Top 5 Finance Companies Supporting Electric Vehicle in India

Electric vehicles, which have emerged as a best alternative for traditional vehicles, have helped combat various issues and their increased usage will further solve various pressing issues. Also, there are many reasons behind their increased growth like improved technology and charging infrastructure. One of the major supporters and promoters of electric vehicles are finance companies, as these make the ownership of EVs more easy and accessible.

In this blog , we will discuss the top 5 electric vehicle financing companies which have helped promote the usage of electric vehicles.

Finayo:

• India’s prominent AI-enabled Saas technology green mobility ecosystem.

• It is devoted to transforming the EV industry by promoting the adoption of EVs.

• The lending process would be digitised with the help of technologies like AI, machine learning, etcetera.

• They are committed to provide a seamless lending platform for the growth of EVs and to promote the initiative to reduce carbon emissions.

• Their loan processing is totally frictionless.

• They assess credit risk, asset valuation, loan-to-value ratio calculation, and rescale.

• It has empowered lenders, OEM dealers and even buyers by making the financing process easy and convenient.

Revfin:

• It is one of the leading loan companies and has aimed to accelerate its financial inclusion in India.

• Obtaining a loan alternative from Revfin is quite easy because of its advanced technologies.

• It has even partnered with Zappit with the goal of offering pickup services at the airport, and include the 4W EV category.

Ecofy:

• Although it is a new participant in the market, it has established itself well by providing easy and affordable financing choices.

• The documentation requirements are very less and the loan approval is completely hassle-free. 

• They offer competitive interest rates.

Ascend Capital:

• One of the top financial services providers offer complete financing options for electric cars.

• Their approach is customer centric and comprehensive assistance is offered to customers throughout their financing process.

• They also provide repayment choices along with competitive interest rates.

Greaves Finance:

• It is one of the top financial services companies in India as a part of Greaves Cotton Limited Conglomerate.

• It provides loans, leasing and other financial products with an aim to increase the adoption of electric vehicles in India.

• It complies with all the guidelines established by financial  regulatory authorities.

• Guarantees transparency, fairness and stability.

FAQs

Are Electric Vehicles a good investment?

Definitely, because they prove to be very cost-effective in the long run. Firstly, the charging fees are very less in comparison to prices charged for petrol and diesel. Secondly, they have less moving parts, so there is very less requirement of repairs and maintenance.

Which companies come under the category of top 10 EV financing companies in India?

There are many EV financing companies in India but Revfin, Greaves finance, Ecofy, Mufin Green finance, OTO, Rupee, Credit Fair, Alt Mobility, and Ascend Capital come under the category of top 10 eco-friendly car loan providers.

How do EV finance options differ from traditional auto financing?

There are many differences like in EV finance options, customers are provided with incentives or rebates for EVs. Customers are also offered with lower interest rates for sustainable transportation. Further, they are also offered with extended warranties for EV components like EV batteries.

What factors should be taken into consideration before choosing an EV finance company?

One of the most important factors to consider is the interest rate offered by the company and what are the terms of their loan. Further, requirements of down payment should also be analysed and their customer support services should always be checked. Besides this, their reputation in the market, special incentives or discount, experience and expertise also play a major role.

Does the Government offer any incentives or rebates for purchasing EV?

There are lots of incentives like tax credits, rebates, grants and subsidies offered to accelerate the adoption of electric vehicles. The benefits offered by the government differ from region to region.

Is it possible for me to finance the purchase of an electric vehicle charger along with EV?

There are many finance companies which provide electric vehicle chargers like home charging or workplace charging infra. 

What are the additional costs associated with owning an electric vehicle?

Although the operating cost of electric vehicles is very less, you should always be considerate of factors such as electricity rates for charging, potential costs for installing home charging infrastructure, maintenance cost etcetera.