Credit Fair, a consumer lending fintech startup, has announced collaboration with clean energy solutions provider Amplus Solar 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 towards 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 company said in a statement.
The maximum loan an individual and MSME can avail of is up to Rs 200 lakh and Credit Fair will also provide easy EMI options for up to 7 years, with the option that the customer can pre-close the loan any time without any extra charges. Loan application, submission and disbursement will be entirely digital, it said.
Vikas Agarwal, Co-Founder & CBO, 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.”
Gaurav Keswani, VP, 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 is planning to boost the share of green financing in its loan book to 40 per cent. 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.
Founded by Aditya Damani in 2018, Credit Fair 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. The ticket size ranges from Rs 10,000 to Rs 200 lakh, and the tenure is from three months to five years. 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.