New Delhi: Now you can take loan ranging from Rs 10 lakh to Rs 2 crore without any guarantee for setting up a solar project. For this, Tata Power company Tata Power Renewable Energy Limited (TPREL) and IndusInd Bank have joined hands. However, these people will be available only to micro and small enterprises (SMEs). The objective of this agreement is to promote the use of solar energy among SMEs.
The company said that these loans are dependent on the loan approval of the bank. These require 20 percent margin. These come with competitive interest rates. This loan will be given for 7 years. Let us tell you that Tata Power Renewable Energy Limited is a subsidiary company of Tata Power. It is involved in the development of renewable energy projects like solar, wind, hybrid, floating solar and storage systems.
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Why will the loan be given?
Deepesh Nanda, CEO and MD, Tata Power Renewable Energy Limited, said that through their partnership with IndusInd Bank, they are providing funds to MSEs to adopt solar energy. He said that this will not only help in reducing their operating costs but will also help in moving towards green energy.
Sanjeev Anand, Head of Corporate, Commercial and Rural Banking at IndusInd Bank, said that the aim of offering loans ranging from Rs 10 lakh to Rs 2 crore to MSEs is to motivate them to adopt solar energy.
Rapid progress in solar energy
At present, solar energy is being expanded rapidly in the country. The government has come up with many types of projects so that solar energy can be used as much as possible. This also includes PM Surya Ghar Free Electricity Scheme. The government also provides many types of financial facilities for solar panels etc.
Recently Solex Energy has also partnered with State Bank of India. Solex Energy in collaboration with SBI will provide loans up to Rs 10 crore to commercial, industrial and institutional customers for solar projects.