TPREL, Bank of Baroda partner for rooftop solar financing in India

A MoU was signed between TPREL and Bank of Baroda to provide easy financing for residential rooftop solar installations under the PM - Surya Ghar Muft Bijli Yojana.

By Prudhvi Rani 06 Feb 2025 | Updated On 07 Feb 2025 11:20 IST in Business Bytes Market Bytes

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TPREL and Bank of Baroda partnered to offer collateral-free loans, making rooftop solar installations more affordable in India. Image Credit/Source: Schropferovel/Pixabay

Bank of Baroda, a public sector bank in India, partnered with Tata Power Renewable Energy Ltd (TPREL) to offer loans for residential rooftop solar projects. A Memorandum of Understanding (MoU) was signed. Applicants could avail loans up to Rs 6 lakh at interest rates starting from 7% per annum. Both fixed and floating rate options were available. Loans up to Rs 2 lakh were offered for solar systems up to 3 kW without income proof. A 10% margin was required at a 7% interest rate. Larger systems up to 10 kW qualified for loans up to Rs 6 lakh with a 20% margin. The loans were collateral-free. The repayment period was up to 10 years. Home loan customers received interest rates between 9.15% and 11%. Others had rates from 10.15% to 12%.

#India #RooftopSolar #TPREL #SolarLoans #BankOfBaroda

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