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TPREL has teamed up with Canara Bank to provide rooftop solar solutions.

Banking & Finance | Dated: 29 Dec 2024

In December 2024, Tata Power Renewable Energy Limited (TPREL), based in Mumbai, Maharashtra, partnered with Canara Bank Limited, a public sector bank (PSB) headquartered in Bengaluru, Karnataka, to promote rooftop solar systems under the Pradhan Mantri (PM) - Surya Ghar Muft Bijli Yojana.

🎯 Key Highlights:

  • - This partnership aims to make solar energy more accessible and affordable for households by offering special loan options with attractive terms and benefits.

💡 Other Important Facts:

  • (i) For a solar power system up to 3 kW capacity, loans of up to Rs 2,00,000 will be available, with a 10% margin, 7% annual interest, no collateral, and a 10-year repayment period.
  • (ii) For a solar power system between 3 kW and 10 kW, loans of up to Rs 6,00,000 will be available, with a 20% margin, 10% annual interest, no collateral, and a 10-year repayment period.

📚 Test Your Knowledge:

Which bank has recently partnered with Tata Power Renewable Energy Limited (TPREL) to offer rooftop solar solutions?

Correct Answer: Canara Bank

🚀 Quick Recap:

About Canara Bank

  • CEO: K. Satyanarayana Raju
  • Headquarters: Bengaluru