PHF Leasing expands EV loan portfolio

The company now offers loan products for the purchase of electric Cargo vehicles in the L5 Category, electric two-wheelers, and used e-rickshaws.

Autocar Pro News Desk By Autocar Pro News Desk calendar 27 May 2024 Views icon1790 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
PHF Leasing expands EV loan portfolio

PHF Leasing Limited, a Metropolitan Stock Exchange listed NBFC headquartered in Jalandhar, Punjab, has expanded its electric vehicle (EV) loan portfolio.

The company now offers loan products for the purchase of electric Cargo vehicles in the L5 Category, electric two-wheelers, and used e-rickshaws. These additions complement the existing loan options for electric rickshaws, e-loaders, and other L3 EV products, demonstrating PHF Leasing's commitment to promoting the adoption of electric vehicles across various sectors, including logistics, last-mile delivery, and both rural and urban transportation.

PHF Leasing, a category “A” deposit-accepting Non-Banking Financial Company registered with the Reserve Bank of India since 1998, provides mortgage loans against immovable property (LAP) and finances e-vehicles, primarily e-rickshaws, e-loaders, and ev two-wheelers. Shalya Gupta, CEO of PHF Leasing Limited, emphasized the company's dedication to sustainable transportation, stating, “As a socially conscious corporate citizen, PHF Leasing is committed to furthering the cause of sustainable transportation and in India that means Electric vehicles. We’ve already established PHF Leasing as the leaders in E-Rickshaw financing and are amongst the fastest growing players in the segment. It was time to include the electric cargo category and bring in new products in the segment. Today, our portfolio for EV financing is complete and now the customer can choose from many options available”

Research indicates that the Indian Electric Rickshaw Market, valued at USD 1.15 billion in 2024, is projected to grow to USD 2.81 billion by 2029, at a CAGR of 11%. The e-rickshaw segment presents an eco-friendly solution to transportation challenges, driven by environmental concerns, government initiatives, and technological advancements. electric rickshaws offer cost-effective operations, being cheaper to maintain and run compared to petrol or diesel vehicles, the company shared.

The company offers loan tenures of up to 3.5 years for L5 electric vehicles and from 6 months to 1.5 years for other categories, making electric mobility more accessible with competitive products and quick loan approvals. For used e-rickshaw loans, consumers can avail of interest-free loan options for up to 6 months. This comprehensive approach aims to empower underserved sections of society, helping them become self-reliant through accessible financing options for sustainable transportation.

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