The Electric Mobility Financiers Association of India (EMFAI) launched a group of financial institutions that finance electric autos. It will serve as a common platform for all monetary institutions involved in financing electric autos, and other services and products that are related to the ecosystem. Revfin Services Private Limited, which is a digital client lending platform that offers loans for electric cars, announced the affiliation’s mission in a media launch.
India’s biggest obstacle to large-scale adoption is undoubtedly the lack of capital. EMFAI members are committed to providing this access not only for electric autos but also for infrastructure and ancillary products. The affiliation includes Revfin and Mufin Green Finance as well as Akasa Finance, Prest Loans (Vedika Fincorp), Grip Invest, and others, the discharge stated.
RevFin founder and CEO Sameer Aggarwal will serve as the founding president. He stated that EMFAI members have collectively financed more than 100,000 electric vehicles and disbursed over INR 1000 million in loans and leases for individual drivers and fleet managers. We are determined to make electric vehicles mainstream and help India achieve its carbon goals.
Rohit Mehta (Managing Director, Akasa Financing), one of the pioneers in Indian electric automobile financing, will be vice-chairman of the association. The slow transfer of India’s EV adoption fee is due to the fact that they are not priced at the same level as ICE cars and are more expensive. This has an impact on consumers’ acquisition decisions. This partnership will facilitate the rapid adoption of electric mobility in India through this affiliation. Mehta said that this will also help promote and encourage financing for electrical mobility and reduce the risk related.
India set a goal to achieve EV gross sales accounting for 30% of personal automobiles, 70% for economic autos and 80% for two- and three-wheelers by 2030. These ambitious targets must be met in a country that is still heavily dependent on coal. The discharge said that the new affiliation will be a significant benefactor in India’s higher EV adoption goal.