Tata Power Renewable Energy Ltd. (TPREL) has partnered with IndusInd Bank to support Micro and Small Enterprises (MSEs) in financing solar energy installations, with the goal of making solar adoption easier and more accessible for small businesses.
Through this collaboration, Tata Power Renewable and IndusInd Bank are offering collateral-free loans specifically designed to aid MSEs in transitioning to solar power. These loans range from Rs 10 lakh to Rs 2 crore, providing flexible repayment terms and competitive interest rates. The loan requires a 20% margin and allows repayment over a period of up to seven years, subject to IndusInd Bank’s credit approval. According to Deepesh Nanda, CEO & MD of Tata Power Renewable Energy, this initiative is set to not only reduce operating costs for MSEs but also contribute to India’s transition to green energy.
This partnership is part of a broader trend where financial institutions and renewable energy companies collaborate to facilitate the adoption of sustainable energy solutions. For example, the State Bank of India recently partnered with Solex Energy to offer loans of up to Rs 10 crore for solar projects in commercial, industrial, and institutional sectors.
About Tata Power Renewable Energy Ltd. (TPREL)
As a subsidiary of Tata Power, TPREL focuses on renewable energy projects across solar, wind, hybrid, and storage solutions. The partnership with IndusInd Bank aligns with TPREL’s goal to drive sustainable energy adoption among MSEs, encouraging a shift to a low-carbon future for small businesses in India.
How to Apply for Solar Financing through TPREL and IndusInd Bank:
- Contact TPREL or IndusInd Bank:
Interested MSEs should reach out to Tata Power Renewable Energy Ltd. or IndusInd Bank to learn more about the loan options and to initiate the application process. - Submit Required Documentation:
Businesses will need to provide relevant documentation for credit evaluation by IndusInd Bank. This typically includes proof of business registration, financial statements, identification, and other documents necessary for loan approval. - Credit Approval Process:
IndusInd Bank will review the application and perform a credit assessment. Upon approval, the loan terms, interest rate, and repayment schedule will be outlined for the applicant. - Loan Disbursement and Installation:
Once approved, funds will be disbursed, allowing MSEs to proceed with solar installation, supported by Tata Power Renewable Energy’s team.
For more details on eligibility, interest rates, or application guidance, MSEs are encouraged to visit the official websites of Tata Power Renewable Energy Ltd. and IndusInd Bank or contact their local IndusInd Bank branch.