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Under the Center's Pradhan Mantri Surya Ghar Muft Bijli Yojana Scheme, public sector Indian Bank has collaborated with Tata Power Solar Systems to provide funding for consumers to install solar rooftop systems in their residences. For the installation of 3 KW of solar rooftop capacity, residential customers would be eligible for loans of up to ₹2 lakh, with interest rates of 7% per annum.
"This partnership demonstrates our commitment to promoting awareness, growth, and social upliftment. By offering financial assistance, we aim to make a significant contribution to India's energy objectives," Indian Bank Chief General Manager, Retail Assets and Micro, Small Medium Enterprises, Vikas Kumar said in a press release.
For installations exceeding 3KW and up to 10KW, Indian Bank and Tata Power Solar Systems Ltd offer tailored financing solutions to eligible candidates who can avail of loans up to ₹6 lakh with interest rates ranging from 8.4% to 10.8% per annum.
"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," Tata Power Renewable Energy Ltd CEO and Managing Director Deepesh Nanda said.
"Together, we are poised to harness our collective expertise and resources to illuminate households and catalyse energy transition nationwide," Nanda added.
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