Banks and financial institutions have long been reluctant to finance electric vehicles (EV). Manufacturers of EV have struggled with this and it has impacted their growth as well as adoption. Sensing a gap and need in the market, Ujjivan Small Finance Bank has entered the space.
“We recognise that very few financial institutions are offering such financing options in the electric vehicle segment, which is a potential income earning opportunity, especially beyond tier-II cities of the country, Samit Ghosh, MD, Ujjivan SFB, said. Ujjivan will offer its unbanked and under-banked customers access to easy financing options for electric three-wheelers, Ghosh said.
