Mumbai, 14th February 2024: Credit Fair, a consumer lending fintech startup, has established a partnership with Jakson Solar, a part of the Jakson Group, a leading energy and infrastructure solutions company headquartered in Noida, India to offer affordable solar equipment financing options to individuals, MSMEs, trust institutions and housing societies to install clean energy systems.

The collaboration is part of Credit Fair’s mission to promote faster adoption of solar energy systems in the country. By making solar solutions affordable and accessible, Credit Fair is aiming to help individuals and entrepreneurs save on energy bills and reduce monthly variable costs. Credit Fair will offer faster, simpler and fully digital lending solutions to customers who choose Jakson Solar energy equipment and technology. Credit Fair also provides easy EMI options up to seven years with a provision to pre-close loans without any additional charges.

Credit Fair has set an ambitious target of scaling up its green financing loan portfolio to Rs 400 crore and growing its total assets under management (AUM) to Rs 1,000 crore by FY25. Retail customers and commercial ventures can avail loans up to Rs 50 lakh and Rs 2 crore, respectively. Credit Fair will target individuals and enterprises across India, including tier-3 and tier-4 cities, apart from providing channel financing to the Jakson Solar dealers and business partners.

Commenting on the development, Vikas Agarwal, Co-founder and CBO, Credit Fair, said: “We are very glad to announce this collaboration with Jakson Solar, which is aimed at hastening the adoption of clean energy solutions in the country. It will ensure availability of world-class equipment and innovative technologies in the domestic market. In the renewable energy segment, technology is fast changing, and we have to cope with this revolution. Jakson Solar’s multifaceted contributions significantly shape India’s energy landscape, echoing the vision for a sustainable and energy-efficient future.

Mr. Anurag Garg, CEO, Jakson Solar, said: “Aligned with our mission to spearhead the nation’s transition to clean energy we help our customers reduce their carbon emissions and save money. Improving air quality is a major concern in India. Producing your own solar energy, offsets carbon dioxide emissions from the fossil fuel-based automotive and power plants, thus, improving air quality for everyone. Our goal is to provide a solar power system with a quicker payoff time, and ensure our customers get the highest quality solar system with the best return on their investment.”

Credit Fair plans to boost the share of green financing in its loan book to 40 percent. The company aims to grow its 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.