RevFin, a financial technology (FinTech) company received funds of ₹5 crore through angel investors. The company provides Loan for e-rickshaws and e-scooters.
RevFin providing loans to e-rickshaws and e-scooters
The digital lending start-up is building an advanced platform to underwrite and manage consumer loans through its own-banking finance company.
Loan for e-rickshaws and e-scooters
There are 2 types of loans, one is the regular amortizing loan used to finance an EV and customers need to pay it as usual monthly installment basis and the second is the RevLoan, it is the revolving line of credit. In this customers can pay for what they use only. It is like a small overdraft/working capital facility.
The benefit of this platform is that is gamification which allows the customers financially prudent by rewarding them for repaying their loans on time.
Tied up with Saarthi and Mayuri
Rewards can be the fewer interest rates and waiving of EMIs. The company’s main motto is to provide clean technology financing of electric three-wheelers. It has also tied up with the manufacturers of electric vehicles such as Saarthi and Mayuri.
It has financed 500 EVs in India
E-rickshaws are the most and highly used vehicles in India for everyday commutes. E-rickshaws are replacing the ICE three-wheelers and RevFin is contributing to reducing the carbon footprints from the country. Till now it has financed 500 EVs in India.
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