Mumbai: Tata Power Solar Systems has joined forces with Indian Bank to encourage the use of rooftop solar systems among homeowners. The partnership will provide financing solutions for installations under the Pradhan Mantri Surya Ghar Muft Bijli Yojana scheme, covering both small and larger systems.
For installations up to 3 KW, homeowners can access loans up to Rs 2 lakh at a 7 percent annual interest rate, in line with government regulations. The process requires a modest 10 percent margin money and does not necessitate collateral. Repayment terms extend up to 10 years, offering flexibility.
For installations from 3 to 10 KW, a tailored financing solution is provided by both TPSSL and Indian Bank, with loans up to Rs 6 lakh and a 20 percent margin money requirement. Interest rates vary from 8.4 percent to 10.8 percent per annum.
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