Manappuram Finance, a leading gold loan non-banking finance company has signed a Memorandum of Understanding (MoU) with Autolite India, which will give finance options to consumers and dealers.
Autolite, which manufacturers electric two- and three-wheelers, lithium-ion battery packs and solar products says the MoU will help its dealers and consumers with products such as vehicle loans and inventory funding.
As part of the arrangement Manappuram Finance will gradually involve its network of over 3,000 branches across India to provide end-to-end financing solutions to Autopal consumers. This tie-up is aimed at providing all the 75-plus dealers across India, which the company says will facilitate sales to the consumers.
Commenting on the agreement, Senthil Kumar, head of Commercial Vehicle, Manappuram Finance said, “Our association is a new development in the electric vehicle industry, thereby, benefitting the consumer, electric manufacturers, financing companies and government in the long run. It is a major step to build a sustainable ecosystem for electric vehicles in India. We are very happy to partner with Autolite India and will work together on joint development areas in keeping pace with industry requirements and leveraging mutual strengths.”
Adarsh Mahipal Gupta, director, Autolite India said: “Manappuram’s competitive financing model and wide reach across India will surely nurture a value addition to Autolite’s dealers and customers. This will surely boost our sales and accelerate revenues in rapidly multiplying numbers. This partnership will empower our stakeholders and customers with financial products specifically tailored for them to facilitate their smooth entry into the world of Autopal EVs."