New Delhi: Mufin Green Finance, with support from SIDBI (Small Industries Development Bank of India), accelerates the EV uptake in India by extending its financing solutions in the domain. SIDBI has already sanctioned financial assistance for the NBFC in the form of a term loan, with a maximum limit of INR 10 crore.
Established in 1990, SIDBI acts as a Principal Financial Institution for the promotion, financing and development of the MSME sector. As part of the partnership with SIDBI, Mufin Green Finance becomes an authorized partner of SIDBI to promote EV financing among industry stakeholders including fleet operators, aggregators, etc. and develop the MSME sector. As mandated by SIDBI, it has established points of sales in various cities to expand its reach and increase accessibility to EV financing options across regions.
Kapil Garg, the Founder of Mufin Green Finance, said, “This collaboration between Mufin and SIDBI marks a significant milestone in the field of EV financing, showcasing Mufin’s dedication to supporting sustainable mobility solutions in India. With this accreditation, Mufin is well-positioned to offer competitive financing options to individuals and businesses venturing into the electric vehicle sector. We are confident and look forward to facilitating EV adoption and penetration in the country.”
The successful accreditation obtained by Mufin Green Finance from SIDBI, based on stringent eligibility criteria for financing a product having AIS-156 certified batteries and pre-fitted telematics device, not only facilitates risk mitigation for electric vehicle financiers but also makes a significant impact on the EV industry as a whole.
RK Singh, CGM of SIDBI, said, “Our partnership with Mufin Green is aligned with India’s commitment to achieving zero net emissions by 2050. We value the efforts of Mufin and the impact it has created in the industry. This shall benefit the industry through a two-pronged approach – increasing EV penetration as well as promoting financial inclusion for the underserved.”
