SIDBI introduces EV financing solution

MSMEs (Micro, Small and Medium Enterprises) and NBFCs catering to the EV ecosystem face challenges related to accessing adequate finance, including competitive rates of interest, said SIDBI.

This pilot will be followed by scaling up support to the ecosystem from multilateral support, it stated.

SIDBI has launched a pilot scheme for better financing terms in the electric vehicle space and strengthening the entire ecosystem.

The initial phase of 'Mission 50K-EV4ECO' aims at strengthening the EV ecosystem, including uptake for two, three and four-wheelers through direct and indirect lending, Small Industries Development Bank of India (SIDBI) said in a statement.

Followed by the pilot it will be scaling up support to the ecosystem from multilateral support, it stated.