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Luminous Partners with SBI to Expand Solar Financing Across India

Luminous Power Technologies has signed a Memorandum of Understanding (MoU) with the State Bank of India (SBI) to enhance access to solar financing across India. This long-term partnership, spanning over the next two decades, aims to make solar energy more accessible and affordable for individuals and businesses. SBI, India’s largest lender with over 22,000 branches, will onboard Luminous as a recommended partner on its dedicated solar loan portal.

The collaboration covers various financing subcategories, including solar solution finance and supply chain finance, ensuring tailored financial solutions for diverse segments such as MSMEs, corporates, institutions, commercial enterprises, and industries. The initiative is designed to eliminate financial barriers to solar adoption by offering loans of up to Rs10 crore to eligible customers across all sectors. Additionally, borrowers will benefit from reduced loan processing fees and competitive interest rates, making solar financing more attractive.

The loan tenure will extend up to 10 years, with interest rates determined based on the customer’s credit profile. This flexible financing model will support businesses and individuals in making a smooth transition to solar energy.

Preeti Bajaj, CEO & MD of Luminous Power Technologies, emphasized that this partnership directly addresses a key gap identified in their nationwide survey, the Solar Spectrum of India. She highlighted that integrating financing with the solar adoption journey will empower consumers to transition to sustainable energy solutions with confidence. By streamlining the financing and installation process, Luminous and SBI are making solar energy adoption easier and more affordable for businesses and individuals alike.