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 per cent 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 per cent of all EVs sold in FY 2021–22.
So here are top 5 Emerging NBFC causing a disruption in EV financing:-
Mufin Green Finance- Incepted in 2016 Mufin Green Finance started with E-rickshaws way back and 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 have been able to keep the NPA’s as low as 1.92%. Mufin chooses EV financing with the focus on 3 green platforms i.e Electric vehicle, 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 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 accelerate the country’s transition into Electric Mobility segment
Manappuram– Manappuram Finance Ltd. is one of India’s leading gold loan NBFCs which works with an endervour to make life easy with vehicle loan. Today, it has 5073 (Includes 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 Reserve Bank of India in 2015. As of now It is lending in electric mobility aggressively, and have multiple co-lending partnerships which lend in 3 wheeler as well as electric three wheeler segment.
