(MENAFN- KNN India)
New Delhi, Jul 26 (KNN)
Tata Power Solar Systems Ltd (TPSSL) announced a strategic partnership with bank of India (BOI) on Friday, aimed at facilitating financing for rooftop solar installations and electric vehicle (EV) charging stations.
This collaboration marks TPSSL as the first solar company to partner with BOI for both solar and EV charging station financing, reinforcing its position in the green energy solutions sector.
The initiative aligns with government efforts to promote renewable energy adoption, particularly targeting residential users under the PM Surya Ghar Yojana, as well as housing societies and Micro, Small, and Medium Enterprises (MSMEs).
Under the scheme, residential customers seeking to install solar systems up to 3 KW can avail loans up to Rs 2 lakh with only a 5 percent margin money requirement.
These loans are offered at an attractive interest rate of 7.10 percent per annum, are collateral-free, and have a tenure of up to 10 years. For installations above 3 KW and up to 10 KW, loans can be availed up to Rs 6 lakh with a 5 percent margin money requirement.
The interest rates for these loans range from 8.3 percent to 10.25 percent per annum, and these are also collateral-free with a tenure of up to 10 years.
Registered housing societies and residential welfare associations can benefit from loans up to Rs 1 crore with a 10 percent margin money requirement.
All UDYAM-registered MSME customers looking to set up rooftop solar systems or EV charging stations can avail a loan of up to Rs 30 crore.
These loans will have low interest rates starting from 9.35 percent per annum with a margin requirement of 15 percent and offer collateral-free options.
Borrowers can avail higher repayment tenure of up to 120 months.
The partnership also provides additional benefits for MSME customers, who can access the MSE-GIFT (Green Investment & Financing for Transformation) interest subvention under the loan offering.
This comprehensive financing scheme is expected to significantly boost the adoption of green energy solutions across various customer segments, supporting India's transition towards sustainable energy practices and contributing to the country's renewable energy goals.
(KNN Bureau)
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