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Tata Power Solar Teams Up with Bajaj Finance to Make Solar more Affordable

By CR Team   |   Thursday, August 28, 2014
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Bangalore: India’s largest integrated solar company, Tata Power Solar, recently collaborated with Bajaj Finance, India’s leading non-bank, to make solar as an accessible alternative to conventional power sources. The partnership is made to provide interest-free EMI options to consumers of the solar products.

Set-up on the vision of harnessing the power of sun to enable solar everywhere, the Bangalore based Tata Power Solar is known for cutting-edge manufacturing, large-scale projects and creating innovative solar products. With 25 years of experience, this wholly owned subsidiary of the Tata Group has lighted up over 8000 remote and off-grid home with more than 1000 installations. With the new advancement, the company is aimed to leverage more efficient and more cost-effective services.

With a nominal fee, the interest-free EMI option offers instant credit processing for items below Rs.2.5 lakhs. It also hands out a choice to customers where he can pay a nominal initial down payment and he can pay the rest through easy EMIs, ranging from 7 to 10 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,” says Gagan Pal, Vice President-Products, Tata Power Solar.

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. First round will be carried out over the next few months encompassing top twenty cities, across 10 states.

Speaking on the tie-up, Devang Mody, President - Consumer Finance, Bajaj Finance Ltd. says, “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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