India has a population of 1.37 billion people. It is home to around 15 crore drivers. Only a third of Indians own electric cars.
The country must improve its financing system for electric vehicle purchases in order to increase EV adoption. According to industry experts, India’s EV market will grow by more than USD 10 billion over the next five years. This includes both private and commercial vehicles.
New EV-focused retail loans by non-banking financial firms (NBFCs), will be a key part of OEMs’ entry into the booming EV industry. It has the potential for a Rs 40,000 crore electric vehicle financing market by 2025.
Benling India Energy and Technology Limited (a company producing electric two-wheelers at Gurugram) today announced its partnership to key NBFCs firms, HDB Financial Services and ICICI Bank. These finance platforms will provide transparent and affordable credit for Benling India electric scooters to customers across the country.
This partnership will provide buyers with affordable financing options that will be easy and enjoyable. It will also offer low-interest credit options/EMI options. These NBFC companies highlight the importance of prior sector recognition in retail lending within the electric mobility ecosystem.
Benling India has partnered with Manappuram Finance Ltd. and Bajaj Finserv to offer financing options. Customers can reserve any Benling electric bike from their nearest dealer, located in over 22 States and 160 locations. Customers can then complete the KYC forms and access the financing options.
People who do not have credit cards or a CIBIL rating can apply for a loan to purchase the scooter. They can choose from EMI tenures of 3, 6, and 12 months. The delivery time of the vehicle is usually within one to seven days. This compares to other banks that can take up to six weeks. We are able approve more applications because of this assessment.
Amit Kumar (CEO and ED of Benling India), who has made great strides in the EV industry, said, “India purchased more electric vehicles in 2017 than the total amount that was bought in the last 15 years.” We saw an amazing increase in our sales, surpassing 45,000 units. Our current fiscal will see us penetrate 50 cities to grab 9 per cent market share. Our latest partnerships will enable us to overcome numerous barriers in E2W financing. After experiencing over 2X growth last year, we have formed partnerships with major NBFC Players. We anticipate financing 70% of our electric vehicle models. This will help to accelerate adoption of Benling India electric vehicle solutions among unbanked and underserved people in India. A lot of EVs have been purchased in tiny towns (Tier 2,3, and 4) where credit is scarce. These towns are mostly served by banks but not all banks finance E2W. These NBFCs & Financial Institutions have deployed themselves quite efficiently across the country and continue to build deeper roots in the EV financing segment. They help to bridge the E2W financing gap.
Benling India has been manufacturing electric two-wheelers in Manesar since 2018, thanks to technical collaboration with Zhushi Clubs Limited of Japan. The company offers a wide variety of colour options and a three-year warranty on its battery. High-speed models with 100 percent localization in manufacturing are all ARAI/ICAT accredited.