In a significant move towards promoting eco-friendly transportation and green livelihoods in North India, Kinetic Green Energy and Power Solutions Limited, a leading manufacturer of electric two and three-wheelers, has partnered with the State Bank of India (SBI), Chandigarh Circle. This strategic collaboration aims to provide financing options for Kinetic Green’s present and future range of electric three-wheelers.
Under this partnership, customers in Haryana (except NCR), Chandigarh, Punjab, Himachal Pradesh, and Jammu and Kashmir will have the opportunity to avail up to 90 percent funding for the on-road price of an electric rickshaw from SBI. What’s more, the financing comes with an affordable interest rate of 7 percent flat (IRR 12.40 percent) for 48 months, and there are no processing charges or collateral deposits required. This initiative not only promotes electric mobility but also offers three-wheeler drivers a chance to increase their earnings while contributing to a greener environment.
The financing process will be streamlined and centralized, ensuring a hassle-free experience for eligible customers. SBI will provide a single point of contact for dealers to log in and complete the necessary paperwork. This efficient process is expected to take only 7 to 8 working days, making loan approval and disbursement quick and customer-friendly.
Sulajja Firodia Motwani, Founder and CEO of Kinetic Green, expressed her enthusiasm about the partnership, saying, “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.”
Bipan Gupta, DGM ABU & GSS, State Bank of India, LHO, Chandigarh Circle, shared SBI’s commitment to supporting the growth of the electric vehicle industry in India. He stated, “The partnership with Kinetic Green is a step towards this 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-wheelers throughout the country, providing higher income options to the customers.”
The partnership between Kinetic Green and SBI’s Chandigarh Circle is effective immediately and will benefit customers in all five states mentioned above. Moreover, this financing scheme will encompass Kinetic Green’s present and future electric vehicle three-wheeler range, as indicated in the company’s media release.
