Benling India Energy and Technology Limited, a company manufacturing e2Ws, has partnered with various NBFCs companies, including HDB Financial Services, ICICI Bank and IDFC Bank, to offer financing options to its clients. These financing platforms, as per the vehicle maker, will be offering customers affordable and transparent credit to purchase its electric scooters.
These NBFC companies, according to an official statement of Benling, outline the importance of priority sector recognition for retail lending in the electric mobility ecosystem. Benling had earlier partnered with Manappuram Finance Ltd., Bajaj Finserv, LiquiLoans, and LoanTap and is giving financing options to customers already. The company noted that it also accepts requests from people without credit cards or a CIBIL score.
Amit Kumar, CEO and ED, Benling India, said, 'India bought more EVs last year than what was purchased collectively in the past 15 years. We too registered a stunning growth ending the year selling more than 45,000 units. The latest partnerships will help us overcome multiple barriers in the e2W financing space in a structured manner and establish Benling India as a market-leader in India.'
He added, 'A lot of EVs are being purchased in very small towns, where there is very limited supply of credit. While most of these towns are served by banks, not all banks finance e2Ws. These NBFCs & Financial Institutions have deployed themselves quite efficiently across the country and continue to build deeper roots in the EV financing segment. They are actually aiding and bridging the financing gap for e2Ws.'
Industry experts estimate that the EV market for two and three-wheelers, including commercial and private vehicles, will grow by over $10 billion in the next five years in India. Benling India makes e2Ws in Manesar, Haryana from 2018 in technical collaboration with Japan’s Zhushi Clubs Limited.