Luminous Power Technologies partners SBI to provide customers finance for solar installations

New Delhi, Mar 27 (PTI) Luminous Power Technologies on Thursday has partnered with public lender State Bank of India (SBI) to provide financing solutions for solar installations in the country.
     Under the agreement, loans of up to Rs 10 crore will be made available to eligible customers across all sectors, eliminating financial barriers to solar adoption, Luminous Power Technologies said in a statement.
     Luminous Power Technologies said it has signed a memorandum of understanding (MoU) with India's largest national bank, the SBI to expand its access to solar financing for citizens all over India.
     Customers will also benefit from reduction in loan processing fees and enjoy a special rate of interest on the loaned amount, making it the most competitive financing option in the market.
     The loans disbursed will be for a duration ranging up to 10 years, and interest rates will be charged based on the customer credit profile, with the maximum loan value that can be availed of being Rs 10 crore.
     Luminous Power Technologies CEO & MD Preeti Bajaj said, "We have partnered with the State Bank of India in facilitating solar financing and end-to-end solar installation and service support to consumers across commercial and industrial verticals."
     The company targets MSME, corporates, institutional, commercial, and industrial customers to aid them with financial support for sustainable energy adoption.

(This story has not been edited by THE WEEK and is auto-generated from PTI)