TPSSL has announced a collaboration with BOI to make it simpler to finance rooftop solar installations and set up EV charging stations. The collaboration marks an important achievement for Tata Power Solar, as they are the first solar company to partner with BOI for financing solar and EV Charging Stations, further solidifying their position as a leader in green energy solutions, according to a statement.
This partnership aligns with the government's efforts to encourage rooftop solar setups for various types of customers, such as residential users under PM Surya Ghar Yojana, housing societies, and MSMEs.
Residential customers can get loans up to Rs 2 lakh with just a 5 per cent margin money requirement for installing solar systems up to 3 KW under the PM Surya Ghar Yojana.
These loans come with a competitive annual interest rate of 7.10 percent, require no collateral, and can be repaid over a period of up to 10 years. Loans of up to Rs 6 lakh can be obtained with a 5 percent margin money requirement for installations ranging from over 3 KW to 10 KW.
These loans have interest rates varying from 8.3 per cent to 10.25 per cent annually, and they do not require collateral, with a maximum duration of 10 years. Registered housing societies and residential welfare associations are eligible for loans up to Rs 1 crore with a 10 percent margin money stipulation.
