PHF Leasing Limited has significantly expanded its Electric Vehicle (EV) loan portfolio now offering loans for Electric Cargo vehicles in the L5 category, Electric two-wheelers, and Used E-Rickshaws. These new loan products complement their existing portfolio, which includes Electric Rickshaws, E-loaders, and other L3 EV loan products.
PHF Leasing, a category “A” Deposit accepting NBFC registered with the Reserve Bank of India since 1998, has long been a leader in E-Rickshaw financing and is among the fastest-growing players in the segment. The company also offers mortgage loans against immovable property (LAP) and financing for various types of E-vehicles.
Shalya Gupta, CEO of PHF Leasing Limited, stated 'We’ve already established PHF Leasing as the leaders in E-Rickshaw financing, and it was time to include the electric cargo category and bring in new products in the segment.' The Indian Electric Rickshaw Market is estimated to reach USD 1.15 billion in 2024 and is expected to grow to USD 2.81 billion by 2029, with a CAGR of 11%. This growth is driven by increasing environmental concerns, government initiatives, and advancements in technology that make electric rickshaws a cost-effective and eco-friendly transportation solution.
The flexibility parameters offered by PHF aims to make the transition to electric mobility accessible to a broader audience. In the Used E-Rickshaw loan segment, consumers can benefit from 6-month, interest-free loan options, making EV adoption even more attractive.