Buyers for BILITI's electric vans get loan approval

BILITI Electric recently announced that the Small Industries Development Bank of India (SIDBI) has approved loans for buyers who are interested in purchasing its GMW Taskman electric three-wheeler Autos, through its app-based, end-to-end lending platform ‘Digital Prayaas’. This app facilitates access to low-cost loans for micro-entrepreneurs and micro-enterprises. BILITI's Taskman van is the first in the electric van segment to get financing approval under the program. 

Additionally, SIDBI has also tied up with BigBasket to onboard its delivery partners across the country and provide loans at an affordable interest rate for the purchase of environment-friendly electric vehicles suitable for deliveries. The development enables BigBasket delivery partners to purchase GMW Taskman 3W vehicles at 8-10 percent interest rate and provide a regular stream of revenue, allowing them to lead a sustainable livelihood.

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 fulfills its social objectives.”

Rahul Gayam, CEO, BILITI Electric further added, “We are extremely happy to collaborate with SIDBI-BigBasket on this unique financing option for BILITI Taskman 3-wheeler electric vehicles. SIDBI has been at the forefront of assisting and developing MSMEs, since its inception. We are one of the early EV partners for BigBasket.”