Latest News | Indian Bank Inks Pact with Tata Power Solar Systems to Offer Financing Solutions

Chennai, Apr 23 (PTI) Public sector Indian Bank has partnered with Tata Power Solar Systems to offer financing for customers under the Centre's Pradhan Mantri Surya Ghar Muft Bijli Yojana Scheme to install solar rooftop systems in residences.

Residential consumers would be able to receive loans of up to Rs 2 lakh for installations of 3 KW solar rooftop capacity at an interest rate of 7 per cent per annum.

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"This partnership demonstrates our commitment to promoting awareness, growth, and social upliftment. By offering financial assistance, we aim to make a significant contribution to India's energy objectives...," Indian Bank Chief General Manager, Retail Assets and Micro, Small Medium Enterprises, Vikas Kumar said in a press release.

For installations exceeding 3KW and up to 10KW, Indian Bank and Tata Power Solar Systems Ltd offer tailored financing solutions to eligible candidates who can avail of loans up to Rs 6 lakh with interest rates ranging from 8.4 per cent to 10.8 per cent per annum.

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"This collaboration marks a significant step forward, offering tailored financing solutions to empower homeowners while seamlessly aligning with government initiatives like the PM Surya Ghar: Muft Bijli Yojana, aimed at promoting rooftop solar adoption," Tata Power Renewable Energy Ltd CEO and Managing Director Deepesh Nanda said.

"Together, we are poised to harness our collective expertise and resources to illuminate households and catalyse energy transition nationwide," Nanda added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)