Fleet financing could be disbursed in 24 hours of completion of documentation, enabling fleet-owners’ rapid go-to-market.
SUN Mobility and Revfin have joined forces to accelerate electric vehicle (EV) adoption in India by offering innovative financing solutions for fleet and passenger vehicles utilizing SUN Mobility’s Battery-as-a-Service (BaaS) model. Revfin will finance 2Ws for fleet business and 3Ws for cargo and passenger vehicle segments. Over the next 2 years, SUN Mobility plans to deploy almost 100k of these vehicles under the BaaS model.
Revfin uses innovative AI-powered tools that enable customers to find out their loan eligibility within 16 minutes. Financing for deals related to fleets can be disbursed within 24 hours of completion of documentation. This would provide seamless financing for SUN Mobility’s customers, including those without a traditional credit history. Revfin’s AI-powered tools will also help assess a customer’s ability and intention to repay via data which is collected through customers’ online presence, psychometric tests, and gamification.
This manner of financing would offer advantages for users of SUN Mobility’s battery swapping technology. These vehicles are 40% less expensive than ICE vehicles, making this the most affordable option available in the market today.
To ensure responsible lending and manage potential risks, vehicles financed by Revfin are equipped with IoT devices, enabling the company to monitor vehicle usage and identify potential issues.
Speaking about the partnership, Sameer Agarwal, CEO & founder of Revfin, expressed enthusiasm about the venture, stating, “Our collaboration with SUN Mobility underscores our commitment towards a shared vision for a greener, more sustainable future, powered by innovative financing solutions and cutting-edge electric mobility technology. By extending our tailored financing options for electric fleet operators, we aim to accelerate the adoption of electric vehicles and drive positive environmental impact.”
Anant Badjatya, CEO, SUN Mobility, said, “We’re thrilled to join forces with Revfin. By combining SUN Mobility’s innovative battery swapping technology with Revfin’s accessible financing solutions, we’re paving the way for a cleaner, greener future for all.”