India, 25th November 2023: Fuelled by governmental initiatives, the surge in fossil fuel prices, increasing ecological consciousness, and the introduction of innovative electric vehicle options, India is experiencing a significant uptick in the embrace of EVs. The country's rapid urbanisation and the expansive development of its energy infrastructure have facilitated widespread access to electricity, a pivotal factor driving the seamless transition of Indian consumers toward electric mobility.
Amidst this paradigm shift, addressing the affordability barrier becomes paramount. Greaves Cotton's evfin ,, operating under the umbrella of the non-banking financial company (NBFC) Greaves Finance Ltd, emerges as a pioneering consumer finance technology platform dedicated to fostering the widespread adoption of electric vehicles and sustainable solutions in India. In an exclusive conversation with Sandeep Divakaran, CEO of Greaves Finance Ltd, we explore how the company is spearheading the revolution by offering tailor-made financial solutions aimed at expediting the adoption of electric vehicles across the Indian landscape.
- Could you provide a summary of evfin and explain how it brings about transformation in the landscape of EV finance?
evfin , operating as part of NBFC Greaves Finance Ltd, stands out as India's trailblazing consumer finance technology platform specifically tailored for electric mobility and sustainable solutions. Positioned within the realm of Non-Banking Financial Companies (NBFCs), evfin employs cutting-edge digital lending and innovative asset management technologies to revolutionise the landscape of electric vehicle (EV) finance. Our primary objective is to redefine the ownership experience of electric vehicles for consumers, offering a superior and streamlined financing process. By creating a digital platform, we aim to bridge the gap in EV ownership, simplifying the loan application process, reducing waiting times, and enhancing accessibility for a wider range of consumers. Each consumer is treated uniquely, and our focus is on improving their overall ownership experience.
At the core of our mission is a commitment to be at the forefront of the electric mobility revolution in India. We strive to empower consumers, making the transition to sustainable transportation seamless and efficient. evfin envisions a future where electric mobility is not just a choice but an accessible and rewarding experience for all.
- How does evfin set itself apart from conventional EV financing options through its distinctive innovative features or services?
What sets evfin apart from traditional EV financing options are its distinctive and innovative features and services designed to address consumers' apprehensions when contemplating electric vehicle purchases. Our standout approach includes "assisted buying," wherein we offer personalised recommendations based on individual needs and circumstances. This tailored guidance assists customers in making well-informed decisions about their EV purchase, whether it involves finding the right model for specific dimensions or usage patterns.
Our financing options are as varied as the EV market itself, catering to diverse preferences and financial situations. We provide choices such as zip.fin for those seeking the lowest interest rates, eco.fin for environmentally conscious and budget-minded individuals, smart.fin for tech-savvy early adopters with guaranteed buyback and upgrade options, ride.fin for daily commuters looking for low EMIs with a buyback, and protect.fin for those desiring assurance and extended usage timeframes. These product offerings for auto EV consumers are unparalleled in their class, going beyond conventional financing packages and allowing you to choose what aligns best with your financial objectives and overall peace of mind.
Recognising the significance of resale value, especially in comparison to traditional internal combustion engine (ICE) vehicles, evfin addresses this concern comprehensively. Our protection plans include extended warranties and locked-in resale prices, ensuring confidence in the knowledge that your EV will maintain its value over time.
- What kinds of electric vehicles does evfin endorse, and are there financing arrangements designed for various vehicle types?
Although we are presently concentrating on electric two-wheelers for consumers, our ultimate goal is to broaden our support to include a variety of vehicle categories. We are dedicated to introducing specialised financing choices that address the unique requirements of customers across these diverse segments.
- How does evfin ensure financial accessibility and affordability for a diverse range of consumers interested in electric vehicles?
Our experiential ownership platform is based on three key elements:
- Digital Lending: We have developed a digital lending stack that can approve loans in under 3 minutes, streamlining the process and minimising paperwork.
- Expert Recommendations: Drawing on our in-depth knowledge of vehicle engineering and battery technology, we can recommend suitable EV models and create customised financing products tailored to individual consumers. This expertise ensures that customers make well-informed decisions about both their choice of EV and their financial options.
- Lifecycle Services: To offer a comprehensive and hassle-free ownership experience, we provide extended warranties, usage-based insurance, and an EV resale marketplace based on battery underwriting. These services add an extra layer of security and convenience to the EV ownership journey, ensuring that customers receive robust support throughout their ownership experience.
Our dedication to enhancing the customer experience extends beyond these pillars.
- Has evfin entered into any partnerships or collaborations with automakers, dealerships, or other stakeholders to extend its reach and enhance its influence in the EV financing sector?
We are actively pursuing strategic collaborations with key stakeholders to enhance our presence and impact within the EV financing domain. Recently, we have established a significant partnership with two leading EV manufacturers, Ather Energy and Ampere by Greaves. These strategic alliances empower us to provide our customers with exclusive access to a diverse range of tailored financing solutions, meticulously crafted to meet their specific requirements and preferences. Furthermore, we are consistently exploring additional opportunities for collaboration to further fortify our position in this dynamic sector.
- What does the future hold for evfin in the realm of electric vehicle financing?
Our plans involve expanding our services to reach a more extensive consumer audience, with the goal of achieving greater accessibility. We are also dedicated to refining the efficiency of our digital lending processes, utilising technology to streamline and improve the financing experience for our customers. Additionally, our ongoing commitment is to continually enhance the overall electric vehicle ownership journey, ensuring our customers enjoy a superior and seamless experience.