PHF Leasing Expands EV Loan Portfolio

Key Highlights:
•    PHF Leasing expands EV loans to include Electric Cargo vehicles, two-wheelers, and Used E-Rickshaws.
•    They offer flexible options, like 6-month interest-free loans for Used E-Rickshaws.
•    The Indian Electric Rickshaw Market is projected to grow significantly by 2029.

PHF Leasing Limited has dramatically increased its Electric Vehicle (EV) loan portfolio, currently include loans for Electric Cargo Vehicles in the L5 category, Electric Two-Wheelers, and Used Electric Rickshaws. These new loan products join their existing range of Electric Rickshaws, E-loaders, and other L3 EV lending products.

The Indian Electric Rickshaw Market is predicted to reach USD 1.15 billion in 2024 and increase to USD 2.81 billion by 2029, at an 11% CAGR. The main factors behind this rise is environmental concerns, government initiatives, and technological advancements that make electric rickshaws an affordable and environmentally benign mode of transportation.

Flexible Loan Options

The flexibility parameters provided by PHF seek to make the transition to electric mobility more accessible to a wider audience. In the Used E-Rickshaw loan market, clients can take advantage of 6-month interest-free financing choices, making EV adoption even more appealing.

Leader in E-Rickshaw Financing

PHF Leasing is a category "A" deposit-accepting NBFC licensed with the Reserve Bank of India since 1998. The company has long been a leader in E-Rickshaw financing and is one of the fastest-growing businesses in the industry. The company also provides mortgage loans against immovable property (LAP) and finance for various sorts of electric automobiles.

Shalya Gupta, CEO of PHF Leasing Limited, commented, 'We've already established PHF Leasing as the leaders in E-Rickshaw finance, and it was time to expand into the electric cargo sector and introduce new products.'

Also Read: Mahindra Last Mile Mobility Gears Up for IPO Within Few Years, Announces MD Anish Shah

CMV360 Says

PHF Leasing’s expanded EV loan portfolio will boost electric vehicle adoption by offering financing for cargo vehicles, two-wheelers, and used E-Rickshaws. 

This supports environmental goals by reducing emissions and promoting eco-friendly transportation. Flexible, interest-free loan options make EVs more accessible, driving economic benefits and market growth.