Fullerton India becomes the first financial institution to offer loans for purchasing Solar TVs
The Company will launch this unique product offering across 10 rural branches in the state of Karnataka
5 Dariya News
Bengaluru 05-Oct-2018
Fullerton India Credit Company Limited (Fullerton India), a leading non-banking financial company with a strong pan-India presence, has partnered with d.light, a premier company providing solar-powered solutions, to offer first-of-its-kind loans to purchase solar-powered Televisions. This unique product is being offered under Fullerton India’s rural business arm “Gramshakti”, through its branches located at Tumkur, Kadur, Chamarajanagar, Sira, Channarayapattana, H D Kote, Gubbi, Krishnarajpete, Kollegal, and Mandya in Karnataka.Fullerton India already offers Merchandise Loans for the purchase of Solar Fans and will now extend the offering to include the purchase of Solar-powered TVs as well. The loan tenure can range between 6 to 24 months, depending on customer requirement and they can avail the benefits of easy EMI repayments.Commenting on the launch, Mr. Vishal Wadhwa, Head- Rural Business, Fullerton India, said, “At Fullerton India, it is our endeavor to deliver unique product offerings to address the growing needs of our customers. Today, the world is experiencing a shift to renewable sources of energy. Rural households can benefit vastly from the use of solar energy since it is reliable, as well as, affordable. Karnataka is the leading state for renewable energy installations, thus highlighting the demand for a source of organised credit to purchase solar powered durables.
Our Solar Fan Loan witnessed an overwhelming response with over 5,000 customers purchasing the product in a short span of 8 months since launch. Once again, we are proving to be the pioneer financial institution by launching the innovative Solar TV Loans. This is expected to encourage the use of renewable energy and offer support to people in the underserved communities of the country by providing them access to reliable electricity, given that these areas have a limited supply of electricity. We anticipate the demand for both the products to scale up and are looking to replicate this success in other markets in due course of time”. Over the last twelve months, Fullerton India – Gramshakti has entered new geographies, opening 60 branches across the country. These new branch locations have been identified basis the market potential and performance. Taking a step further on its digital journey, Fullerton India – Gramshakti has been onboarding its customers through user-friendly paperless interfaces – resulting in a superior customer experience. Today, Fullerton India – Gramshakti addresses the financial needs of the rural hinterlands with a workforce of over 8,000 professionals in the states of Andhra Pradesh, Chhattisgarh, Gujarat, Haryana, Karnataka, Madhya Pradesh, Maharashtra, Odisha, West Bengal, Rajasthan, Uttar Pradesh, Uttarakhand, and Bihar, and Tamil Nadu.
About Fullerton India Credit Company Limited:
Fullerton India Credit Company Limited (Fullerton India) is one of India’s leading Non-Banking Finance Companies (NBFC). The total standalone revenue of the Company for the fiscal year ending March 2018 stood at Rs. 2,749 crore. As on 30th June 2018, the standalone AUM of the Company stood at Rs. 17,217 crore, serving over 23.49 lakh customers through a widespread network of 571 branches spread across 22 states and 3 union territories, reaching out to 600 towns and over 58,000 villages in the country. Fullerton India offers several retail finance products for varying needs of customers ranging from rural households to SMEs, in the locations it serves. In December 2015, Fullerton India launched its housing finance Company – Grihashakti. The Company is headquartered in Mumbai and operates through 64 branches spread across 9 states – Gujarat, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan, Tamil Nadu, Andhra Pradesh, Telangana and West Bengal. Fullerton India is a wholly-owned subsidiary of Fullerton Financial Holdings, Singapore, which is again a subsidiary of Temasek Holdings, Singapore.