TPREL and Bank of Baroda Sign MoU to Finance Rooftop Solar Projects Under PMSGMBY.

Banking & Finance

On February 6, 2025, Mumbai (Maharashtra)-based Tata Power Renewable Energy Limited (TPREL) signed a Memorandum of Understanding (MoU) with Vadodara (Gujarat)-based Bank of Baroda (BoB) to provide financial assistance for Residential Rooftop Solar Installations.


      - This partnership aims to support the Prime Minister - Surya Ghar Muft Bijli Yojana (PMSGMBY), a government initiative targeting the installation of rooftop solar panels in 1 crore households by March 2027.

      - Under the agreement, homeowners can avail loans of up to ₹6 lakh at interest rates starting from 7% per annum, with both fixed and floating rate options available.

     

Main Point :-   (i) For solar systems up to 3 kilowatt (kW), homeowners can access loans up to ₹2 lakh without requiring income documentation.

      (ii) The scheme mandates only a 10% margin contribution, with flexible repayment tenures of up to 10 years.

(iii) Installations between 3 kW and 10 kW qualify for loans up to ₹6 lakh, requiring a 20% margin contribution.

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