Tata Power Renewable, BoB Partner for Solar Loans
07 Feb 2025
2 Min Read
CW Team
Tata Power Renewable Energy Ltd (TPREL) has partnered with Bank of Baroda (BoB) to provide financing for residential rooftop solar projects under the PM - Surya Ghar Muft Bijli Yojana, the world's largest domestic rooftop solar initiative.
Loan Details and Benefits
Under the Memorandum of Understanding (MoU), applicants can avail loans up to Rs 6 lakh at an interest rate starting from 7% per annum, with both fixed and floating rate options.
For rooftop solar systems up to 3 kW: Loans up to Rs 2 lakh are available without income documentation.
For systems between 3 kW and 10 kW: Loans up to Rs 6 lakh require a 20% margin contribution.
Collateral-free loans with a flexible repayment tenure of up to 10 years.
BoB home loan customers will get special concessional rates between 9.15% and 11%, while other customers will have rates between 10.15% and 12%.
The scheme requires a 10% margin contribution for loans up to 3 kW at 7% interest per annum, making solar adoption more affordable for households.
Accelerating India鈥檚 Clean Energy Goals
The PM - Surya Ghar Muft Bijli Yojana aims to install rooftop solar systems in 10 million homes by March 2027, significantly contributing to India's clean energy transition.
鈥淭his strategic collaboration with Bank of Baroda marks a significant step in our mission to make clean energy solutions accessible to every household in India. By offering affordable and convenient financing options, we are enabling residential customers to embrace rooftop solar technology with ease,鈥� said Deepesh Nanda, CEO & MD, TPREL.
Lalit Tyagi, Executive Director, Bank of Baroda, emphasized the bank鈥檚 commitment to expanding its role in renewable energy financing, aligning with the government鈥檚 vision to maximize power generation from sustainable sources.
By making solar installations more affordable and accessible, this initiative is expected to drive wider adoption of rooftop solar and contribute to India鈥檚 renewable energy goals.
Tata Power Renewable Energy Ltd (TPREL) has partnered with Bank of Baroda (BoB) to provide financing for residential rooftop solar projects under the PM - Surya Ghar Muft Bijli Yojana, the world's largest domestic rooftop solar initiative.
Loan Details and Benefits
Under the Memorandum of Understanding (MoU), applicants can avail loans up to Rs 6 lakh at an interest rate starting from 7% per annum, with both fixed and floating rate options.
For rooftop solar systems up to 3 kW: Loans up to Rs 2 lakh are available without income documentation.
For systems between 3 kW and 10 kW: Loans up to Rs 6 lakh require a 20% margin contribution.
Collateral-free loans with a flexible repayment tenure of up to 10 years.
BoB home loan customers will get special concessional rates between 9.15% and 11%, while other customers will have rates between 10.15% and 12%.
The scheme requires a 10% margin contribution for loans up to 3 kW at 7% interest per annum, making solar adoption more affordable for households.
Accelerating India鈥檚 Clean Energy Goals
The PM - Surya Ghar Muft Bijli Yojana aims to install rooftop solar systems in 10 million homes by March 2027, significantly contributing to India's clean energy transition.
鈥淭his strategic collaboration with Bank of Baroda marks a significant step in our mission to make clean energy solutions accessible to every household in India. By offering affordable and convenient financing options, we are enabling residential customers to embrace rooftop solar technology with ease,鈥� said Deepesh Nanda, CEO & MD, TPREL.
Lalit Tyagi, Executive Director, Bank of Baroda, emphasized the bank鈥檚 commitment to expanding its role in renewable energy financing, aligning with the government鈥檚 vision to maximize power generation from sustainable sources.
By making solar installations more affordable and accessible, this initiative is expected to drive wider adoption of rooftop solar and contribute to India鈥檚 renewable energy goals.
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