With the support of SIDBI, Mufin Green Finance is focused on addressing prominent gaps in the EV financing market, and providing improved solutions to achieve scale
Delhi, June 2023: Mufin Green Finance – India’s first listed NBFC dedicated to EV financing, with support SIDBI (Small Industries Development Bank of India) accelerates the EV uptake in India by extending its financing solutions in the domain. SIDBI has already sanctioned financial assistance for the NBFC in the form of a term loan, with a maximum limit of Rs.10 crores.
Established in 1990, SIDBI acts as a Principal Financial Institution for the promotion, financing and development of the MSME sector. As part of the partnership with SIDBI, Mufin Green Finance becomes an authorized partner of SIDBI to promote EV financing among industry stakeholders including fleet operators, aggregators, etc. and develop MSME sector. As mandated by SIDBI, it has established points of sales in various cities to expand its reach and increase accessibility to EV financing options across regions.
Delighted with the partnership, Kapil Garg, the Founder of Mufin Green Finance said “This collaboration between Mufin and SIDBI marks a significant milestone in the field of EV financing, showcasing Mufin’s dedication to supporting sustainable mobility solutions in India. With this accreditation, Mufin is well-positioned to offer competitive financing options to individuals and businesses venturing into the electric vehicle sector. We are confident and look forward to facilitating EV adoption and penetration in the country.”
The successful accreditation obtained by Mufin Green Finance from SIDBI, based on stringent eligibility criteria for financing a product having AIS-156 certified batteries and pre-fitted telematics device, not only facilitates risk mitigation for electric vehicle financiers but also makes a significant impact on the EV industry as a whole.
Commenting on the alliance, Dr. RK Singh, CGM of SIDBI said, “Our partnership with Mufin Green is aligned with India’s commitment to achieving zero net emissions by 2050. We value the efforts of Mufin and the impact it has created in the industry. This shall benefit the industry through a two-pronged approach – increasing EV penetration as well as promoting financial inclusion for the underserved.”
In addition, the partnership signifies the availability of reliable financing options specifically tailored for EVs, encouraging its growth and making EVs more accessible to consumers. This development not only boosts investor confidence but also fosters innovation and sustainability in the sector, ultimately driving the transition towards a greener and cleaner transportation ecosystem.
Furthermore, SIDBI emphasizes on implementing a robust collection process to ensure timely and efficient recovery of loans. It will ensure mitigation of risks and maintain a strong financial framework. Mufin Green Finance has demonstrated its commitment to sound financial practices and loan recovery. Additionally, it has built a robust IT infrastructure for loan management and monitoring systems, meeting the stringent requirements set by the principal bank. This technological foundation further supports effective loan tracking, management and monitoring, contributing to overall stability of the financing process.
Mufin has implemented a repossession system to ensure effective management of assets in accordance with industry best practices to ensure the efficient and effective asset management. This system enables timely and lawful retrieval of assets in cases of default, minimizing losses and maximizing recovery. By following established procedures and leveraging advanced technology,
Mufin can streamline the repossession process, protect their investments, and maintain a strong financial position. This commitment to asset management safeguards the interests of stakeholders while upholding industry standards and regulatory compliance.
Mufin Green Finance is a 100% focused company on EV financing. In a short span, it has expanded its horizon in terms of financing products ranging from electric vehicles to financing electric vehicle ecosystems.
Pioneering a Green future – Mufin Green Finance
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