Kinetic Green Energy and Power Solutions, a leading manufacturer of electric two- and three-wheelers has partnered State Bank of India (SBI), Chandigarh Circle to offer financing on its electric three-wheeler range in the North Indian market.
Under the partnership, customers in Haryana (except NCR), Chandigarh, Punjab, Himachal Pradesh, and Jammu and Kashmir will be able to avail of up to 90 percent funding for the on-road price of an electric rickshaw from SBI, with an all-time low-interest rate of 7 percent flat (IRR 12.40%) for 48 months and no processing charges or collateral deposit.
It will be a centralised process for the disbursement of loans to eligible customers, with a single point of contact in SBI for the dealer to log in and complete the necessary paperwork. Kinetic Green says the game-changing process will take 7 to 8 working days, making the loan approval and disbursal quick and customer-friendly.
Sulajja Firodia Motwani, Founder and CEO, Kinetic Green said, “Committed to advancing the cause of eco-friendly transportation for the masses, this collaboration is key in attaining both our own and India’s net-zero emission goals. As an electric vehicle manufacturer, we are striving to provide affordable and ‘easy on pocket’ financial options to our customers. SBI will be a critical partner for us and together, we look forward to creating green livelihoods in our country. We are also engaged in discussions with all 17 SBI circle offices across the nation to establish a similar program tailored for our three-wheeler clientele, propelling the nation toward a greener mobility future.”
Bipan Gupta, DGM ABU & GSS, State Bank of India, LHO, Chandigarh Circle remarked, “The partnership with Kinetic Green is a step towards the direction, and we are confident that it will help in making electric mobility highly accessible to customers in North India. We look forward to working with Kinetic Green to promote the adoption of electric three-wheeler throughout the country, providing higher income options to the customers.”
