The non-Government body aims to ensure faster EV adoption in the country by focusing on the financing of EVs and other products and services relevant to the ecosystem
India, September 7, 2022: A group of financiers that are actively financing electric vehicles have come together to launch an association, EMFAI. EMFAI will act as a common platform for all the financial institutions involved in financing electric vehicles and other products and services relevant to the ecosystem. The mission of the association is to enable fast adoption of electric mobility, shape policies and guidelines, and mitigate risks associated with electric mobility.
Access to capital is one of the largest constraints and opportunities for large scale adoption of electric vehicles in India. Members of EMFAI have committed to provide this access not only for electric vehicles, but also for associated infrastructure and ancillary products. Some of the members of the association include Revfin, Mufin Green Finance, Akasa Finance, Prest Loans, Vedika Fincorp and Grip Invest.
Sameer Aggarwal, the Founder and CEO of RevFin, a digital platform that provides loans for electric vehicles will serve as the founding President of the association. Sameer Aggarwal said, “members of EMFAI have jointly financed over 100,000 electric vehicles, disbursing over INR 1000 crores in loans and leases to individual drivers and fleet operators. It is our endeavour to ensure that electric vehicles become mainstream, thereby helping India achieve its carbon targets.”
Rohit Mehta, Managing Director of Akasa Finance, one of the pioneers of electric vehicle financing in India will be the Vice President of the association. Rohit Mehta said, “India’s EV adoption rate is moving slowly primarily because they are not priced at par with ICE vehicles and come at a premium. It influences the purchase decision of buyers. We aim to facilitate fast adoption of electric mobility in India through this association by establishing a partnership. This will also help promote and encourage electric mobility financing and will lessen the risk associated.
India has set a goal to achieve EV sales accounting for 30% of private cars, 70% of commercial vehicles, and 80% of two and three-wheelers by 2030. In a country that is still heavily dependent on coal, stringent steps have to be taken to achieve these ambitious targets. Electric Mobility Financiers Association of India (EMFAI) intends to emerge as a significant benefactor in achieving India’s higher EV adoption target.
Striving to work towards improving financial inclusion in India, Revfin (Revfin Services Private Limited) is an advanced digital consumer lending platform that makes getting a loan convenient and accessible to all individuals. The fintech platform has its own NBFC to issue the loan amount using non-traditional data and the three key techniques – Biometrics, Psychometrics and Gamification.