5 Emerging NBFC causing a disruption in EV financing
Auto loans are a key segment in retail lending in India. With regards to credit borrowing in the Auto segment in India; commercial vehicles, three-wheelers, and two-wheelers are some of the leading entities, especially in terms of Electric Vehicles. It was observed that nearly 77 percent of all vehicles in India are financed through banks and non-banking financial corporations (NBFCs).
As per a report by CEEW, nearly 45% of all three-wheelers sold in India – mostly comprising battery rickshaws – are electric. Furthermore, electric two-wheelers form nearly 54 percent of all EVs sold in FY 2021–22.
So here are top 5 Emerging NBFCs causing a disruption in EV financing:-
Mufin Green Finance- Incepted in 2016 Mufin Green Finance started with E-rickshaws way back and has now diversified into financing the 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 has been able to keep the NPA’s as low as 1.92%. Mufin chooses EV financing with a focus on 3 green platforms i.e. Electric vehicles, charging infrastructure, & swappable batteries.
Revfin- With an aim to build India’s largest lending company. Through its award-winning and innovative digital platform, we provide loans to people at the bottom of the pyramid. Its typical customer lives in Tier 2 or 3 town, has no credit history, very low level of education and has no banking transactions. Revfin underwrites loans using revolutionary techniques like psychometrics, biometrics and gamification. The entire loan application journey is delivered digitally through an App.
Greaves Finance- Its vision s to ensure that financing is never an impediment for anybody who aspires to own a vehicle in the affordable two-wheeler segment and committed to accelerating the country’s transition into the Electric Mobility segment
Manappuram- Manappuram Finance Ltd. is one of India’s leading gold loan NBFCs which works with an endeavor to make life easy with vehicle loans. Today, it has 5073 (Including branches of subsidiary companies) branches across 28 states/UTs with assets under management (AUM) of Rs. 302.6 billion and a workforce of more than 41,000.
Vedika credit capital– Vedika Credit Capital Ltd is a Non-Deposit taking, Non-Banking Finance Company (NBFC-MFI). It was recognized and re-registered to carry out the business as NBFC-MFI with approval from the Reserve Bank of India in 2015. As of now It is lending in electric mobility aggressively, and has multiple co-lending partnerships which lend in 3 wheeler as well as the electric three-wheeler segment.
