Correct Answer : Option (C) - Indian Bank
Tata Power Solar Systems Limited (TPSSL), a prominent solar company in India and a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL), has announced a strategic collaboration with Indian Bank, a leading public sector bank in India. The partnership aims to boost the adoption of solar rooftop systems among residential consumers by providing financing solutions under the Pradhan Mantri Surya Ghar Muft Bijli Yojana scheme.
Under this collaboration, residential consumers can avail loans up to Rs. 2 lakh at an annual interest rate of 7%, in compliance with government regulations. The financing solutions aim to facilitate installations up to 3 KW under the scheme, with a nominal margin money requirement of 10% and collateral-free financing, making it easier for homeowners to embark on their solar journey. Additionally, repayment tenures extend up to 10 years, offering flexibility and convenience.
For installations ranging from 3 to 10 KW, TPSSL and Indian Bank offer tailored financing solutions with loans up to Rs. 6 lakh, a margin money requirement of 20%, and competitive interest rates ranging from 8.4% to 10.8% per annum.
Mr. Deepesh Nanda, CEO & Managing Director of Tata Power Renewable Energy Limited, emphasized the commitment of Tata Power to promote renewable energy solutions and praised the collaboration for offering tailored financing solutions aligned with government initiatives like the PM Surya Ghar Muft Bijli Yojana.