Mangalam Industrial Finance Ltd. (MIFL), has announced the launch of an extensive financing program aimed at fleet operators of electric vehicles throughout India. The program supports the government’s drive for environmentally friendly transportation and represents a major advancement in the commercial EV financing market.
In order to meet the increasing demand for green mobility solutions in the business transportation industry, the new funding program will include a wide range of commercial electric vehicles, from buses to two-wheelers. With financing options for electric buses, trucks, taxis, delivery vehicles, and three-wheelers, MIFL’s program gives fleet operators the money they need to make the switch to electric vehicles.
“The commercial transportation sector is at a crucial juncture in its transition to sustainable solutions,” said Venkata Ramana Revuru, Managing Director and Chairman of MIFL. “Our financing program is designed to address the specific needs of fleet operators looking to adopt electric vehicles while supporting the broader goal of reducing emissions in India’s transportation sector.”
The program’s flexible payback terms and market-competitive interest rates are designed to help business operators make the switch to electric vehicles more financially feasible. In order to streamline the execution of electric fleet projects, MIFL has also formed a specialised staff to offer advice throughout the financing process.
The government’s initiatives encouraging clean energy transportation and raising awareness of environmental sustainability are driving the electric vehicle market’s notable growth in India at the time of this endeavour. It is anticipated that the program will help increase the use of electric vehicles in the commercial sector, especially among fleet operators who have previously had trouble obtaining funding for the switch to electric vehicles.