Tata Power, Indian Bank partner for solar rooftop financing

s shares were up by 0.49 per cent after the company announced that Tata Power Solar Systems Limited (TPSSL) has partnered with Indian Bank to promote adoption of solar rooftop systems in residences.

The tie-up aims to facilitate financing solutions under the Pradhan Mantri Surya Ghar Muft Bijli Yojana scheme for installations up to 3 KW, as well as support for 3-10 KW installations under the regular scheme. 

Under the PM Surya Ghar Muft Bijli Yojana initiative, residents can secure loans up to ₹2 lakh at 7 per cent interest per annum, with a nominal margin money requirement of 10 per cent and collateral-free financing. The repayment tenure extends up to 10 years. 

For installations exceeding 3 KW up to 10 KW, TPSSL and Indian Bank offer tailored financing solutions with loans up to ₹6 lakh, a margin money requirement of 20 per cent, and competitive interest rates of 8.4-10.8 per cent per annum. 

Vikas Kumar, Chief General Manager, Retail Assets and MSME, Indian Bank, said, “We are honoured to announce this initiative towards advancing the goals of PM Surya Ghar Muft Bijli Yojana. This partnership demonstrates our commitment to promoting awareness, growth, and social upliftment. By offering financial assistance and expertise, we aim to make a significant contribution to India’s energy objectives and ensure the success of this laudable initiative.” 

The shares were up by 0.49% to ₹430 at 2 pm on the BSE.