Credit Fair, a prominent player in the fintech lending sector, has proudly unveiled its collaboration with Luminous Power Technologies, a renowned provider of energy solutions. This partnership aims to introduce affordable solar financing options for individuals, trust-run institutions, housing societies, and small to medium industries seeking to install clean energy systems. The alliance is a strategic move by Credit Fair to establish a strong presence in the country’s solar energy market.
Under this collaboration, Credit Fair will offer comprehensive solar solutions to the burgeoning middle-class demographic, combining technological advancements with financial support. The financing options will be available at competitive interest rates ranging from 9% to 9.75% per annum. Additionally, Credit Fair will provide expedited, user-friendly, and entirely digital financing solutions, offering an easy EMI option for up to seven years. Borrowers will also have the flexibility to pre-close their loans without incurring any additional charges.
Retailers and commercial entities can avail themselves of loans up to Rs 50 lakh and Rs 2 crore, respectively, for rooftop solar installations. By making solar solutions more accessible and affordable, Credit Fair aims to play a significant role in India’s transition to clean energy. This initiative not only helps individuals and businesses save on electricity costs but also enables them to generate additional revenue by supplying surplus green power to distribution companies.
Aditya Damani, CEO of Credit Fair, expressed his enthusiasm about the partnership, stating, “We are thrilled to collaborate with Luminous as our technology partner to accelerate the adoption of solar energy in the country. With Luminous’s three decades of expertise in energy and solar solutions, we are confident that they will greatly enhance our rooftop solar drive by providing comprehensive technological solutions and support. The government’s new initiative, ‘PM Surya Ghar Muft Bijlee Yojana,’ underscores the immense potential of this segment, which is crucial for achieving the country’s energy security, economic growth, and renewable energy targets.”
Amit Shukla, the Senior Vice President & Business Head of Energy Solutions at Luminous Power Technologies, has stated that Luminous has solidified its position as a leading energy solutions company over the last three decades. The company offers a wide array of unique and innovative solar solutions. Shukla expressed excitement about their collaboration with Credit Fair, a fintech company that is increasingly present in the emerging rooftop solar market.
He emphasized their commitment to innovation and smart energy solutions, aiming to enhance customers’ lives by making them more comfortable and efficient while helping them elevate their living standards and save on combined household income. This collaboration signifies their dedication to providing cutting-edge solutions for powering homes and businesses.
Credit Fair, a fintech startup focusing on B2B2C lending, provides loan solutions at the point of sale to businesses and consumers without any cost or with easy EMIs. Established with the goal of creating a credit ladder for 550 million underserved Indians, Credit Fair is making strides by leading in rooftop solar financing, leading to crores in savings on electricity bills. This year, the company aims to solarize a home every hour, with plans to increase this rate to a home every minute within 3 to 5 years.
Additionally, the company aims to meet the financial goals of a retail investor every hour with the launch of its P2P platform. Credit Fair has quickly become a trusted financial partner for over 1,000 merchants, including well-known brands like Tata Power Solar, Solar Square, Jakson Solar, upGrad, Livspace, Asian Paints, Scaler, and Nova IVF. To expand credit access to underserved segments, Credit Fair has secured $25 million in debt from SBI, Northern Arc, Avanse, Vivriti Capital, Caspian Impact, InCred Financial, and equity from investors such as LC Nueva AIF and Capital A.
Luminous Power Technologies stands out as a formidable and reliable brand, offering a diverse array of cutting-edge products in the power backup and residential solar sectors, including inverters, batteries, and solar solutions. With a robust history spanning 35 years, Luminous recently received a credit rating upgrade to AAA+ from CRISIL. The company operates 6 manufacturing facilities, maintains over 28 sales offices across India, and boasts a global presence in more than 40 countries. Its team of 6000 dedicated employees caters to a vast network of over 100,000 channel partners and millions of customers.
