Tata Power Solar - Finance Scheme
We at PluginIndia.com did provide you tips on how to go bout installing a Solar Power System for your home.
Now we decide to check out few products from Tata Power Solar and their interest free EMI schemes
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.
Now we decide to check out few products from Tata Power Solar and their interest free EMI schemes
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.
Tata Power Solar + Bajaj Finance = Zero Interest Loan
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”.
Features & Benefits
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”.
Features & Benefits
- Hassle free & quick process
- Applicable on all Tata Power Solar products
- Loan upto Rs. 2.5 lacs
- Easy documentation
- Fast approval
- Low down payment
- No interest charges
- No security deposit or guarantor
Tata Power Solar is adamant that such solar installations can help soothe many Indians' exposure to the power outages that regularly hit the nation's largest cities, while also stripping away the large upfront costs that have deterred millions of residents from adopting solar PV as an energy solution.
Thus PlugInIndia advices all those Electric Car/Electric bike owners who are planning to install a solar power system to charge your vehicles to avail of this offer from Tata Power Solar and Bajaj Finance as this is interest-free. The customers will have to pay in monthly instalments which will come to around Rs 6499 per month for 3 yrs while for 5 yrs the monthly instalment should be around Rs 4,166 - for a solution costing as much as Rs 250,000. There are a variety of products and solutions which can be browsed online.
Thus PlugInIndia advices all those Electric Car/Electric bike owners who are planning to install a solar power system to charge your vehicles to avail of this offer from Tata Power Solar and Bajaj Finance as this is interest-free. The customers will have to pay in monthly instalments which will come to around Rs 6499 per month for 3 yrs while for 5 yrs the monthly instalment should be around Rs 4,166 - for a solution costing as much as Rs 250,000. There are a variety of products and solutions which can be browsed online.
On the other hand if you drive the Mahindra e2o and purchase the Sun2Car system from you will only be able to use it for charging your car. Remember you cannot power your house equipments from it. Other than that the number of panels in Sun2Car are lesser thus making the Sun2Car a limited use solar panel option. While the Tata Power System would be of real help for not only your car but also to power your house for 24hrs (without using AC). The bigger battery set of the Tata Power Solar can be used to run one or two air-conditioners for few limited hours either at day or night time during summers thereby cutting the power bill and giving great relief.
Some of the products of Tata Power Solar.
Conclusion:
The Tata solar products looks interesting and the monthly instalment looks expensive, but the total cost can be overcome within 3 to 5 yrs (which is quite small for a lifetime project) and from then onwards the energy generated is not only free but could also earn you an income.
This scheme is attractive for people who are paying above Rs 1,000 to the utility companies for electricity.
Tata Power Solar Website : http://www.tatapowersolar.com/Innovation-In-Products/power_packs
Find their Dealers : http://www.tatapowersolar.com/Find-Dealer
The Tata solar products looks interesting and the monthly instalment looks expensive, but the total cost can be overcome within 3 to 5 yrs (which is quite small for a lifetime project) and from then onwards the energy generated is not only free but could also earn you an income.
This scheme is attractive for people who are paying above Rs 1,000 to the utility companies for electricity.
Tata Power Solar Website : http://www.tatapowersolar.com/Innovation-In-Products/power_packs
Find their Dealers : http://www.tatapowersolar.com/Find-Dealer