PHF Leasing Limited, a Deposit accepting Non-Banking Financial Company (NBFC) headquartered in Jallandhar, Punjab, has significantly expanded its Electric Vehicle (EV) Loan portfolio. The company, registered with the Reserve Bank of India since 1998, has introduced new loan products catering to the purchase of Electric Cargo vehicles in L5 Category, Electric two-wheelers, and Used E-Rickshaws.
These additions complement PHF Leasing’s existing offerings, which include financing options for Electric Rickshaws, E-loaders, and other L3 EV Loan products. The move reflects PHF Leasing’s commitment to promoting the adoption of electric vehicles across various sectors, including logistics, last-mile delivery, and rural and urban transportation.
Shalya Gupta, CEO of PHF Leasing Limited, stated, “As a socially conscious corporate citizen, PHF Leasing is committed to furthering the cause of sustainable transportation in India, which translates to Electric vehicles. Today, our portfolio for EV financing is complete, offering customers a wide range of options.”
PHF Leasing aims to empower underserved sections of society by providing them with loans, fostering self-reliance. The company’s focus on Electric Rickshaw financing has positioned it as a leader in the segment, with rapid growth observed in recent years.
According to research studies, the India Electric Rickshaw Market is projected to grow from USD 1.15 billion in 2024 to USD 2.81 billion by 2029, with a compound annual growth rate (CAGR) of 11%. Electric rickshaws offer an eco-friendly alternative to traditional transportation methods, driven by environmental concerns, government initiatives, and technological advancements.
PHF Leasing offers loan tenures of up to 3.5 years for L5 Electric Vehicles and from 6 months to 1.5 years for other categories. Additionally, the company provides interest-free loan options for consumers in the Used E-Rickshaw loan segment, further facilitating the transition to electric mobility for a broader audience.
