California-based BILITI Electric Inc announced that the Small Industries Development Bank of India (SIDBI), the principal financial institution engaged in the promotion, financing and development of MSMEs, has approved sanctioning loans for purchasing GMW Taskman Electric 3W Autos.
BILITI’s Taskman vehicle is the first in the e-van segment to get financing approval as part of the programme. SIDBI will be using its Digital Prayaas’ programme for the same. The bank has also tied up with a major aggregator, BigBasket, to onboard its delivery partners across the country and provide loans at an affordable interest rate for purchasing electric vehicles suitable for deliveries. The development enables BigBasket delivery partners to purchase GMW Taskman 3W vehicles at an 8-10% interest rate.
Rahul Gayam, CEO, BILITI Electric, said, “We are extremely happy to collaborate with SIDBI-BigBasket on this unique financing option for BILITI Taskman 3-wheeler electric vehicles.'
SIDBI Chairman and Managing Director Sivasubramanian Ramann, said “The App facilitates speedy onboarding of loan applicants in a digital and integrated process which has made the entire programme scalable with better risk management and would further improve customer satisfaction.”