Tata Power Renewable, Bank of Baroda partner to finance rooftop solar systems

Tata Power Renewable Energy Limited (TPREL) has signed a Memorandum of Understanding (MoU) with Bank of Baroda to offer financing options for residential rooftop solar power systems under the Pradhan Mantri Surya Ghar Yojana (PMSGY).

Under the MoU, applicants can avail loans of up to Rs 600,000 at interest rates starting from 7 per cent per annum, with fixed and floating rate options. Loans of up to Rs 200,000 are available for rooftop solar systems up to 3 kW with a 10 per cent margin contribution, while installations between 3 kW and 10 kW can access up to Rs 600,000 with a 20 per cent margin requirement. The loans are collateral-free, with a flexible repayment tenure of up to 10 years.

Bank of Baroda’s home loan customers will benefit from concessional interest rates ranging from 9.15 per cent to 11 per cent per annum, while non-home loan customers will have access to rates between 10.15 per cent and 12 per cent per annum.