In a strategic move to accelerate electric vehicle adoption across India, Kinetic Green has announced a significant partnership with IIFL Samasta Finance. The partnership aims to make electric vehicles more accessible through organized financing options, marking another milestone in India’s transition toward sustainable mobility.
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Partnership Overview
This collaboration between the leading EV manufacturer and the established financial services provider promises to bridge the affordability gap that often prevents consumers from switching to electric vehicles.
| Partnership Details | Specifications |
|---|---|
| Partners | Kinetic Green + IIFL Samasta Finance |
| Focus Area | Electric two-wheelers and three-wheelers |
| Coverage | 13 states through 370 branches |
| Financing Options | Convenient EMI schemes and flexible terms |
| Target Market | Rural and semi-urban customers |
Breaking Down Financial Barriers
One of the biggest challenges in EV adoption has been the higher upfront cost compared to conventional vehicles. This partnership addresses that concern by offering structured financing solutions that make electric vehicles more affordable for the average Indian consumer.
IIFL Samasta is passionate about making a real impact in people’s lives by providing accessible and affordable financial services, which aligns perfectly with Kinetic Green’s mission to democratize clean mobility.
Strategic Market Expansion
Kinetic Green has been actively forging partnerships with financial institutions to expand its market reach. The company has previously collaborated with:
- State Bank of India: Offering up to 90% financing at 7% interest rate for electric rickshaws in North India
- IndusInd Bank: Providing up to 100% LTV at attractive interest rates for electric two-wheelers
- Cholamandalam Finance: For hassle-free EV financing solutions
Impact on EV Accessibility
This partnership is particularly significant for India’s rural and semi-urban markets, where financing options are often limited. Kinetic Green already offers multiple financing options including EMI schemes, and this new alliance with IIFL Samasta will further strengthen their financial ecosystem.
The collaboration comes at a crucial time when the Indian government is pushing for 30% EV penetration by 2030 through various incentives and policy support.
Market Implications
With IIFL Finance offering a gamut of services including financing and wealth management, this partnership brings institutional credibility to EV financing. The move is expected to:
- Accelerate EV adoption in tier-2 and tier-3 cities
- Create more employment opportunities in the green mobility sector
- Support India’s carbon neutrality goals
Looking Ahead
As India’s EV market continues to evolve, such strategic partnerships between manufacturers and financial institutions will play a crucial role in driving mass adoption. This collaboration sets a precedent for how the industry can work together to make sustainable transportation accessible to all economic segments.
For more insights on India’s evolving EV landscape, explore our coverage of EV financing trends and electric vehicle market analysis.
Source: Autocar Professional
