SBI & WAAREE Collaborate on Finance Projects for Consumers & Channel Partners: The largest solar panel producer in India, WAAREE, and SBI have agreed to work together to provide operating capital for channel partners and consumers under EDFS (Electronic dealer finance scheme) and unsecured financing for solar projects through the Surya Shakti Solar Finance Scheme. WAAREE plans to use a credit line of more than 500 crores through the Surya Shakti Solar Finance Scheme, and offer a digital platform for untroubled loan applications for solar project financing.
SBI & WAAREE Collaborate On Finance Projects For Consumer Channel Partners
SBI and WAAREE collaborate to finance customers and channel partners. Through the network of Channel partners, which serves a large customer base in the most distant areas of the country, WAAREE has the largest presence throughout all of India. Commercial institutions, industries, resorts, hotels, manufacturing units, and warehouses must make extensive use of the unsecured financing facility in order to switch to solar energy. Consequently, increasing solar adoption will help India’s energy security and hasten the decarbonization of power. The complete ecosystem has been built up to guarantee that consumers receive all the assistance and advice required to select the appropriate equipment, address technical issues at their doorsteps, and quicken loan approvals.
- WAAREE Energies Ltd is the largest manufacturer of solar PV panels in India.
- It also functions as an Independent Power Producer and offers EPC services, project development, rooftop solutions, and solar water pumps. Over 388+ places across the nation and 19 countries are served by WAAREE.
- With a plethora of Innovative products and the high-wattage Solar panels that are required today, WAAREE has always been at the forefront of industry advancement.
- The 650Wp Solar panel manufactured by WAAREE is the only one in India to be listed in ALMM, making it unique.
- In order to meet the demand for high-quality, high-efficiency solar panels, WAAREE has state-of-the-art panel manufacturing facilities that can produce panels that are above 540 Wp.
- In the renewable energy sector, The Economic Times also named WAAREE as “India’s Best Brand.”
- In the 2022 Scorecard, which is released to showcase the performance of international manufacturers, PVEL, a lab with a worldwide reputation for photovoltaic testing, has selected WAAREE among the Top Performers.
State Bank of India (SBI)
- As per the State Bank of India Act 1955, SBI was constituted in 1955 and took over the Imperial bank’s business.
- Headquartered in Mumbai.
- It is the largest commercial bank in terms of assets, deposits, branches, clients, and personnel
- It is also the biggest mortgage lender in the nation and has so far helped 30 lakh Indian families realize their dream of owning a home.
Surya Shakti Solar Finance Scheme
- Surya Shakti Solar Finance Scheme by SBI aims to provide SME and business enterprises with financing for the installation of solar rooftop or ground-mounted grid-connected systems up to 1 MW in capacity for captive usage.
- The maximum loan amount available under this program is Rs 4 crore with a 20% margin, and the payback duration is 10 years with a 6-month moratorium.
Electronic Dealer Finance System
The Electronic Dealer Finance System aims to automate the loan disbursal and interest collection procedure and offers a repayment plan via Internet banking and other channels.