Indian Bank officers exchanging paperwork with Tata Power Solar Systems
Indian Bank has entered right into a strategic partnership with Tata Power Solar Systems Ltd. (TPSSL) to boost solar energy adoption by offering monetary help to residential customers for installations.
The collaboration goals to present monetary help below the PM Surya Ghar Muft Bijli Yojana scheme for installations up to 3 KW, and from 3-10 KW below the common scheme, the general public sector lender stated in an announcement.
Residential customers can avail loans up to ₹2 lakh at an annual rate of interest of seven%, with a nominal margin cash requirement of 10% and collateral-free financing. The compensation tenure is 10 years.
For installations exceeding 3-10 KW, eligible candidates can avail loans up to ₹6 lakh with a margin cash requirement of 20%. Interest price ranges from 8.4% to 10.8% each year.
“This initiative is poised to make a profound impact on the widespread adoption of solar solutions,” the financial institution stated.
