Credit Fair, a leading fintech lender, is proud to announce its partnership with Luminous Power Technologies, a leading energy solutions provider, to offer affordable solar financing options to individuals, trust-run institutions, housing societies, and small and medium industries for installing clean energy systems.
The collaboration is part of Credit Fair’s strategy to be an active player in the solar energy market in the country. The tie-up will provide complete solar solutions to the growing middle-class consumers by offering technological solutions as well as financial assistance at an attractive rate of 9% to 9.75% per annum. Credit Fair will offer faster, simpler and fully digital financing solutions with an easy EMI option of up to seven years and a provision to pre-close loans without any extra charges. Retailers and commercial players can avail loans up to Rs 50 lakh and Rs 2 crore, respectively, for rooftop solar installation.
By making solar solutions affordable and accessible to a vast segment of the population, Credit Fair is significantly contributing to India’s clean energy transition. Also, it helps individuals and businesses save on electricity charges and earn additional revenue by supplying excess green power to the distribution companies.Commenting on the development, Credit Fair CEO Aditya Damani said: “We are delighted to join hands with Luminous, as a technology partner, in our journey to boost solar energy adoption in the country. Luminous, having 3 decades of expertise in the energy and solar solutions, can significantly contribute to our rooftop solar drive by providing complete technological solutions and support. The Centre’s new initiative ‘PM Surya Ghar Muft Bijlee Yojana’ underscores the immense potential of the segment, which is vital in achieving the country’s energy security, economic growth and renewable energy targets.”Amit Shukla, Senior VP & Business Head, Energy Solutions, Luminous Power Technologies said: “Luminous has established itself as a leading energy solution company in the past three decades, offering the widest range of unique and innovative solar solutions. Our collaboration with Credit Fair is very promising and complementary as the fintech company has a growing presence in the emerging rooftop solar market. We passionately innovate to make our customers’ life comfortable and efficient, help them improve their living standards and save on the combined household income. The collaboration is a step towards showcasing our brands’ commitment to innovation and smart energy solutions for powering homes and businesses.”About Credit Fair
Credit Fair, a B2B2C lending focused fintech start-up, offers loan solutions at the point-of-sale to businesses and consumers at No cost or Easy EMIs. Founded with a vision to build a credit ladder for 550 million underserved Indians, Credit Fair is marching ahead by becoming a leader in rooftop solar financing and helping generate crores in electricity bill savings. This year, the company is on track to solarise a home every hour and expects this run rate to become solarising a home every minute in 3 to 5 years. In parallel, financial goals of a retail investor will be met every hour with the launch of our P2P platform.Within a short span of time, Credit Fair has emerged as one of the most dependable financial partners for more than 1,000 merchants, including notable brands like Tata Power Solar, Solar Square, Jakson Solar, upGrad, Livspace, Asian Paints, Scaler and Nova IVF, to name a few.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 AIF and Capital A. About Luminous Power Technologies:Luminous Power Technologies is a powerful and trustworthy brand with a wide range of innovative products in the power backup and residential solar space, covering inverters, batteries, and solar solutions. Luminous has been in business for 35 years now. Recently, CRISIL upgraded its credit rating to AAA+. With 6 manufacturing units, more than 28 sales offices in India, and a presence in over 40 countries, our 6000 employees serve more than 100,000 channel partners and millions of customers. Our motto has always been Customer Delight through Innovation & Passion, focusing on Execution & Teamwork.
