Non-banking financial company Mangalam Industrial Finance Ltd. launches financing solutions for electric vehicle fleets, supporting India's transition to sustainable commercial transportation infrastructure.
17 Feb 2025 | 1747 Views | By Sarthak Mahajan
Mangalam Industrial Finance Ltd. (MIFL), a prominent Non-Banking Financial Company, today announced the introduction of a comprehensive financing program targeting electric vehicle fleet operators across India. The initiative marks a significant development in the commercial EV financing sector and aligns with the government's push toward sustainable transportation.
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Mangalam Industrial Finance Ltd. (MIFL), a prominent Non-Banking Financial Company, today announced the introduction of a comprehensive financing program targeting electric vehicle fleet operators across India. The initiative marks a significant development in the commercial EV financing sector and aligns with the government's push toward sustainable transportation.
The new financing program will cover a broad spectrum of commercial electric vehicles, ranging from two-wheelers to buses, addressing the growing demand for green mobility solutions in the commercial transport sector. MIFL's program includes financing options for electric buses, trucks, taxis, delivery vehicles, and three-wheelers, offering fleet operators access to capital necessary for transitioning 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 features market-competitive interest rates and flexible repayment terms, aimed at making the transition to electric vehicles more financially viable for commercial operators. MIFL has also established a dedicated team to provide guidance throughout the financing process, streamlining the implementation of electric fleet projects.
This initiative comes at a time when India's electric vehicle market is experiencing significant growth, driven by government policies promoting clean energy transportation and increasing awareness of environmental sustainability. The program is expected to contribute to the expansion of electric vehicle adoption in the commercial sector, particularly among fleet operators who have historically faced challenges in securing financing for electric vehicle transitions.