TPREL and BoB sign MoU to provide rooftop solar financing facility under PM Surya Ghar Yojana
Tata Power Renewable Energy Limited (TPREL), a subsidiary of Tata Power Company Limited, has signed a Memorandum of Understanding (MoU) with Bank of Baroda to provide affordable financing options for installing solar systems on rooftops of residential buildings under the Pradhan Mantri Surya Ghar Yojana (PMSGY). This strategic partnership aims to accelerate the adoption of rooftop solar systems across India.
This tie-up will provide easy and hassle-free financing solutions to households and will help in the country's transition to renewable energy. Under this collaboration, applicants can avail loans up to INR 6.00-lakh, with attractive interest rates starting at 7.0 per cent per annum. Both fixed and floating interest rates are available for this loan.
As part of the PM Surya Ghar scheme, customers who install solar power systems with a capacity of up to 3.0 kW on the roof of their houses will be able to get a loan of up to INR 2.00-lakh without income documents. For this scheme, only 10 per cent of the amount will have to be paid as your own contribution and interest will have to be paid at the rate of 7.0 per cent per annum on the loan.
The loan is unsecured and will have a repayment period of up to 10 years. This will enable domestic consumers to install solar power systems at a reasonable price.
For a large system of 3kW to 10kW capacity, customers can get a loan of up to INR 6.00-lakh under the regular scheme, for which customers will have to pay 20 per cent of their own contribution. Bank of Baroda's home loan customers will get a discounted interest rate i.e. 9.15-11 per cent per annum, while for other customers, the interest rate will be 10.15-12 per cent per year. These loans are also unsecured and will have a maximum repayment period of 10 years.
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