TPSSL partners with Indian Bank for affordable solar rooftop adoption in residential segment

by Psu Connect
Date: 23-04-24

Under the framework of the PM Surya Ghar Muft Bijli Yojana initiative, residential consumers can avail of loans up to Rs 2 lakh at an annual interest rate of 7%, in compliance with government regulations.

TPSSL partners with Indian Bank for affordable solar rooftop adoption in residential segment

Tata Power Solar Systems Limited (TPSSL), a leading solar company in India and a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL), announced its strategic partnership with Indian Bank, a leading public sector bank in India 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 of 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 ? 6 Lakh, with a margin money requirement of 20%. Interest rates ranging from 8.4% to 10.8% per annum ensure competitive financing options.

The collaboration is aligned with the Government's commitment to champion Residential Solar, this corrigendum between TPSSL and Indian Bank seamlessly integrates with the core objectives of the Government's PM-Surya Ghar Muft Bijli Yojana initiative. By prioritizing improved accessibility and affordability for a broader spectrum of stakeholders, this initiative is poised to make a profound impact on the widespread adoption of solar solutions.