Tata Power Solar & Bank of India Partnership

27 Jul 2024 , 11:45 AM

Tata Power Solar & Bank of India partner to provide affordable financing to accelerate installation of Rooftop Solar and EV Charging Stations

Tata Power Solar Systems Limited (TPSSL), a subsidiary of Tata Power Renewable Energy Limited (TPREL), has partnered with Bank of India (BOI) to offer financing for rooftop solar installations and electric vehicle (EV) charging stations.

Tata Power Solar is the first solar firm to engage with BOI for financing solar and EV charging stations, cementing its position as a leader in green energy solutions.

This alliance aims to promote rooftop solar installations for a diverse range of consumers, including residential users, housing societies, and MSMEs. The partnership’s bespoke finance solutions will mainstream green solutions and make sustainable energy adoption more accessible and affordable for all.

Residential customers installing solar systems up to 3 KW can apply for loans up to ₹ 2 Lakh with only a 5% margin. These loans have a low annual interest rate of 7.10%, are collateral-free, and have a 10-year term. Loans of up to ₹ 6 Lakh are available for installations over 3 KW and up to 10 KW, with a 5% margin requirement. These loans offer annual interest rates ranging from 8.3% to 10.25%, are collateral-free, and have a 10-year term. Registered housing societies and residential welfare associations can get loans up to ₹ 1 crore with a 10% margin requirement.

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