Mumbai, 13 September, 2023: Credit Fair, a consumer lending fintech startup, has joined forces with UTL Solar, to offer collateral-free affordable financing solutions to enable individuals, MSMEs, housing societies and trust associations in setting up solar rooftop solutions.
The collaboration is a part of Credit Fair’s mission to facilitate solar energy adoption across the country without financial constraints. By making solar energy adoption affordable and accessible, Credit Fair is working towards helping people save on electricity bills and entrepreneurs save on monthly variable overheads in their business enterprises.
As a part of the collaboration, Credit Fair will offer faster, customer-friendly and fully digital lending solutions to UTL Solar customers. The customer onboarding to disbursement journey is completely digital. The loan processing requires minimal documentation. Credit Fair offers easy EMI options up to seven years with a provision to pre-close the loan without any terms and conditions or any extra charges.
Retail customers and business establishments can avail loan up to Rs.50 lakh and Rs.2 crore, respectively. Credit Fair will target individuals and organisations across India including tier 3 and tier 4 towns. The company will also provide channel financing to the UTL Solar dealers.
Commenting on the association, Vikas Agarwal, Co-Founder & CBO, Credit Fair said, “Awareness about Solar financing is still at a nascent stage in India. By collaborating with UTL Solar, we aim to bridge that gap and broaden the scope of solar energy transition. The association will create more opportunities for both the companies to work together and decrease the carbon footprint in the country. India is expected to surpass 100 GW of solar installed capacity by the early 2024. Driven by government initiatives and policy support as well as growing awareness, the solar energy market in India will witness robust growth in the coming five years. With Aspirations of facilitating Har Ghar Solar, we are committed to contribute to the country’s renewable energy mission.
Mr. Yogesh Dua (MD), UTL Solar said, “We are delighted to collaborate with Credit Fair to offer affordable financing solutions to our customers. Being India’s most preferred solar inverter brand, we are committed to play our role in facilitating solar energy transition. By joining forces with Credit Fair, we are paving the way for broad-based green energy adoption.”
Credit Fair plans to boost the share of green financing in its loan book to 40 percent. The company aims to grow its total assets under management (AUM) to Rs.1000 crore by FY25 and scale up the share of the green financing loan portfolio to Rs.400 crore.
Set up in 2018, Credit Fair, a B2B2C lending-focused fintech start-up, offers lending solutions and unsecured loan options at the point of sale to businesses and consumers at a lower cost or no cost. Founded by Aditya Damani, it aims to build a credit ladder for 550 million underserved Indians and reach 5,000 active merchant partners and grow disbursements to a $ 360 million annual run rate. Within a short span of time, Credit Fair has emerged as one of the most dependable financial partners for more than 1,000 merchants, including notable brands like upGrad, Livspace, Asian Paints, Scaler, Nova IVF and Solar Square, TATA Power to name a few.
To scale up credit penetration into the underserved segments, Credit Fair has raised $25 million in debt from SBI, Northern Arc, Avanse, Vivriti Capital, Caspian Impact, InCred Financial and equity from a marquee group of investors which includes LC Nueva Alternative Investment Fund, Capital A, among others.
UTL Solar, established in 1996, is India’s most preferred solar inverter brand. Leveraging innovations and state of the art technologies, the company offers an extensive range of products including Online UPS, Offline UPS, Inverters, Battery Chargers, SMU (Solar Management Unit), Solar Charge Controllers, Batteries, etc. UTL Solar has five manufacturing units, a nationwide distribution network of over 1000 dealers and more than 75 lakh strong customer-base. The company has a robust global presence with operations in a number of Asian and African countries. UTL Solar exports to over 25 countries.
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