PHF Leasing Limited has increased the range of loans it offers for electric vehicles (EVs).
The company now provides financing solutions for the acquisition of used e-rickshaws, electric two-wheelers, and electric cargo trucks in the L5 Category. These developments show PHF Leasing’s dedication to encouraging the use of electric vehicles across a range of industries, including logistics, last-mile delivery, and both rural and urban transportation. They also supplement the current loan options for electric rickshaws, e-loaders, and other L3 EV products.
PHF Leasing is a non-banking financial company that falls under category “A” and has been registered with the Reserve Bank of India since 1998. The company funds e-vehicles, including rickshaws, loaders, and electric two-wheelers, and offers mortgage loans secured by real estate.
Shalya Gupta, CEO of PHF Leasing Limited, emphasized the company’s dedication to sustainable transportation, stating, “As a socially conscious corporate citizen, PHF Leasing is committed to furthering the cause of sustainable transportation and in India that means Electric vehicles. We’ve already established PHF Leasing as the leaders in E-Rickshaw financing and are amongst the fastest growing players in the segment. It was time to include the electric cargo category and bring in new products in the segment. Today, our portfolio for EV financing is complete and now the customer can choose from many options available”
Research indicates that the Indian Electric Rickshaw Market, valued at USD 1.15 billion in 2024, is projected to grow to USD 2.81 billion by 2029, at a CAGR of 11%. The e-rickshaw segment presents an eco-friendly solution to transportation challenges, driven by environmental concerns, government initiatives, and technological advancements. electric rickshaws offer cost-effective operations, being cheaper to maintain and run compared to petrol or diesel vehicles, the company shared.
The company offers loan tenures of up to 3.5 years for L5 electric vehicles and from 6 months to 1.5 years for other categories, making electric mobility more accessible with competitive products and quick loan approvals. For used e-rickshaw loans, consumers can avail of interest-free loan options for up to 6 months. This comprehensive approach aims to empower underserved sections of society, helping them become self-reliant through accessible financing options for sustainable transportation.