Tata Power Solar Partners with Bank of India for Solar and EV Financing
Tata Power Solar Systems Limited (TPSSL), a leading solar company in India and a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL), has announced a strategic partnership with Bank of India (BOI). This collaboration aims to facilitate easy financing for rooftop solar installations and electric vehicle (EV) charging stations.
This partnership marks a significant milestone as Tata Power Solar becomes the first solar company to collaborate with BOI for both solar and EV charging station financing, enhancing its position as a green energy solutions provider. The collaboration supports the Government's initiatives to promote rooftop solar installations, targeting residential users under the PM Surya Ghar Yojana, housing societies, and Micro, Small, and Medium Enterprises (MSMEs). By offering tailored financing solutions, the partnership aims to make sustainable energy adoption more accessible and affordable.
Under the PM Surya Ghar Yojana, residential customers can avail of loans up to Rs. 2 lakh for solar systems up to 3 KW with a 5% margin money requirement, at an attractive interest rate of 7.10% per annum. These loans are collateral-free with a tenure of up to 10 years. For installations above 3 KW and up to 10 KW, loans up to Rs. 6 lakh are available with interest rates ranging from 8.3% to 10.25% per annum. Registered housing societies and residential welfare associations can benefit from loans up to Rs. 1 crore with a 10% margin money requirement.