Kinetic Green Energy and Power Solutions, a prominent manufacturer of electric two- and three-wheelers, has joined forces with the State Bank of India (SBI), Chandigarh Circle, to offer financing options for its electric three-wheeler range in North India.
As part of this collaboration, customers in Haryana (excluding NCR), Chandigarh, Punjab, Himachal Pradesh, and Jammu and Kashmir can access up to 90% financing for the on-road price of an electric rickshaw from SBI. The financing comes with a remarkably low-interest rate of 7% flat (IRR 12.40%) for a 48-month period and does not include processing charges or collateral deposits.
The loan disbursement process will be centralized for eligible customers, with a single point of contact at SBI for dealers to complete the necessary paperwork. This streamlined process is expected to take 7 to 8 working days, ensuring quick and customer-friendly loan approval and disbursement.
Sulajja Firodia Motwani, Founder and CEO of Kinetic Green, expressed the company’s commitment to eco-friendly transportation and its goal of providing affordable financial options to customers. She highlighted the partnership with SBI as instrumental in achieving both Kinetic Green’s and India’s net-zero emission objectives. Additionally, discussions are underway with all 17 SBI circle offices across the country to create a similar program tailored to the three-wheeler clientele, further promoting greener mobility in India.
Bipan Gupta, Deputy General Manager of ABU & GSS at State Bank of India, LHO, Chandigarh Circle, commented on the partnership’s significance in making electric mobility more accessible to customers in North India. He expressed optimism about working with Kinetic Green to encourage the adoption of electric three-wheelers throughout the country, offering enhanced income opportunities to customers.