MUMBAI: Small Industries Development Bank of India (Sidbi) has announced a new scheme under which it will provide direct finance at competitive rates for the purchase of electric vehicles (EVs) to micro, small and medium enterprises (MSMEs).
This would cover vehicle aggregators, fleet operators, and leasing companies. The financial institution will also fund non-banking finance companies (NBFCs) that provide loans for EV purchases and push electrification in the three-wheeler segment.
The direct finance will also be available to those developing charging infrastructure, including battery-swapping. The indirect scheme targeted at NBFCs will reach out to the last mile by inducing access to funds as well as reducing landed costs.
