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BajaJ Finance to provide EMI option for solar equipment

Tata Power Solar, India’s largest integrated solar player, and Bajaj Finance Ltd, which is famous for providing loans for high-end TVs and mobile phones, have teamed up to provide loans to consumers buying solar products in India.

The loans will be interest-free and will be applicable to all Tata Power Solar products across various categories including solar lighting products, solar water heaters and power packs systems.

rooftop

“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”, the company said.

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.

Consumer purchase of solar systems, such as rooftop installations, are much more prevalent in foreign countries like Germany and USA, but less on India. The production rate of solar power in India is much higher than in Europe or the US, because India is located closer to the equator. Despite this, low power costs and low purchasing power have kept solar products out of most Indian homes. Solar power still costs about Rs 12 per unit, while most city dwellers pay only about 5 to 6 per unit of electricity.

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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