Tata Power Solar Systems Partners with Bank of India for Solar and EV Charging Station Financing

Tata Power Solar Systems Ltd (TPSSL) has teamed up with Bank of India (BOI) to make it easier for people to get loans for rooftop solar installations and electric vehicle (EV) charging stations. This partnership is significant as Tata Power Solar is the first solar company to collaborate with BOI for financing both solar and EV charging projects, strengthening its position as a leader in green energy solutions.

Supporting Government Initiatives

This partnership supports government efforts to promote rooftop solar installations. It targets a wide range of customers, including residential users under the PM Surya Ghar Yojana, housing societies, and Micro, Small, and Medium Enterprises (MSMEs).

Loan Details

For Residential Customers:

• Solar Systems up to 3 KW: Loans up to ₹2 lakh with a 5% margin requirement. These loans have an interest rate of 7.10% per year, are collateral-free, and can be repaid over 10 years.
• Solar Systems from 3 KW to 10 KW: Loans up to ₹6 lakh with a 5% margin requirement. Interest rates range from 8.3% to 10.25% per year, also collateral-free, with a 10-year repayment period.

For Housing Societies and Residential Welfare Associations:

• Loans up to ₹1 crore with a 10% margin requirement.

For MSME Customers:

• Loans up to ₹30 crore for rooftop solar systems or EV charging stations. These loans have low interest rates starting at 9.35% per year, a 15% margin requirement, and offer collateral-free options. Borrowers can repay over a period of up to 120 months.
• Additional benefits of the MSE-GIFT (Green Investment & Financing for Transformation) interest subvention can also be obtained.

This collaboration aims to make green energy solutions more accessible and affordable for a variety of customers, supporting India’s shift towards sustainable energy.