• Banking / Finance

Kinetic Green and SBI Partner to Provide Affordable Finance Schemes For Electric 3-Wheelers in North India

• nationalherald
• September 21, 2023

by Prashant Kapadia/NHN

Pune, 20 September 2023: Kinetic Green Energy and Power Solutions Limited, a leading manufacturer of electric two and three-wheelers in India, and State Bank of India (SBI), Chandigarh Circle enter a strategic partnership to offer financing for Kinetic Green’s present and future range of electric three-wheelers in North India.

Under the partnership, customers in Haryana (except NCR), Chandigarh, Punjab, Himachal Pradesh, and Jammu and Kashmir will be able to avail of up to 90% funding for the on-road price of an electric rickshaw from SBI, with an all-time low-interest rate of 7% flat (IRR 12.40%) for 48 months and no processing charges or collateral deposit. This will promote electric mobility and provide three-wheeler drivers with an option to earn more and save more.

It will be a centralized process for the disbursement of loans to eligible customers, with a single point of contact in SBI for the dealer to log in and complete the necessary paperwork. This game-changing process will take 7 to 8 working days, making the loan approval and disbursal quick and customer-friendly.

Commenting on the partnership, Sulajja Firodia Motwani, Founder and CEO of Kinetic Green, stated, “We are thrilled to join forces with SBI, one of India’s largest banks, to introduce this exciting financing program for our electric three-wheelers in North India. Committed to advancing the cause of eco-friendly transportation for the masses, this collaboration is key in attaining both our own and India’s net-zero emission goals. As an electric vehicle manufacturer, we are striving to provide affordable and “easy on pocket” financial options to our customers. SBI will be a critical partner for us and together, we look forward to creating green livelihoods in our country. We are also engaged in discussions with all 17 SBI circle offices across the nation to establish a similar program tailored for our three-wheeler clientele, propelling the nation toward a greener mobility future.”

Commenting on the partnership, Sh. Bipan Gupta, DGM ABU & GSS, State Bank of India, LHO, Chandigarh Circle remarked, “At SBI, we are committed to supporting the growth of the electric vehicle industry in India. The partnership with Kinetic Green is a step towards the direction, and we are confident that it will help in making electric mobility highly accessible to customers in North India. We look forward to working with Kinetic Green to promote the adoption of electric three-wheeler throughout the country, providing higher income options to the customers.”

The partnership is effective immediately and will be available to customers from SBI’s Chandigarh Circle, capturing all five states mentioned above. The scheme will also cover Kinetic Green’s present and future electric vehicle three-wheeler range.