Tata Power Solar, India’s largest integrated solar player, has partnered with Bajaj Finance Ltd, one of the largest non-banks in India, to provide interest-free EMI options to consumers looking to buy solar products. This national financing tie-up will help make solar much more attractive and an affordable alternative to conventional power sources.
The interest-free EMI option will be applicable to all Tata Power Solar products across various categories including solar lighting products (Tata Solar Venus series having LED/ CFL lights), solar water heaters (Tata Solar Duro Zing & Ultima series) and power packs systems (Tata Dynamo). This option will provide instant credit processing for items below INR 2.5 lakhs, and will be initiated in the top twenty cities, across 10 states, in the first phase with a country-wide roll out over the next few months.
“Solar products are the need of the hour, given the increasing power shortage India is facing. We are happy to launch our first consumer financing option with Bajaj Finance, the market leader in this space. We have ensured that the offer is simple and without any hidden cost. There are a number of people who are hesitant to invest in solar due to the initial upfront cost. We are sure that this offer, with its strong financial incentive, will help people find our products very affordable”, said Gagan Pal, Vice President – Products, Tata Power Solar.
While solar is extremely economical in the long-run, the entire investment is upfront. Compared to this, only a fraction of the total investment is upfront in other forms of non-renewable energy sources like diesel. This financing option aims to solve this issue and make solar products a viable alternative. The interest-free EMI finance has no hidden charges and has a nominal processing fee. The customer pays a nominal initial down payment and the rest can be paid through easy EMIs, ranging from 7 to 10 months.
Speaking on the tie-up, Mr. Devang Mody, President – Consumer Finance, Bajaj Finance Ltd said, “We are extremely happy to tie-up with Tata Power Solar. Together we aim to empower consumers by giving them different financial choices for products which can impact their lives. We have developed credit policies and created partnerships to ensure the customer goes through a simple, hassle-free and quick process. For the customer, this life-event should be about buying his desired device without having to worry about the money he may need”.
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