Tata Power Solar Systems Partners with Bank of India for Solar and EV Charging Station Financing
Tata Power Solar Systems Ltd (TPSSL) announced a strategic partnership with the Bank of India (BOI) to facilitate financing for rooftop solar installations and the establishment of electric vehicle (EV) charging stations. This collaboration marks a significant milestone as Tata Power Solar becomes the first solar company to partner with BOI for both solar and EV charging station financing, reinforcing its leadership in green energy solutions.
The partnership aligns with the government's push to promote rooftop solar installations, catering to a diverse customer base, including residential users under the PM Surya Ghar Yojana, housing societies, and Micro, Small, and Medium Enterprises (MSMEs).
Under the PM Surya Ghar Yojana, residential customers wishing to install solar systems up to 3 KW can secure loans up to Rs 2 lakh with just a 5 per cent margin requirement. These loans are offered at an attractive annual interest rate of 7.10 per cent, are collateral-free, and come with a tenure of up to 10 years.
For systems exceeding 3 KW and up to 10 KW, loans up to Rs 6 lakh are available with a 5 per cent margin requirement. The interest rates for these loans range from 8.3 per cent to 10.25 per cent per annum, also collateral-free, with a tenure of up to 10 years.
Housing societies and residential welfare associations can access loans up to Rs 1 crore with a 10 per cent margin requirement. Meanwhile, UDYAM-registered MSME customers looking to set up rooftop solar systems or EV charging stations can avail themselves of loans up to Rs 30 crore. These loans feature competitive interest rates starting from 9.35 per cent per annum with a margin requirement of 15 per cent and offer collateral-free options with a repayment tenure of up to 120 months.
