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Biliti Electric gets approval from the Small Industries Development Bank of India (SIDBI) for financing customers interested in buying GMW Taskman electric three-wheeler Autos through ‘Digital Prayaas’ program
‘Digital Prayaas’ is an application-based lending platform which provides borrowings for micro-enterprises or entrepreneurs. SIDBI also partners with BigBasket to provide loans at low-interest rates for buying electric vehicles and to onboard its delivery partners in India.
With this partnership, BigBasket delivery partners can buy GMW Taskman three-wheeler at an 8-10% interest rate. This is the first electric van to get approval for financing.
Currently, Biliti Electric operates through Gayam Motor Works (GMW), a Hyderabad-based company for manufacturing three-wheelers. GMW Taskman is deployed in countries including Japan, France, Germany, Dubai, the USA, the UK, India and others.
Sivasubramanian Ramann, Chairman and MD, SIDBI said, “The App facilitates speedy onboarding of loan applicants in a digital and integrated process which has made the entire programme scalable with better risk management and would further improve customer satisfaction.”
Hari Menon, CEO, BigBasket said, “The initiative to offer loans will have a positive impact on the livelihood of hundreds of our delivery associates and also fulfils its social objectives.”