Revfin & SUN Mobility Unite For EV Financing & Battery Swapping Solutions

Mobility Outlook Bureau
19 Mar 2024
02:01 PM
1 Min Read

The rapid financing solution is particularly beneficial for fleet business 2-wheelers and cargo and passenger vehicle 3-wheelers, sectors targeted by Revfin for these loans.

Revfin & SUN Mobility Unite For EV Financing & Battery Swapping Solutions mobility outlook

Revfin and SUN Mobility have teamed up to boost EV adoption in India. Their partnership focuses on providing innovative financing solutions for EV fleets and passenger vehicles, integrated with SUN Mobility's advanced Battery-as-a-Service (BaaS) model.

Revfin's AI-powered technology streamlines the loan approval process, allowing customers to determine their loan eligibility in 16 minutes. Remarkably, fleet financing can be disbursed within 24 hours post-documentation completion, significantly enhancing fleet owners' ability to swiftly enter the market.

SUN Mobility plans to deploy nearly 100,000 vehicles under its BaaS model within the next two years. This model, combined with Revfin's financing, makes EVs an affordable option, with costs approximately 40% lower than internal combustion engine vehicles. SUN Mobility's battery swapping technology not only reduces upfront vehicle costs but also addresses range anxiety and long charging times, barriers to EV adoption.

Revfin's AI tools do more than streamline the loan process; they also offer a nuanced assessment of a customer's repayment capabilities. By analysing online presence, psychometric tests, and gamification data, Revfin can extend credit even to those without traditional credit histories. Additionally, to ensure responsible lending and risk management, IoT devices installed in financed vehicles allow Revfin to monitor vehicle usage and detect any potential issues proactively.

Sameer Agarwal, CEO & Founder of Revfin, expressed his enthusiasm about the collaboration, emphasising the shared vision of fostering a sustainable future through innovative financing and electric mobility technologies. Anant Badjatya, CEO of SUN Mobility, echoed this sentiment, highlighting the synergy between Revfin's accessible financing solutions and SUN Mobility's battery swapping technology as a pivotal step towards a cleaner and greener future.

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