Tata Power and UCO Bank partner to expand rooftop solar financing

Tata Power Renewable Energy Limited has signed an MoU with UCO Bank to support the wider adoption of rooftop solar systems in India. The partnership focuses on easier and lower-cost financing aligned with the PM Surya Ghar: Muft Bijli Yojana.

Under the agreement, UCO Bank will extend loans to salaried and self-employed consumers through the UCO Suryodaya Scheme. Customers can borrow up to Rs 0.2 million at a 6 per cent reducing interest rate for a tenure of up to 10 years with a 10 per cent margin. For larger installations priced between Rs 0.2 million and Rs 0.6 million, the bank will finance up to 80 per cent of the project cost.

Interest rates will begin at 7.40 per cent for home loan customers and 8.40 per cent for non-home loan customers. The scheme carries no processing fees and no documentation charges to support wider rooftop solar uptake.

Image Source: Tata Power