Capri Global, Credit Fair Partner To Offer Solar Finance For MSMEs

Capri Global, Credit Fair Partner To Offer Solar Finance For MSMEs

Mumbai-based non-banking financial company (NBFC) Capri Global Capital Ltd (Capri Loans) launched its rooftop solar finance product under the Micro, Small and Medium Enterprises (MSME) Loans. The creditor will help individuals and businesses harness solar energy for self-use. 

Capri Solar Finance offers financing solution with no collateral, and minimal documentation, it said. The company claims that this fastens loan approval time to under five minutes and disbursals are completed in just 4-6 hours. Capri Global has partnered with Credit Fair, a renewable energy fintech, to onboard customers digitally to avail loans ranging from Rs. 50,000 to Rs. 25,00,000 at competitive interest rates, which covers the entire cost of solar modules, inverters, batteries, and installation, thus, making it a comprehensive option for self-use solar projects. Through this collaboration, Credit Fair aims to increase access to credit through its digital platform, to ensure a seamless experience.

Emphasizing the company’s support to the government’s National Solar Mission, aimed to increase residential rooftop solar capacity by 2027, Amar Rajpurohit, CBO (MSME Loans) of Capri Global Capital Ltd stated, “We are keen to be one of the early bird NBFCs in the space of rooftop solar finance. Given the India Rooftop Solar Market size in terms of installed base is expected to reach 34.99 gigawatt by 2029, we feel well positioned to ride the tailwinds of the sector. Capri Solar Finance aims to reach a loan book size of Rs.1000 crore in the coming years in this business. First phase of rollout will focus on Rajasthan, Madhya Pradesh, and Gujarat, with plans to expand to Delhi, Maharashtra, Uttar Pradesh and Uttarakhand by year-end.”

Explaining the advantage of partnering with Credit Fair, he added, “We are building an ecosystem with India’s major solar panel manufacturers and EPC installers to further accelerate our mission. Credit Fair’s digital platform would drive widespread adoption of solar energy and empower households and businesses in Tier 2, 3, and 4 cities to generate their own electricity, while contributing to India’s solar energy goals. Vendors listed with Credit Fair will be able to avail the benefits of Capri Solar Finance credit. We are making the transition to solar power simple, accessible, and hassle-free for our customers.”

Capri Solar Finance would allow flexible repayment options with a tenure of up to five years for new customers and six years for existing customers of Capri Loans. The loan is available for homeowners, commercial establishments, salaried individuals, MSMEs, and factories seeking to install solar solutions.