Credit Fair & UTL Solar Unite to Offer Solar Rooftop Installation Financing Solutions

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Credit Fair, a consumer lending fintech startup, has joined forces with solar inverter firm 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. The firm says that 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.

Easy Financing

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 INR 50 lakh and INR 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.”

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 firm aims to grow its total assets under management (AUM) to INR 1000 crore by FY25 and scale up the share of the green financing loan portfolio to Rs.400 crore.

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.

Earlier, Credit Fair partnered with Tata Power Solar Systems Limited 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.