California-based Biliti Electric has announced that the Small Industries Development Bank of India (SIDBI), has approved to finance customers who are interested in purchasing GMW Taskman electric 3W Autos, through its ‘Digital Prayaas’ program.
‘Digital Prayaas’ is an app-based digital lending platform to facilitate borrowings for micro-entrepreneurs/micro-enterprises. Further, SIDBI has also tied up with BigBasket to onboard its delivery partners across the country and provide loans at a lower interest rate for the purchase of electric vehicles.
The development enables BigBasket delivery partners to purchase GMW Taskman 3W vehicles at an 8-10 percent interest rate. Biliti’s Taskman vehicle is the first in the e-van segment to get financing approval as part of the program.
Biliti Electric currently operates through an exclusive manufacturing partnership with Hyderabad-based Gayam Motor Works (GMW) for manufacturing its three-wheelers. Biliti’s Taskman is a last-mile delivery vehicle that is deployed in 15 countries across the globe including Japan, the USA, the UK, France, Portugal, Germany, Lebanon, Uganda, Kenya, Senegal, Nepal, Bangladesh, Dubai, and India.
Sivasubramanian Ramann, Chairman and MD, SIDBI said “The App facilitates speedy onboarding of loan applicants in a digital and integrated process which has made the entire programme scalable with better risk management and would further improve customer satisfaction.”
Hari Menon, CEO, BigBasket said, “The initiative to offer loans will have a positive impact on the livelihood of hundreds of our delivery associates and also fulfils its social objectives.”