Credit Fair Partners Tata Power Solar for Solar Rooftop Installation Financing Solutions

27th April 2023: Credit Fair, a consumer lending fintech startup, has partnered with Tata Power Solar Systems Limited (TPSSL), a 100 per cent 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.

Financing 100 kW Solar Power Systems

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 of up to 60 months. In the initial phase, Credit Fair will finance loans with a ticket size of up to Rs. 50 lakh which helps customers install up to 100 kW of solar power systems. The finance will be applicable for all types of solar rooftop installations – residential, housing societies, trusts and MSMEs.

Leveraging its simplified digital customer onboarding backbone, Credit Fair says that it will offer a quicker application process on its merchant portal to its customers. The firm intends to roll out financing solutions 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 the government’s efforts to incentivise the rooftop solar solutions adoption through subsidies. We have plans to further increase the 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 solar power generation and initiate green energy 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 per cent resulting in the reduction of carbon emissions. We are aiming to grow our 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.”

Credit Fair is a fintech start-up, which offers lending solutions and unsecured loan options at the point of sale to businesses and consumers at a lower cost or no cost.