Credit Fair partners with Tata Power Solar to offer collateral-free affordable solar rooftop installation financing solutions
Enabling Solar transformation through instant financing solutions. With EMIs not more than the savings from Solar, there is no extra burden on customers to install Solar.
Aims to grow total AUM to Rs.1000 crore by FY25 and scale up the share of green financing loan portfolio to Rs.400 crores.
With faster digital on-boarding facility, the financing solutions for roof-top solar will be rolled out across the country including tier 2 and 3 cities and rural areas.
Credit Fair, a consumer lending fintech startup, has partnered with Tata Power Solar Systems Limited (TPSSL), a 100% subsidiary of Tata Power Renewable Energy Limited (TPREL) to offer collateral-free affordable financing solutions with low cost for both individuals as well as MSMEs planning to reduce their carbon footprint and electricity bills. The association is in line with the mission of Credit Fair to play an enabling role in the green energy transformation by offering easy financing options to households and enterprises gearing up to switch to renewable or alternative energy.
Under the arrangement, Credit Fair will offer its financing solutions to customers through the channel partners of TPSSL. The financing solutions come with flexible tenures up to 60 months. In the initial phase, Credit Fair will finance loans with the ticket size of up to Rs. 50 lakh which helps customers install up to 100 kW of solar power systems. Credit Fair will offer financing to all types of solar rooftop installations - residential, housing societies, trusts and MSMEs.
Leveraging its simplified digital customer on-boarding backbone, Credit Fair will offer quicker application process on its merchant portal to its customers. The financing solutions will be rolled out across the country including tier 2 and 3 cities and rural areas.
Commenting on the association, Vikas Agarwal, Co-Founder & CBO, Credit Fair said, “We are pleased to partner with Tata Power Solar Systems Limited as it gives us an opportunity to us also contribute to strengthen solar power adoption in India with easy financing options. With TPSSL’s extensive reach including the remote areas of the country, we aim to broad-base solar power adoption on the back of growing awareness and government’s efforts to incentivise the rooftop solar solutions adoption through subsidies. We have plans to further increase credit limit from Rs.50 lakh to Rs. 200 Lakhs, based on the demand. India, being a tropical country, receives 3,000 hours of sunshine a year and that presents a great opportunity to boost the solar power generation and initiate green energy y transformation. We are focusing on financing solar power needs aggressively as there is a growing appetite for solar energy adoption and consummation in the market. Our goal is to increase the share of green financing in the loan book to 40 percent resulting in reduction of carbon emission. We are aiming to grow our total assets under management (AUM) to Rs.1000 crore by FY25 and scale up the share of green financing loan portfolio to Rs.400 crore.