Financiers Launches EMFAI To Finance Electric Vehicles

A group of financiers that are actively financing electric vehicles have come together to launch an association, EMFAI. EMFA, will act as a common platform for all the financial institutions involved in financing electric vehicles and other products and services relevant to the ecosystem. The mission of the association is to enable the fast adoption of electric mobility, shape policies and guidelines, and mitigate risks associated with electric mobility.

“Members of EMFAI have jointly financed over 100,000 electric vehicles, disbursing over INR 1000 crores in loans and leases to individual drivers and fleet operators. It is our endeavour to ensure that electric vehicles become mainstream, thereby helping India achieve its carbon targets” said Sameer Aggrawal, the Founder and CEO of RevFin. He will be serving as founding President of the association.

“India’s EV adoption rate is moving slowly primarily because they are not priced at par with ICE vehicles and come at a premium. It influences the purchase decision of buyers. We aim to facilitate the fast adoption of electric mobility in India through this association by establishing a partnership. This will also help promote and encourage electric mobility financing and will lessen the risk associated” said Rohit Mehta who is Managing director of Akasa Finance. Also, he will serve as the Vice President of the association. 

Access to capital is one of the largest constraints and opportunities for the large-scale adoption of electric vehicles in India. Members of EMFAI have committed to providing this access not only for electric vehicles but also for associated infrastructure and ancillary products. Revfin, Mufin Green Finance, Akasa Finance, Prest Loans, Vedika Fincorp and Grip Invest are some of the members of the association.