Credit Fair, a consumer lending fintech startup, has joined forces with Amplus Solar, Asia’s leading clean energy solutions provider, to offer collateral-free affordable financing to individuals, housing societies, and trust associations looking to set up solar rooftops.
The collaboration is part of Credit Fair’s mission to facilitate faster solar energy adoption in India by providing affordable and easy-to-access financial solutions. This partnership solidifies both firms’ commitment to fostering solar rooftop adoption in the country. The beneficiaries of this offering will be able to save on their energy bills, enjoy reductions in the monthly variable electricity costs, and parallelly help decrease India’s Carbon footprint.
The maximum loan an individual and MSME can avail of is up to Rs 200 lakh. Credit Fair will also provide easy EMI options for up to 7 years, and the customer can pre-close the loan at any time without any extra charges. Loan application, submission, and disbursement will be entirely digital.
Commenting on the association, Vikas Agarwal, Co-Founder & CBO, of Credit Fair said, “The objective of this venture with Amplus Solar is to make solar energy solutions accessible and affordable to the maximum number of people in a quick, easy, and hassle-free way. Finance shouldn’t be a constraint for those wishing to switch to clean energy sources. Credit Fair wants to revolutionise the solar power sector by providing quick and digitised loans for small and medium customers. India has set an ambitious target of meeting half of its power requirements from renewable energy sources by 2030. Our strategies and initiatives are in line with this mission, contributing significantly to the fight against climate change.”
Gaurav Keswani, VP, of HomeScape by Amplus Solar said, “The residential rooftop sector is a vast trove of potential in India’s net zero ambitions. While there is no dearth of demand, economic viability for the customers, especially for premium products like what we offer at HomeScape by Amplus Solar becomes a challenge. We look forward to our association with Credit Fair, which addresses this concern and creates financial value for prospects who wish to transition to clean energy.”
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.