Luminous Power Technologies, an India solar solutions leader, has partnered with the State Bank of India (SBI) in a strategic alliance to make capital available on a larger scale for solar power across India. The alliance will support solar energy development with easier, more convenient credit to businesses and consumers.
Scaling up Solar Financing to Build a Green Future
In partnership with SBI, Luminous has also been onboarded as a promoted partner on the dedicated solar loan portal of SBI. This makes it easier for customers to obtain funding for solar installations to remove financial limitations that usually suppress solar adoption. The program offers different financing possibilities, such as solar solution finance and supply chain finance, catering to different needs for energy.
A long-term partnership, based on the premise of the coming two decades, aims at sectors like MSMEs, corporate houses, institutions, and commercial and industrial businesses. According to this deal, customers are entitled to loans up to ₹10 crore with low interest rates and minimal processing charges. The tenure for repayment can go up to 10 years, with interest rates customized as per the borrower’s credit score.
Seamless Consumer Experience with SBI’s Nationwide Network
Capitalizing on SBI’s extensive network of more than 22,000 branches, the tie-up offers convenience through physical and electronic means. Consumers can opt to avail themselves of Luminous’ solar products either at SBI bank branches or its website, thus making the overall consumer experience from financing approval to installation convenient.
Luminous provides complete solar system solutions such as distribution of the product, installation services, AMC agreements, finance arrangements, and insurance policies. End-to-end project management is available on the company website where customers are able to select location, check financing, and schedule maintenance appointments with just a click.
Talking about the partnership, Preeti Bajaj, CEO & MD, Luminous Power Technologies, said, “We are excited to partner with the State Bank of India in solar financing and turnkey solar installation solutions. This partnership will enable consumers and businesses to make a hassle-free shift towards clean energy solutions. Our Solar Spectrum of India, a national survey, had also questioned the absence of finance, and this partnership bridges the gap by enhancing the reach and affordability of solar.”
Amit Shukla, Head, Energy Solutions Business, Luminous, also said, “SBI’s extensive reach and strong banking solutions coupled with our integrated solar solutions will play a significant role in driving India’s renewable energy market. The strategic alliance reflects our focus towards green energy solutions.”
Enhancing Financial Inclusion Beyond SBI
Apart from being associated with SBI, Luminous has also collaborated with 15 other financial institutions, i.e., SIDBI, ICICI, HDFC, IDFC, YES BANK, CREDITFAIR, ECOFY, EFL, ANNAPURNA, UGRO CAPITAL, BAJAJ FINSERV, SIEMENS FINANCIAL SERVICES, AEREM, and FUSION MICROFINANCE. Through such collaborations, Luminous has a global presence in industries, geographies, and customer base.
At the forefront of India’s Clean Energy Revolution
This project is part of a chain of Luminous’ projects to make solar power simple, affordable and accessible to Indian consumers. By integrating financial solutions into end-to-end solar solutions, Luminous is making solar adoption mainstream. With its massive network of financial partners and robust services ecosystem, the company is driving India’s journey towards clean and green energy.
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