Tata Power Solar has partnered with Bajaj Finance to provide interest-free loan options for solar products of about Rs 2.5 lakh to consumers.
"This national financing tie-up will help make solar much more attractive and an affordable alternative to conventional power sources," Tata Power Solar said in a statement.
The interest-free EMI option will be applicable to all Tata Power Solar products across various categories, including solar lighting products, solar water heaters and power packs systems.
This option will provide instant credit processing for items below Rs 2.5 lakh, and will be initiated in the top 20 cities, across 10 states, in the first phase with a country- wide roll out over the next few months, the statement said.
"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.
"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," Devang Mody, President - Consumer Finance, Bajaj Finance Ltd said.