Tata Power Solar Partners with Bank of India for Easy Financing of Solar and EV Projects

Tata Power Solar Systems Ltd has partnered with the Bank of India to provide easy financing solutions for rooftop solar installations and EV charging stations. This collaboration supports government initiatives and offers loans with attractive interest rates and collateral-free options for residential, MSMEs, and housing societies.

Tata Power Solar Systems Ltd (TPSSL) has entered a strategic partnership with the Bank of India (BOI) to streamline financing for rooftop solar installations and electric vehicle (EV) charging stations.

This milestone makes Tata Power Solar the first solar company to team up with BOI for dual-focus financing, enhancing its position as a leader in green energy solutions.

The collaboration aligns with government efforts to boost rooftop solar adoption, targeting homeowners, housing societies, and Micro, Small, and Medium Enterprises (MSMEs).

Residential customers can get loans up to Rs 2 lakh for solar systems up to 3 KW under the PM Surya Ghar Yojana, with a minimal 5 per cent margin money requirement. Loans are offered at a compelling interest rate of 7.10 per cent per annum, are collateral-free, and have a tenure of up to 10 years.

For larger installations (above 3 KW and up to 10 KW), loans up to Rs 6 lakh are available with the same margin requirement. Interest rates range from 8.3 per cent to 10.25 per cent per annum, with collateral-free terms and a decade-long tenure.

Registered housing societies and residential welfare associations can avail loans up to Rs 1 crore with a 10 per cent margin money requirement.

MSMEs with UDYAM registration seeking rooftop solar systems or EV charging stations can access loans up to Rs 30 crore. These loans come with low interest rates starting at 9.35 per cent per annum and a 15 per cent margin requirement. Collateral-free options and a repayment tenure of up to 120 months are also available. Beneficiaries can leverage MSE-GIFT interest subvention under this offering.

(With inputs from agencies.)