Tata Power Solar Systems Ltd. (TPSSL) announced that it has teamed up with Bank of India (BOI) to make it easier to finance rooftop solar installations and the construction of EV charging stations.
According to a release, Tata Power Solar is expanding its position as a leading provider of green energy solutions and becoming the first solar company to work with BOI for financing of both solar and EV charging stations. This relationship is a key milestone.
This partnership backs the government’s campaigns to encourage rooftop solar installations, which aim to serve a variety of clients, including as housing societies, Micro, Small, and Medium-Sized Enterprises (MSMEs), and residential users under the PM Surya Ghar Yojana.
Under the PM Surya Ghar Yojana,Residential customers who want to build solar systems up to 3 KW can apply for loans up to Rs 2 lakh with just a 5% margin money requirement.
These loans come with no security requirements, an enticing annual interest rate of 7.10 percent, and a maximum ten-year term.
Loans up to Rs 6 lakh are available for installations larger than 3 KW and up to 10 KW, with a 5% margin money required.
These loans have a 10-year maximum duration, no collateral requirements, and interest rates that vary from 8.3 to 10.25 percent annually.
Registered housing societies and residential welfare associations can avail from loans up to Rs 1 crore with a 10 % margin money requirement.
A loan of up to Rs 30 crore is available to all UDYAM-registered MSME clients who want to install rooftop solar systems or EV charging stations.
These loans will give alternatives without collateral and feature low interest rates starting at 9.35% APR with a 15% margin required. Higher repayment terms of up to 120 months are available to borrowers.
Benefits of MSE-GIFT (Green Investment & Financing for Transformation) interest subvention can also be prevailed under the loan offering.
