Chennai based Deccan Finance Limited ink pact with Greaves Finance a division of Greaves Cotton Ltd, for financing Ampere Electric vehicle.
Chennai based Deccan Finance Ltd., under the brand name ‘Ride-Two Wheeler Loans’, has partnered with Greaves Finance to jointly finance Ampere Electric Vehicles in the state of Tamil Nadu and Karnataka.
Deccan Finance Limited offer loans at subsidised rates to 1000 working women and students,
is a golden opportunity for students and office goers to avail their own vehicle which would also increase the number of “Women on Wheels”.
The partnership will be extended to Telangana and other markets in India in a phase manner to enable Electric Vehicle enthusiasts to own an electric two wheeler at a competitive interest rate.
Financing for Electric Vehicle initiative will be launched under its new Brand “Ride Electric – Two Wheeler Loan”. Under its Go Green Concept apart from Digital Onboarding according to a Press Release issued from Deccan Finance Limited by Mr.Biswadev Banerjee, Whole Time Director.
‘Ride Two Wheeler Loans’ finances all two-wheelers that include, new, used and electric two wheelers also Hybrid Bicycle. The ‘Ride’ platform is capable of completely digitalized customer onboarding i.e a complete paperless technology. It offers competitive interest rates and fast turnaround to sanction loans. The entire repayments process is digitalized, thus, providing customers with the ease of loan payments.
Under “Ride Electric – Two Wheeler Loan” Deccan Finance Ltd will fund most EV, especially low speed, to empower middle class masses to fulfill their dream of mobility, as mentioned by Mr. Rajesh Rao, Whole Time Director of Deccan Finance Ltd.
Deccan Finance Limited is a 40-year old NBFC which launched the Ride Two Wheeler Loans brand under a new Avatar in April 2021. In a short period of time of 10 months, the brand has increased its presence in over 100+ locations in the country.
Deccan Finance has unique advantage carpet presence in Teir 3 & Tier 4 towns and location in Tamil Nadu and Karnataka. It provide rural reach in these state, which no other financier can do, added in the press release by Mr.Sanjay Bhansali, Managing Director, Deccan Finance Ltd.
Greaves Finance is one of the first few NBFCs in the country to finance a wide range of Electric Vehicles electric 2-Wheelers (Slow & Hi-Speed), electric 3-Wheelers (e-rickshaws & e-Autos for both cargo & passenger segments). With various initiatives of the company – including the recently launched multi-brand Electric Vehicles store AutoEVmart and strengthened Electric Vehicles network across the country, the demand for Retail Financing has grown several fold.
There is significant dependency on Retail Financing amongst certain segments of the market – especially in the semi-urban and rural pockets – for purchasing the vehicles.