Indian Bank and Tata Power Join Forces to Boost Home Solar Energy Adoption

Indian Bank, a prominent public sector bank, has revealed a strategic alliance with Tata Power Solar Systems Limited (TPSSL) to enhance the uptake of solar energy among household consumers. This partnership seeks to enable financing options through the prestigious Pradhan Mantri Surya Ghar Muft Bijli Yojana scheme for installations up to 3 KW and also provide assistance for installations ranging from 3 to 10 KW under the standard scheme.

As part of the PM Surya Ghar Muft Bijli Yojana initiative, residential customers are eligible to access loans up to 2 lakh at a fixed annual interest rate of 7%, adhering to government guidelines. With a modest 10% margin money requirement and collateral-free financing, homeowners can initiate their solar transition effortlessly. Moreover, the repayment period extends up to 10 years, providing flexibility and convenience to borrowers.

For installations ranging from 3 KW to 10 KW, Indian Bank and TPSSL offer a customized financing solution tailored to meet the varied requirements of homeowners. Qualified applicants can avail loans up to 6 lakh, with a 20% margin money requirement. Competitive financing options, with interest rates ranging from 8.4% to 10.8% per annum, are available to ensure affordability and flexibility.

Shri Vikas Kumar, Chief General Manager, Retail Assets &MSME, Indian Bank commented, “We are honored to announce this initiative towards advancing the goals of PM Surya Ghar: Muft Bijli Yojana. This partnership demonstrates our commitment to promoting awareness, growth, and social upliftment. By offering financial assistance and expertise, we aim to make a significant contribution to India’s energy objectives and ensure the success of this laudable initiative”.

Mr. Deepesh Nanda, CEO & Managing Director, Tata Power Renewable Energy Limited, stated, “At Tata Power Renewable Energy Limited, we are resolutely committed to propelling a sustainable future through the adoption of renewable energy solutions. 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. Together, we are poised to harness our collective expertise and resources to illuminate households and catalyze energy transition nationwide”.

In line with the Government's dedication to promote Residential Solar, the partnership between Indian Bank and TPSSL harmoniously aligns with the central goals of the Government's PM-Surya Ghar Muft Bijli Yojana program. With a focus on enhancing accessibility and affordability for a wider range of participants, this initiative stands ready to significantly influence the widespread acceptance of solar solutions.