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.

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 funding is anchored on the Pradhan Mantri Surya Ghar Muft Bijli Yojana scheme for installations of up to three kilowatts (kW). Support will also be provided for 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.

Meanwhile for 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