Credit Fair, India based consumer lending fintech firm has partnered with Tata Power Solar Systems Limited (TPSSL) to provide cheap financing alternatives for solar rooftop installations. Credit Fair will provide collateral-free financing solutions with adjustable tenures of up to 60 months as part of the cooperation. The solutions would be accessible for all sorts of solar rooftop installations, including residential, housing societies, trusts, and MSMEs, with initial loans of up to Rs 5 million available for solar power system installations of up to 100 kW.
Credit Fair aspires to expand the proportion of green financing in its loan book to 40 per cent by 2025, and to boost its total assets under management to Rs 10 billion. The financing solutions will be available across India, including tier 2 and 3 cities and rural areas, with company’s digital customer onboarding platform facilitating faster application procedures.
In November 2022, TPSSL partnered with Union Bank of India (UBI) to assist the Micro, Small and Medium Enterprises (MSME) sector for undergoing the transition to solar solutions.The association will be implemented through UBI’s solar scheme named ‘Union Solar’ that will be launched across the entire country to relieve the stress of higher power costs and grid constraints on MSMEs.