New Delhi, Apr 23 (KNN) Tata Power Solar Systems Limited (TPSSL), a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL), has announced a strategic partnership with Indian Bank aimed at enhancing the adoption of solar rooftop systems among residential consumers.

This collaboration is geared towards facilitating financing solutions under the widely acclaimed Pradhan Mantri Surya Ghar Muft Bijli Yojana scheme, catering to installations up to 3 KW.

Additionally, the partnership seeks to 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 have the opportunity to avail loans up to Rs 2 lakh at an annual interest rate of 7 per cent, in accordance with government regulations.

With a nominal margin money requirement of 10 per cent and collateral-free financing, homeowners can seamlessly embark on their solar journey. Furthermore, the repayment tenure extends up to 10 years, providing flexibility and convenience to borrowers.

For installations exceeding 3 KW up to 10 KW, TPSSL and Indian Bank offer a tailored financing solution designed to meet the diverse needs of homeowners.

Eligible applicants can access loans up to Rs 6 lakh, with a margin money requirement of 20 per cent. Competitive interest rates ranging from 8.4 to 10.8 per cent per annum ensure attractive financing options for consumers.

(KNN Bureau)