PHF Leasing Limited widens its EV Loan portfolio

Press Release, May 15, 2024, 5:04 PM IST

PHF Leasing Limited, the Metropolitan Stock Exchange listed (PHF / INE405N01016), deposit accepting NBFC, headquartered in Jallandhar, Punjab, has extensively widened its Electric Vehicle Loan portfolio by including loan products for purchase of Electric Cargo vehicles in L5 Category, Electric two-wheelers and Used E-Rickshaw loans.

These are in addition to the current Electric Rickshaws, E-loaders and other L3 EV Loan products that are already available. PHF Leasing is committed to the adoption of electric vehicles across various sectors, including logistics, last-mile delivery, and rural and urban transportation.

PHF Leasing is a category “A” Deposit accepting Non-Banking Financial Company registered with Reserve Bank of India since 1998. The company offers Mortgage loans against immovable property (LAP) and financing of E-vehicles primarily E-rickshaws, E-loaders and EV – 2 wheelers.

“As a socially conscious corporate citizen, PHF Leasing is committed to furthering the cause of sustainable transportation and in India that means Electric vehicles. We’ve already established PHF Leasing as the leaders in E-Rickshaw financing and are amongst the fastest growing players in the segment. It was time to include the electric cargo category and bring in new products in the segment. Today, our portfolio for EV financing is complete and now the customer can choose from many options available”, says Shalya Gupta, CEO, PHF Leasing Limited. He further added that PHF leasing is focused on providing loans to the underserved sections of the society with an aim to make them self-reliant.

According to research studies, the India Electric Rickshaw Market size is estimated at USD 1.15 billion in 2024, and is expected to reach USD 2.81 billion by 2029, growing at a CAGR of 11%. The E-Rickshaw segment offers an eco-friendly alternative to address the country’s transportation woes. Driven by reasons such as increasing environmental concerns, government initiatives, and availability of better products through tech advancements, Electric rickshaws offer cost-effective solutions for operators, as they are less expensive to maintain and operate than any other petrol or diesel vehicles.

With loan tenures of upto 3.5 years for L5 Electric Vehicles and from 6 month to 1.5 years for other categories, PHF Leasing aims to make the conversion to electric mobility accessible to a much wider audience with its very competitive products and quick loans. In the Used E-Rickshaw loan segment, 6 months, interest free loan options are also available for the consumers.