Tata Power Solar and Indian Bank partner to offer financing for rooftop solar

They will offer loans of up to $720 for a capacity installation between 3 KW and 10 KW.

They will offer loans of up to $720 for a capacity installation between 3 KW and 10 KW.

Tata Power Solar Systems partnered with the Indian Bank to facilitate funding to encourage consumers to adopt solar rooftop technologies.

In a statement, Tata Power said the fundingis anchoredon the Pradhan Mantri Surya Ghar Muft Bijli Yojana scheme for installations of up to three kilowatts (kW).Support will also be providedfor installations ranging from 3 KW to 10 KW under the regular scheme.

“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,”Deepesh Nanda, CEO & Managing Director, Tata Power Renewable Energy Limited, said.

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Under the PM Surya Ghar Muft Bijli Yojana, residential consumers may avail of loans up to $240.1 (INR20,000) with an annual interest rate of 7%. It also has a nominal margin money requirement of 10% and collateral-free financing, with repayment extending up to 10 years.

Meanwhilefor deployment ranging from 3 KW to 10 KW, Tata Power and the Indian Bank will provide eligible applicants with access to loans of up to $720.29 (INR60,000) with a margin money requirement of 20%. Interest rates from 8.4% to 10.8% annually will be in place to ensure competitive financing options.

$1 = INR83.30

Tata Power

India's renewable energy

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