V-Guard signs MoU with ESAF Bank to finance Rooftop Solar Systems

Chennai, February 2023: V-Guard Industries Ltd, a leading electronics and electrical manufacturer, has signed a Memorandum of Understanding (MoU) with ESAF Small Finance Bank to provide financing options to customers looking to install V-Guard’s Solar Rooftop Power System. Under the agreement, ESAF Bank will provide various financing options, including loans and attractive installment payment plans. With the strategic alliance with ESAF Bank, consumers can opt to finance up to 80 per cent of the total cost of the rooftop solar power system, including the cost of installation for residential or commercial applications. This collaboration will not only reduce the burden on customers to make an upfront payment but also enable them to generate their own electricity, thereby reducing their dependence on the grid. This partnership will enable customers to switch to clean energy with ease and affordability.

Commenting on the partnership, Mr. Mithun Chittilappilly, Managing Director, V-Guard Industries Ltd., said, “We are excited to partner with ESAF Bank, which shares our vision of making clean energy accessible and affordable to all. With the increased focus on sustainability and the need for cost-effective solutions, Rooftop Solar Power Systems have become an attractive option for consumers. This collaboration will help us reach more customers, who can benefit from our high-quality solar products and ESAF Bank’s affordable financing options.”

Mr. Hari Velloor, Executive Vice President, Business, ESAF Small Finance Bank, said, “We are delighted to partner with V-Guard, a company that has been at the forefront of innovation and sustainability. This partnership will enable us to provide financing options to customers looking to switch to clean energy and contribute to a greener tomorrow. At ESAF Bank, we believe that sustainable development is key to building a better future, and this collaboration is a step towards achieving that goal.”

V-Guard’s Rooftop Solar Systems come with up to 40 percent subsidy from Ministry of New and Renewable Energy. The solar panels have 25-30 years of onsite warranty. Customers can choose from an extensive range of models from 3- 15 KW depending on their requirements. 1 KW plant can generate 4-5 units of electricity on a sunny day.

About ESAF Small Finance Bank

ESAF Small Finance Bank (ESAF SFB), the new age social bank continues to redefine the banking experience for all stakeholders. We primarily focus on expanding the banking horizon to new unbanked/underbanked areas, yet we stand as a bank for all with a presence in urban, semi-urban, and rural unbanked areas.ESAF started its journey as an NGO during the year 1992, with a larger vision of the sustainable and holistic transformation of the poor and the marginalized. The success of Grameen Bank in Bangladesh reinforced the vision of Shri. K. Paul Thomas, the Founder of ESAF. In 1995, he launched Micro Enterprises Development (MED) services and it resulted in the formation of ESAF Microfinance and Investments Pvt. Ltd., in 2008, giving importance to the financial component in the holistic economic development of the poor and marginalized. The Reserve Bank of India issued an in-principle license to ESAF Microfinance and Investments Pvt. Ltd. to set up a new Small Finance Bank during October 2015. After complying with the licensing conditions prescribed by the Reserve Bank of India and based on the RBI’s final license in November 2016, ESAF Small Finance Bank commenced business on 10th March 2017. ESAF Small Finance Bank has got Reserve Bank of India approval for the inclusion in the second schedule of the RBI Act 1934 within two years of its commencement of operations and hence the Bank became a Scheduled Bank with effect from 27th December 2018.

About V-Guard Industries Ltd.

V-Guard Industries Limited is India’s leading consumer electrical and electronics major based in Kochi. A publicly listed entity, the company recorded revenues of Rs 3,498 crs in FY 2022 and is present across the country with 32 branches and with over 50,000 channel partners. Founded in 1977 by Mr. Kochouseph Chittilapilly to manufacture and market Voltage stabilizers, it has now become a force to reckon with in the Indian electric and electronic goods panorama. The company, in the last 45 years, has established a strong brand name and aggressively diversified into a multi-product company with a portfolio including Voltage stabilizers, Inverter & Inverter Batteries, Electric Water Heaters, Solar Water Heaters, Pumps & Motors, Domestic Switchgears, Wires & Cables, Fans, Modular Switches, Air Coolers and Kitchen Appliances. V-Guard not only exhibits market leadership in India in several categories, but also product leadership through launching several ‘industry-first’ smart products as Intelligent & Smart Water Heaters, Smart Inverters, Smart fans with LED lights and several other innovative and aesthetically superior designs in various product categories.

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