In a bid to accelerate the adoption of solar energy across Indian households, Indian Bank has partnered with Tata Power Solar Systems Ltd. (TPSSL). This collaboration aims to empower residential consumers by providing them with financial support for solar installations.
Under the alliance, Indian Bank will extend financial assistance to residential consumers under the PM Surya Ghar Muft Bijli Yojana scheme. The scheme offers support for installations up to 3 KW and extends further assistance for installations ranging from 3 to 10 KW under the regular scheme.
Residential consumers can avail loans up to ₹2 lakh at an annual interest rate of 7 per cent, with a nominal margin money requirement of 10 per cent and collateral-free financing. The repayment tenure is set at 10 years, ensuring convenience and flexibility for consumers.
Deepesh Nanda, CEO & Managing Director, Tata Power Renewable Energy said, “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.
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The partnership aims to streamline financing solutions under the Pradhan Mantri Surya Ghar Muft Bijli Yojana initiative, enabling homeowners to access affordable loans with competitive interest rates.
