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.
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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