By Ashok Mittal, CEO, Prest Loans, Brajendra, CEO, Finayo, Bakesh, COO, Yogesh CAO, Kamal CTO, Sanjay Mentor.
New Delhi (India), March 29: India is inching toward becoming a fully Electric Vehicle (EV) nation by 2030 with optimistic sales figures and the unveiling of a host of new models by automobile manufacturers.
According to a recent report by research firm JMK Research and Analytics, the consolidated sales of EVs in the country clocked 50,000 units in December last year, registering a 240 per cent Year Over Year (YoY) growth compared to December 2020.
With the Omicron lead wave subsiding coupled with declining technology costs, EV shipment figures in India are expected to continue to reach new heights in the coming months. The segment’s growth will also be fueled by the emergence of new disruptive business models aimed toward the common objective of driving EV adoption in the country.
While initiatives such as the Faster Adoption and Manufacturing of Electric Vehicles (FAME) Phase II scheme, which boasts a budget of Rs 10,000 crore to offer subsidies to EV buyers across different segments, are in place, the need of the hour is to provide hasslefree, customised financing options to consumers.
According to a recent report by the country’s apex public policy think tank, NITI Ayog, financial institutions would have to lend an estimated Rs 40,000 crores by 2025 and Rs 3.7 lakh crores by 2030 to drive the adoption of EVs among the masses.
Banks and NBFCs are also reluctant to finance EVs owing to associated business models and asset risks and the nascency of the EV sector. Also, in some cases, where financing is available, a significant chunk of EV buyers do not align with the loan terms (high-interest rates, lower tenures) compared to ICE vehicles.
How startups like FINAYO are transforming the lending space
In such a scenario, revolutionary startups like FINAYO, which leverage cutting-edge technologies including AI and Machine Learning, are paving the way to mitigate the financial bottlenecks in the country’s EV segment.
According to Mr Brajendra Singh Tomar, founder and CEO of FINAYO, different NBFCs prefer to finance other EV models ranging from two-wheelers to SUVs to commercial vehicles, and FINAYO aims to bring all under one umbrella to cater to a larger pool of EV buyers in the country.
Mr Tomar also opines that the impressive Fi-Men solution, which offers a range of loan offers to consumers from different financial institutions with just the QR code scan, is a win-win proposition for the OEMs, lenders and customers.
Leveraging trendsetting technologies, FINAYO’S team has ensured that the platform offers customised financing options based on both the EVs and the credit history of EV buyers. The platform utilises the state of the art Asset Business Rule Engine and Lender Business Rule Engine in that regard. With this, Banks and NBFCs garner a bird’s eye view on the spending behaviour of consumers to furnish them with convincing loan offers in a matter of minutes.
Prest Loans aims to collaborate with FINAYO to offload the tedious and complex customer risk and asset assessment process for a swift and convenient buying experience for potential EV buyers. In our strategic collaboration, we would also like FINAYO to cover the untapped EV markets in the country to accomplish India’s 2030 EV objective jointly.
Founder & CEO of Prest Loans, an RBI registered NBFC, Ashok Mittal, is an industry veteran with over three decades of experience in Banking and Financial Services. He has also been a prominent speaker during the seminars of prestigious organisations like FICCI, Assocham, PHD Chamber of commerce, Elets etc., representing the industry. His views are widely covered in print and electronic media.
https://www.linkedin.com/company/finayotech
The post How FI-MEN, a technology, is helping in mobilising finance for EVs in India appeared first on Republic News Today.
There is noticeably a bundle to know about this. I assume you made certain nice points in features also.
I really like your writing style, fantastic information, thanks for posting :D. “Silence is more musical than any song.” by Christina G. Rossetti.
정품 비아그라,비아그라구매,비아그라구입,처방전없이 초간편주문.합리적인가격.비아그라 퀵배송,비아그라온라인약국,시알리스.각종 발기부전치료제 판매 전문 온라인스토어 13년동안 단 1건도 가품판매에 관한 스캔들이 없는 믿을수 있는 스토어 입니다.
Very interesting topic, thankyou for putting up. “The height of cleverness is to be able to conceal it.” by Francois de La Rochefoucauld.
Thanks a bunch for sharing this with all of us you actually know what you are talking about! Bookmarked. Please also visit my web site =). We could have a link exchange contract between us!
Some truly interesting details you have written.Aided me a lot, just what I was looking for : D.
Just want to say your article is as astounding. The clarity in your post is just great and i can assume you’re an expert on this subject. Well with your permission allow me to grab your RSS feed to keep up to date with forthcoming post. Thanks a million and please continue the rewarding work.
Hi there just wanted to give you a quick heads up. The text in your content seem to be running off the screen in Safari. I’m not sure if this is a format issue or something to do with internet browser compatibility but I figured I’d post to let you know. The design look great though! Hope you get the issue fixed soon. Kudos
Hi my friend! I wish to say that this article is awesome, nice written and include almost all vital infos. I’d like to see more posts like this.
Hello! Do you know if they make any plugins to assist with Search Engine Optimization? I’m trying to get my blog to rank for some targeted keywords but I’m not seeing very good gains. If you know of any please share. Appreciate it!
I loved as much as you will receive carried out right here. The sketch is tasteful, your authored material stylish. nonetheless, you command get bought an shakiness over that you wish be delivering the following. unwell unquestionably come more formerly again since exactly the same nearly a lot often inside case you shield this increase.
I’m curious to find out what blog platform you happen to be utilizing? I’m having some minor security issues with my latest site and I’d like to find something more safeguarded. Do you have any suggestions?
Howdy this is kinda of off topic but I was wanting to know if blogs use WYSIWYG editors or if you have to manually code with HTML. I’m starting a blog soon but have no coding know-how so I wanted to get guidance from someone with experience. Any help would be greatly appreciated!
lasix complications Gout and lasix use
Howdy outstanding blog! Does running a blog such as this take a massive amount work?
I have virtually no knowledge of programming however I had been hoping
to start my own blog in the near future. Anyways, should you have any
ideas or techniques for new blog owners please share. I
understand this is off topic however I just had to ask.
Kudos!
I’m impressed, I have to admit. Seldom do I come across a blog that’s both educative and engaging, and let me tell you, you have hit the nail on the head.
The issue is an issue that too few folks are speaking intelligently about.
I am very happy I found this during my hunt for something regarding this.
As such, your eye surgeon should complete a thorough screening of your eyes to determine whether or not you are a good candidate for LASIK buy zithromax online without prescription I m on my first Clomid cycle, 12 DPO currently
Good day! This is my first visit to your blog! We are a team of volunteers and starting a new initiative in a community in the same niche. Your blog provided us beneficial information to work on. You have done a outstanding job!
I will immediately grab your rss as I can not in finding your e-mail subscription hyperlink or newsletter service. Do you have any? Please let me realize in order that I may subscribe. Thanks.