DBT Bureau
Bengaluru, 17 April
Fintech lending startup Cashe has forayed into the burgeoning EV (electric vehicle) market through the launch of ‘CASHe Green,’ under which the company will provide customized financing options to buyers of EV 2-wheelers.
In a press release, the company said it will provide financing options up to Rs 2 lakh in credit. The finance solution also includes an exchange option, that enables customers to swap their existing Internal Combustion Engine (ICE) two-wheelers for a new electric 2-wheeler.
Under the financing scheme, it offers affordable interest rates of less than 1% per month with EMIs spread over 20 months, making EVs a financially attractive option, the company said.
As part of the initiative, Cashe has partnered with three two-wheeler OEMs and loans will be available through its fully digital finance platform.
“CASHe Green is a technology platform fully focused on financing 2W electric mobility. With its user-friendly digital lending suite, pocket-friendly finance solutions, and countrywide reach, we aim to create an innovative, tailor-made financial experience for e2W customers,” Cashe’s CEO, Yashoraj Tyagi said in a statement.
“Through CASHe Green, we are happy to promote a sustainable and net-zero emissions future by providing financial support to individuals making eco-conscious choices,” Tyagi added. According to the company, it aims to democratise EV consumers’ access by offering cost-effective financing options.
EV sales have been rising in India as users adopt green options to reduce emissions. Two-wheeler sales constitute a significant part of total sales in the EV space.
In 2023, electric two-wheelers accounted for 62% of total electric vehicle sales in the country with 866,853 units getting sold during this period. This was 33% increase over the previous year. Favourable government incentives, innovative startups, and conscious consumers are driving the rising sales of EVs in India.
