If you’re eyeing an electric scooter or a micro‑truck, the next hurdle is usually the loan. The ev.fin platform, launched in 2023, now reaches 86 cities, offering point‑of‑sale financing straight from dealers. With Mukul Kanchan at the helm, the focus is on tighter tie‑ups with OEMs, including the parent group’s Ampere brand, and a broader retail footprint.
Earlier this year, ev.fin disbursed ₹100 crore in loans, and the new leadership aims to double that figure by 2025. The platform’s interest rates hover around 9.5% for a five‑year tenor, noticeably lower than the 10–12% range typical of bank‑based EV loans, giving buyers a clearer monthly budget.
In the crowded Indian EV financing arena, competitors like Tata Motors’ EV finance arm and Mahindra’s micro‑loan schemes offer similar tenures but often lack the instant dealer‑level execution that ev.fin claims. By anchoring directly at the point of sale, ev.fin cuts down paperwork and speeds up delivery, a critical advantage for gig‑workers and small business owners.
The launch comes as the government pushes a 30% EV share in two‑wheelers by 2030, backed by a ₹1,000‑cr incentive for battery‑powered scooters. Kanchan said the company will collaborate with state bodies to align its finance products with these incentives, ensuring subsidies translate into lower net prices for consumers.
From its 2023 debut, the platform’s rollout has been steady, and the next quarter will see new penetration in tier‑2 cities like Bhopal, Jaipur, and Coimbatore. Buyers in those markets can expect faster approvals and more flexible repayment options as the network expands.
Keep an eye on the interest‑rate adjustments and any partnership with local banks, as these could further lower borrowing costs. The next major development will be how quickly ev.fin can scale its financing to meet the growing demand for electric two‑wheelers and micro‑vehicles.