Rupyy, a financial technology company and part of the CarDekho Group has forayed into the electric vehicle financing segment.
The company says it has partnered with leading OEMs and multi-brand outlets (MBOs) in the EV industry such as Pure EV, Trinity, Blive – MBO, Tork, Jitendra EV, Hero Electric, Electric One – MBO, Hop Electric, Ampere and Hero MotoCorp, to cater to the growing demand for EV financing.
The EV loan tenure generally it says spans from 12 to 48 months. It understands the diverse needs of customers and offers EV loans coupled with flexible repayment options to suit individual financial circumstances. Recognising the importance of affordability, Rupyy plans to introduce plans for lower EMIs by leveraging longer tenures or other innovative tools, aligning with consumer demands.
Rupyy says it will finance up to 100% of the on-road price for select EV customers.
Namit Jain, Co-Founder & CEO, Rupyy said, “We have been on a mission to make vehicle financing accessible to every single Indian and simplifying the consumer experience like never before. Post our revolutionary impact in used car loans, venturing into the realm of EV financing especially for two-wheelers seems like a natural progression in our endeavours. The widespread acceptance of EVs is already underway, with approximately 4% of the two-wheeler market already embracing electric alternatives. Rupyy aims to redefine the financing process in the category keeping consumers at the center of the whole experience”.
Going forward, Rupyy aims to capture 10 percent of the market share in the EV finance category.
