Kinetic Green Energy and State Bank of India (SBI), Chandigarh Circle has entered a partnership to offer financing for Kinetic Green’s present and future range of electric three-wheelers in North India.
Under the partnership, customers in Haryana (except NCR), Chandigarh, Punjab, Himachal Pradesh, and Jammu and Kashmir will be able to avail of up to 90 percent funding for the on-road price of an electric rickshaw from SBI, with an all-time low-interest rate of 7 percent flat (IRR 12.40 percent) for 48 months and no processing charges or collateral deposit.
It will be a centralised process for the disbursement of loans to eligible customers, with a single point of contact in SBI for the dealer to log in and complete the necessary paperwork. The process will take 7 to 8 working days, making the loan approval and disbursal quick and customer-friendly, the company said in a statement.
Commenting on the partnership, Sulajja Firodia Motwani, Founder and CEO of Kinetic Green, stated, "Committed to advancing the cause of eco-friendly transportation for the masses, this collaboration is key in attaining both our own and India's net-zero emission goals. As an electric vehicle manufacturer, we are striving to provide affordable and ‘easy on pocket’ financial options to our customers. SBI will be a critical partner for us and together, we look forward to creating green livelihoods in our country.”
“We are also engaged in discussions with all 17 SBI circle offices across the nation to establish a similar program tailored for our three-wheeler clientele, propelling the nation toward a greener mobility future," she further added.
The partnership is effective immediately and will be available to customers from SBI’s Chandigarh Circle, capturing all five states mentioned above.