Tata Power Solar partners with Bajaj Finance to provide EMI options on purchase of solar power equipments

By Mithul
NEW DELHI: Consumers can now buy solar power equipment through equated monthly installments as they do other domestic gadgets, increasing their affordability.

Tata Power Solar has partnered with Bajaj Finance Ltd to provide interest-free monthly installment options, providing instant credit processing for items below Rs 2.5 lakh.

The plan will be initiated in 20 cities across 10 states in the first phase with a country-wide rollout in the next few months. The buyer makes a nominal initial down payment and the rest is broken up into EMIs ranging from seven to 10 months.

The tie-up will help make such products an affordable alternative to conventional power sources, Tata Power Solar said in a statement. The interest-free EMI option will be applicable to all its products including lighting, water heaters and power pack systems.

"We have ensured that the offer is simple and without any hidden cost," said Gagan Pal, vice president, products, Tata Power Solar. "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 operates three manufacturing units in Bangalore.

While solar power is economical in the long run, most of the investment needs to be made upfront. Compared with this, only a fraction of the total investment is upfront in other forms of non-renewable energy sources such as diesel.

"Together we aim to empower consumers by giving them different financial choices for products which can impact their lives," said Devang Mody, president, consumer finance, Bajaj Finance. "We have developed credit policies and created partnerships to ensure the customer goes through a simple, hassle-free and quick process."