Indian Bank, a leading public sector bank announced its alliance with Tata Power Solar Systems Limited (TPSSL) to boost the adoption of solar energy among residential consumers.
The collaboration aims to provide easier access to financing solutions under the Pradhan Mantri Surya Ghar Muft Bijli Yojana scheme. This scheme will be applicable for installations up to 3 KW and will also help in providing support for installations ranging from 3 to 10 KW under the regular scheme.
Under the PM Surya Ghar Muft Bijli Yojana initiative, residential consumers can avail loans up to Rs. two lakhs at an annual interest rate of 7 per cent in compliance with government regulations. With a nominal margin money requirement of 10 per cent 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.
Indian Bank and TPSSL have customised their financing solutions, which cater to the diverse needs of homeowners. Eligible applicants can access loans up to Rs. six lakhs, with a margin money requirement of 20 per cent interest rates ranging from 8.4 per cent to 10.8 per cent per annum ensure competitive financing options.
Vikas Kumar, Chief General Manager, Retail Assets &MSME, Indian Bank commented, "We are honoured to announce this initiative towards advancing the goals of PM Surya Ghar: Muft Bijli Yojana. This partnership demonstrates our commitment to promoting awareness, growth, and social upliftment. By offering financial assistance and expertise, we aim to make a significant contribution to India's energy objectives and ensure the success of this laudable initiative."
Deepesh Nanda, CEO & Managing Director, Tata Power Renewable Energy Limited, stated, "At Tata Power Renewable Energy Limited, we are resolutely committed to propelling a sustainable future through the adoption of renewable energy solutions. 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. Together, we are poised to harness our collective expertise and resources to illuminate households and catalyse energy transition nationwide."
