State Bank of India (SBI), Chandigarh Circle, and Pune-based electric vehicle manufacturer Kinetic Green Energy and Power Solutions Limited have formed a strategic partnership to provide financing for Kinetic Green’s current and future offerings of electric three-wheelers in the Northern Indian region.
Up to 90% of the on-road price of an electric rickshaw will be financed by SBI for customers in Haryana (excluding NCR), Chandigarh, Punjab, Himachal Pradesh, and Jammu and Kashmir under the terms of the partnership, with an interest rate of 7% flat (IRR 12.40%) for 48 months and no processing fees or collateral deposit required.
This will encourage the use of electric transportation and provide those who drive three-wheelers an opportunity to make more money and save more money.
The dealer will just need to fill up one set of forms in SBI to facilitate the streamlined loan distribution procedure for qualified consumers. This groundbreaking method reduces the typical loan approval and disbursement time from weeks to only 7 or 8 business days.
The CEO and founder of Kinetic Green, Sulajja Firodia Motwani, had this to say about the partnership: “We are thrilled to join forces with SBI, one of India’s largest banks, to introduce this exciting financing programme for our electric three-wheelers in North India.”
Together, we can get closer to our and India’s net-zero emission targets and advance the cause of environmentally sustainable transportation for the masses.
We want to be the electric car industry leader in providing “easy on pocket” payment plans to our consumers. Together with SBI, we can make a significant impact on the creation of sustainable livelihoods in our nation. We are also in talks with all 17 SBI circle offices around the country to create a similar programme for our three-wheeler customers, helping to move the country towards a more sustainable future in terms of transportation.
“At SBI, we are committed to supporting the growth of the electric vehicle industry in India,” said Sh. Bipan Gupta, DGM ABU & GSS, State Bank of India, LHO, Chandigarh Circle, in response to the agreement. We believe that our collaboration with Kinetic Green would help make electric transportation more widely available to customers in North India. We’re excited to partner with Kinetic Green to get electric three-wheelers on the roads of the country so more people can afford them.
Customers in SBI’s Chandigarh Circle, which includes the aforementioned five states, would have instant access to the partnered services. The current and future lineup of three-wheeled electric vehicles from Kinetic Green will also be covered under the plan.
Stop by any local SBI bank or authorised Kinetic Green dealership to learn more about the financing options available, or to check out the electric rickshaw selection.
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