under the loan offering.

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