Luminous partners with SBI to expand solar financing in India
In an important step towards accelerating solar adoption in the country, Luminous Power Technologies, India's leading solar energy solutions company, has signed a memorandum of understanding (MoU) with India’s largest national bank, the State Bank of India (SBI) to expand its access to solar financing for citizens all over India.
By partnering with SBI, India’s largest lender with an extensive distribution network of over 22000 branches, Luminous aims to streamline the consumer journey from financing to installation, ensuring a hassle-free transition to solar energy.
Luminous alliance with SBI will be a long-standing partnership spanning over next two decades. As part of the partnership, Luminous has been on-boarded by SBI as its recommended partner in its dedicated portal for solar loans.
Furthermore, the partnership extends across various financing subcategories, including solar solution finance and supply chain finance, ensuring accessible and tailored financial solutions for diverse energy needs. Covering all segments MSME, corporate, institutional, commercial and industrial, the collaboration strengthens financial support for sustainable energy adoption.
Under the agreement, loans of up to ₹10 crore will be made available to eligible Customers across all sectors, eliminating financial barriers to solar adoption.
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 being ₹10Cr.
Speaking about the partnership, Preeti Bajaj, CEO & MD, Luminous Power Technologies, said, "We are excited to partner 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. Last year, we had identified solar financing as a key gap area in our nationwide survey, the Solar Spectrum of India. Acting on the insight, this collaboration will empower people to transition to sustainable solar energy solutions, marking a crucial step in bridging the gap between solar aspirations and affordability. By integrating financing seamlessly into the solar journey, we are enabling more individuals and businesses to adopt clean energy with ease and confidence."
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