As India races toward a sustainable future, financing is proving to be one of the most critical enablers of electric vehicle (EV) adoption. Amid this transformation, Greaves Finance has carved a distinctive niche as India’s only 100% EV-focused NBFC. Backed by the legacy and ecosystem of Greaves Cotton, the company has emerged as a pioneering force in clean mobility financing since its inception in 2019. With an unwavering focus on electric vehicles, Greaves Finance has developed innovative, customer-centric solutions that address the unique challenges of EV ownership—ranging from high upfront costs to concerns around resale value and battery performance.
The company’s rapid expansion across 47 cities, strategic partnerships with leading OEMs like Ather Energy, OLA, and Hero Vida, and diverse financing products like Zip.fin, Eco.fin, Smart.fin, and Ride.fin highlight its commitment to making EVs more accessible to the masses. More than just a lender, Greaves Finance has positioned itself as an enabler of the complete EV journey—offering loan protection, extended warranties, resale assurance, and more.
In a recent interview, Rashmi interacted with PB Sunil Kumar, CEO, Greaves Finance and discussed how the company is driving affordable EV ownership, overcoming financing barriers, and building a future-ready mobility ecosystem across India.
How has your journey been as a 100% EV-focused NBFC, and what factors have driven your rapid growth in this niche market?
Our journey as a 100% EV-focused NBFC has been both transformative and rewarding. When we entered the EV financing space in 2019, we understood the need for specialized solutions in the growing electric mobility sector. By focusing exclusively on EVs, we have been able to offer products and services that directly address the unique needs of this market.
Our growth has been driven by a combination of factors: a customer-centric approach, a seamless digital lending platform with quick loan approval times, and our ability to forge strategic partnerships with leading OEMs such as Ather Energy, OLA, River Mobility, and others. Additionally, our diverse range of financing products provides consumers with tailored options to meet their specific needs. We have also leveraged the power of co-lending partnerships, such as with Muthoot Capital, to expand our financial reach. These efforts have enabled us to establish a strong presence across India, covering 47 cities covering over 50% of the electric two-wheeler market.
What challenges did you face in establishing yourself as an EV-focused NBFC, and how did you overcome them?
Establishing ourselves as an EV-focused Non-Banking Financial Company (NBFC) came with a unique set of challenges, but also with tremendous opportunities. The transition to focus primarily on electric vehicles (EVs) required both strategic foresight and operational agility.
- One of the first challenges we faced was educating the market—both consumers and businesses—about the benefits of EVs and the financing solutions we offer. The EV market is still in its nascent stages, and many potential customers are hesitant to invest due to concerns over cost, charging infrastructure, and range anxiety. To overcome this, we had to debunk some of these apprehensions, collaborate with EV manufacturers, and provide informative resources to guide customers through the financing process and benefits of EV adoption
- Establishing partnerships with EV manufacturers, charging infrastructure companies, and other stakeholders in the EV ecosystem is critical. The challenge is convincing these entities of the long-term potential of EVs and the value of collaborating with a specialized financial partner like evfin (Greaves Finance)
- Financing EVs comes with a set of risks, including concerns about residual value, battery life, and evolving technology. We developed innovative financial products that account for these risks, offering flexible loan terms, attractive interest rates, and maintenance packages. Our in-house research and close engagement with EV manufacturers helped us understand and mitigate these risks, which strengthened the trust we built with our customers
- As an NBFC, we needed to build a specialized team that understood the intricacies of the EV sector, from technical aspects to financing nuances. We invested in training our team, building a knowledge base, and hiring experienced professionals with deep insights into the EV ecosystem.
How do your interest rates compare with other players in the market, and what makes your loan offerings stand out?
Our interest rates are highly competitive, aligned with industry benchmarks, and tailored to enable faster EV adoption across diverse customer segments. What sets EVFin apart is our deep understanding of the electric mobility ecosystem—being part of the Greaves group allows us to offer customised loan solutions, faster approvals, and better integration with EV OEMs and dealers. We don’t just finance vehicles—we finance access to clean mobility.
Can you share insights into how your customer-centric approach influences your interest rate policies?
At Greaves Finance, we are committed to offering the best to our customers. Our analysis of the EV financing market revealed that a significant number of EV buyers seek low-interest financing options and customised solutions tailored to their specific needs. This insight led us to develop tailored financing solutions, such as loan approval in under 3 minutes through our seamless digital lending process. We offer a variety of EV financing options, including zip.fin, eco.fin, smart.fin and ride.fin, each designed to meet different consumer needs. This diverse selection empowers customers to choose the financing option that best aligns with their financial goals, setting evfin apart from other platforms.
Many customers have trouble when making a purchase due to the multiple financing options provided by different NBFC’s. To address this, we offer assisted buying and expert recommendations, ensuring customers receive the best advice on which financing option suits their needs.
The real journey begins after purchasing a vehicle. Initially, customers may enjoy free services from the company for a certain period, but eventually, they face increasing service costs, which limit the services they can afford and ultimately drops the vehicle’s resale value. This is where we truly stand out. We offer comprehensive lifecycle services, including loan protection insurance, extended warranties through our insurance partners, and an EV resale marketplace supported by battery underwriting.
These services add substantial value to the consumer, ensuring they are supported throughout the entire ownership journey. Additionally, our inclusion of resale value assurance, with locked-in resale prices, addresses a common concern in the EV market—resale value—providing consumers with peace of mind that their investment is protected.
What range of financing options do you offer, and how do they cater to the varying needs of customers in the EV segment?
At Greaves Finance, we strive to make electric vehicle (EV) ownership accessible and affordable through a variety of financing options. Our loans start at an attractive interest rate of just 5.99%, ensuring that more customers can consider switching to EVs.
To cater to the diverse needs of our customers, we offer several other specialised financing plans like,
Zip.fin: This option is perfect for those who need quick and straightforward financing. It offers lower interest rates and up to 100% financing on-road price, making it an excellent choice for immediate purchases.
Eco.fin: Tailored for eco-conscious and budget-friendly buyers, Eco.fin provides competitive interest rates, up to 90% financing of the on-road price, and loan tenures up to 48 months. It’s designed to offer the best value for money.
Smart.fin: Ideal for tech-savvy early adopters, Smart.fin includes attractive EMI plans and an assured buyback option. Customers can upgrade to the latest EV model after 36 months, removing any concerns about resale value.
Ride.fin: This plan is designed for daily commuters, offering low EMIs and a loan tenure of 48 months. Customers have the flexibility to return the vehicle at the end of the loan term or continue with the same EMIs for a few additional months.
How do you ensure flexibility in interest rates and loan structures to attract a broader customer base?
Evfin goes beyond traditional financing by offering a comprehensive service ecosystem that includes insurance, access to charging stations, and after-sales support. This holistic approach differentiates us from banks and traditional NBFCs, providing added convenience and building trust among our customers.
To meet diverse customer needs, we’ve introduced innovative financing products such as SmartFin, which include buyback options to address concerns about EV resale value. Additionally, zipFin caters to short-term requirements with low-interest loans, while EcoFin serves as a reliable standard financing option. These flexible loan structures and interest rate options ensure that customers have access to tailored financial solutions, fostering confidence and driving EV adoption.
Can you elaborate on your collaborations with leading EV manufacturers and how these partnerships enhance your financing solutions?
At Greaves Finance, our collaborations with leading electric two-wheeler manufacturers like Ather Energy, OLA, Hero Vida, River Mobility, and other top players who hold maximum market share, are central to our mission of making electric mobility more accessible and seamless. These partnerships allow us to offer customized financing solutions that cater to the specific needs of both consumers and OEMs, ensuring that we deliver products that enhance the ownership experience.
For OEMs and dealers, this partnership reduces the financial risks associated with resale values and fosters stronger customer trust. It also encourages more frequent upgrades, which drives sales and strengthens customer retention.
Ultimately, these collaborations allow us to offer a comprehensive suite of financing products that not only meet the immediate needs of EV buyers but also support long-term growth in the electric mobility sector.
How do these tailor-made financing options benefit customers looking to transition to electric mobility?
Greaves Finance empowers customers to embrace electric mobility with bespoke financing options tailored to their diverse needs. Our platform offers a range of flexible financing products, each designed with specific customer priorities in mind. Whether driven by cost savings, environmental concerns, or the desire for advanced features, customers can find a financing solution that aligns perfectly with their financial objectives, making EV ownership more accessible and affordable.
Our assisted buying feature further empowers customers by providing personalized recommendations and expert guidance on vehicle and financing choices, ensuring they make well-informed decisions and get the most from their investment.
Beyond the initial purchase, our lifecycle services, including loan protection, extended warranties, and a resale marketplace, provide ongoing value and peace of mind throughout their EV ownership journey. This comprehensive support, coupled with our fast and easy loan approvals, makes the switch to electric mobility a smooth and enriching experience.
What role does your pan-India presence play in supporting the adoption of EVs across different regions of the country?
As an NBFC deeply integrated within the electric mobility value chain, EVFin is driven by the vision of making EVs affordable and accelerating their mass adoption. Our strategy for the next five years centers on empowering underserved markets with smart, sustainable mobility through inventive financing, digital lending platforms, and strategic alliances across the EV ecosystem, including OEMs, dealers, and charging networks. By supporting every stage of the EV journey, from vehicle to infrastructure, we aspire to be a key enabler of inclusive EV growth across the nation.