Indian Bank ties up with Tata Power Solar to boost solar energy adoption
The Hindu
Indian Bank partners with Tata Power Solar to provide financial support for residential solar installations, boosting solar energy adoption.
Indian Bank has entered into a strategic partnership with Tata Power Solar Systems Ltd. (TPSSL) to boost solar energy adoption by providing financial support to residential consumers for installations.
The collaboration aims to provide financial support under the PM Surya Ghar Muft Bijli Yojana scheme for installations up to 3 KW, and from 3-10 KW under the regular scheme, the public sector lender said in a statement.
Residential consumers can avail loans up to ₹2 lakh at an annual interest rate of 7%, with a nominal margin money requirement of 10% and collateral-free financing. The repayment tenure is 10 years.
For installations exceeding 3-10 KW, eligible applicants can avail loans up to ₹6 lakh with a margin money requirement of 20%. Interest rate ranges from 8.4% to 10.8% per annum.
“This initiative is poised to make a profound impact on the widespread adoption of solar solutions,” the bank said.
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