24th April 2024 – In an effort to encourage residential customers to embrace solar rooftop technology, state-owned Indian Bank and Tata Power Solar Systems launched their alliance on Tuesday.
According to a statement, the partnership intends to expand assistance for installations between 3 and 10 KW under the standard program and ease financing options under the well-liked Pradhan Mantri Surya Ghar Muft Bijli Yojana scheme for installations up to 3 KW. Residential customers may apply for loans up to Rs 2 lakh under the PM Surya Ghar Muft Bijli Yojana program, subject to government requirements and at an annual interest rate of 7%.
Homeowners may easily start their solar adventure with collateral-free financing and a small 10% margin money needed. Moreover, the payback period is flexible and convenient, lasting up to ten years. TPSSL and Indian Bank provide customized financing options for installations up to 10 KW in size, meeting the various demands of households.
Conclusion
Loans up to Rs. 6 lakh are available to qualified candidates, with a 20% margin money requirement. Interest rates that range from 8.4% to 10.8% annually provide affordable financing choices.
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