Greaves Finance Launches "evfin" an Innovative Platform for Electric Vehicle Financing.
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Greaves Finance Launches "evfin" an Innovative Platform for Electric Vehicle Financing.

evfin addresses the complete EV ownership lifecycle, promoting affordable and accessible electric mobility.

Greaves Finance Ltd., a leading non-banking financial company (NBFC), has unveiled a groundbreaking financial platform named “evfin.” This platform, developed as a wholly owned subsidiary of Greaves Cotton Ltd., aims to revolutionize the world of EV financing while addressing the complete lifecycle journey of EV usage for consumers.

The Economic Survey 2023, released recently, has underscored the pivotal role of the automotive industry in the global shift towards green energy. The survey predicts a remarkable compound annual growth rate (CAGR) of 49 percent for the domestic EV market from 2022 to 2030, with an estimated annual sales volume of one crore units by 2030. With such exponential growth on the horizon, it becomes crucial to provide accessible and cost-effective financing options to expedite the adoption of EVs.

Recognizing this need, Greaves Finance has developed evfin, which offers an unprecedented suite of innovative experiences to ensure a superior EV journey throughout the ownership lifecycle. This suite encompasses a range of services that go beyond traditional financing options, providing customers with holistic support and enhancing their overall EV ownership experience.

One of the key features of evfin is its focus on addressing the complete lifecycle journey of EV usage. This includes providing accessible financing options for purchasing electric vehicles, as well as facilitating affordable and convenient charging infrastructure solutions. Moreover, evfin aims to offer extended warranty plans, insurance packages tailored for EVs, and hassle-free maintenance services to ensure customers’ peace of mind throughout their ownership experience.

The introduction of evfin comes at a time when governments, corporations, and individuals are increasingly embracing sustainable mobility solutions. Electric vehicles have emerged as a viable alternative to traditional gasoline-powered cars, offering reduced emissions, lower operational costs, and a greener future. However, affordability and accessibility remain significant barriers to widespread EV adoption.

With its innovative suite of services, evfin aims to overcome these barriers by offering flexible financing options that suit diverse customer needs. Greaves Finance intends to leverage its extensive experience in the financial sector to enable seamless EV financing, making electric vehicles more affordable and accessible to a wider range of consumers.

Greaves Cotton Limited is dedicated to a comprehensive ecosystem for diverse last-mile mobility. With cutting-edge products and services spanning components, retail and end-user vehicles, we are pleased to announce the launch of evfin, our sustainable financing platform, reinforcing our commitment to sustainability on World Environment Day,” says Nagesh Basavanahalli, Vice Chairman, Greaves Cotton Ltd.

evfin is India’s first consumer finance technology platform fully dedicated to electric mobility and other sustainable solutions, supported by our advanced digital lending suite, innovative asset management technology, and nationwide reach. Our goal is to create an exceptional and tailor-made experience for our EV customers. Through our comprehensive range of personalised financing solutions, we aim to democratise access to EV consumers by offering the most cost-effective financing options. The platform is specifically designed to provide an end-to-end lifecycle experience for EV owners, ensuring a unique and seamless ownership journey throughout their usage of electric vehicles,” says Sandeep Divakaran, ED & CEO of Greaves Finance Ltd.

Also Read: EVs to lead the growth of two-wheeler sales in FY24, reports CareEdge.

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