Strategizing a roadmap for sustainable growth through the promotion of clean and green mobility is the need of the hour. In February 2022, sale of the electric two-wheelers has surged to a staggering 32,449 units from just 6,083 units same time last year – around five times increase in a year.
The increasing focus on green and clean mobility have made the electric vehicle sector more attractive to financial institutions like banks and non-banking financing companies (NBFCs), who have been drafting several strategies for financing in the industry. The EV makers in India, including start-ups, have committed an investment of over Rs 9000 crore in the last one year. The electric vehicle market in India is projected to be around $206 billion by 2030, with a cumulative investment of $109 billion in vehicle production and charging infrastructure.
On account of World EV Day, Here are the 4 NBFCs that are helping to transform India’s EV financing landscape:-
Mufin Green Finance
India’s first listed NBFC 100% dedicated towards green financing, which started with E-rickshaws way back in 2016 and now diversified into financing entire electric vehicle Ecosystem. It is amongst the top Leaders in EV financing and with a market share of 5% in E-rickshaw financing and with Its phygital approach have been able to keep the NPA’s as low as 1.92%. Mufin Green’s core objective is to increase penetration of products which reduce carbon emission in India, which even aligns to UN’s SDG Goals.
Revfin
With a aim to be building India’s largest lending company, it underwrites loans using revolutionary techniques like psychometrics, biometrics and gamification. The entire loan application journey is delivered digitally through an App. It partner with manufacturers, dealers, fleet operators and e-commerce companies to acquire customers, providing point of sale finance and provide loans through our own NBFC as well as through multiple lending partners.
Akasa Finance Limited
Akasa Finance Limited. is a Non-Banking Finance Company. It is one of the India’s leading Non-Banking Finance Companies spread across 4 States pan-India. Akasa Finance Ltd. is providing various loans like utility vehicles, unsecured Business & Personal loans, two-three wheelers loan and E-Rickshaw loans, etc. It features a comprehensive product suite to satisfy multiple money desires of consumers as well as shopkeeper loan, company loan, Two Wheeler loans, Three Wheeler loans, etc.
Payme India
PayMe India is an innovative new-age Fintech company, transforming the lending landscape. The company was founded in 2016, to eliminate the difficulty of getting financial assistance by leveraging modern technologies. The company works with RBI registered NBFCs to facilitate advance salary loans to bourgeois or any salaried employee who faces financial constraints. Our lending model empowers loan seekers to borrow easy, fast, safe & affordable personal loans.
