The Small Industries Development Bank of India (SIDBI) by way of a marketing campaign has introduced to present finance for the purchase of 50,000 EVs in India.
This is pilot part to strengthen the EV ecosystem, together with uptake for 2, three and four-wheelers has two parts – direct and oblique lending.
Under direct lending, SIDBI will immediately give loans to eligible MSMEs together with aggregators, fleet operators, and EV leasing firms for the purchase of electrical automobiles and develop charging infrastructure together with battery swapping.
The Indirect scheme focused at NBFCs together with small unrated/ targeted /rising NBFCs actively engaged in EV financing shall attain out to final mile by inducing entry to funds as additionally lowering landed price.
Sivasubramanian Ramann, CMD, SIDBI mentioned, “We intend to promote the entire EV value chain. This pilot shall be followed by scaling up support to eco system from multilaterals support. MSMEs, aggregators and other crucial actors of EV value chain have been facing challenges in convincing financial institutions to lend them.”
