Paisalo Digital has announced a collaboration with Mahindra Last Mile Mobility Limited (MLMML), a subsidiary of Mahindra and Mahindra, to provide tailored financing solutions for MLMML’s commercial electric and internal combustion engine (ICE) three- and four-wheelers. This partnership aims to support India’s transition to sustainable mobility by expanding financing options for individuals and businesses, especially during the holiday season when vehicle sales traditionally increase.
Paisalo Digital Limited is a non-banking financial company registered with the Reserve Bank of India, with a distribution network in rural and semi-urban areas. With over 52 lakh borrowers and 2884 touchpoints across the country, Paisalo is a pioneer in co-lending and credit distribution services, the company said in a media release.
Santanu Agarwal, Deputy Managing Director of Paisalo Digital Limited said, “With the holiday season approaching, this partnership is ideally positioned to leverage India’s seasonal buying trends. As consumers prepare for major purchases during Diwali and other celebrations, the improved financing options for electric vehicles are expected to drive higher demand. This time of year is traditionally linked to vehicle sales, and by offering flexible, affordable financing, we will encourage more buyers to see electric vehicles as a cleaner, smarter choice. We believe this festive season will be key in boosting EV sales.”
The partnership will provide innovative financing packages for commercial EV and ICE vehicle buyers, featuring competitive interest rates and minimal documentation processes. These initiatives aim to ensure that customers can transition to electric vehicles without financial strain.
MLMML, focusing on last-mile mobility solutions, sees this collaboration as a significant step towards advancing the adoption of electric vehicles in India. The move aligns with the broader goal of promoting sustainable and eco-friendly transport solutions in the country.
By addressing the rising demand for commercial electric vehicles and enhancing the financing options available, the collaboration hopes to encourage more businesses and individuals to invest in sustainable mobility solutions.
