Electric two-and three-wheeler OEM Motor Efficient power Energy and Power Arrangements has joined forces Hub Bank, one of India’s biggest confidential area banks, to offer available and financially savvy funding choices to its bike electric vehicle clients.
Ritesh Mantri, co-founder and director of Kinetic Green, and Irfan Tamboli, senior vice president and Head – Supply Chain Finance at Axis Bank, signed the memorandum of understanding.
Kinetic Green Energy’s two-wheeler customers can take advantage of this strategic partnership to get up to 100% financing for the EV’s on-road price at competitive interest rates and flexible financing terms that can last up to 48 months. The financing options are available at Axis Bank’s 4,500 Indian branches. There are currently over 300 Kinetic Green dealers operating in 25 states.
Kinetic Green’s founder and chief executive officer, Sulajja Firodia Motwani, stated, “We are delighted to collaborate with Axis Bank, one of India’s largest and most reputable banks.” At Kinetic Green, we place a similar amount of importance on customer satisfaction as Axis Bank does. We want to work together to offer the nation’s best EV financing options, making sustainable mobility a reality. Additionally, I am pleased to announce that this program will be extended to our awaited two-wheeler, E-Luna. We are confident that we will be able to deliver our advanced yet affordable electric vehicles to customers in both urban and rural India, thereby accelerating the widespread adoption of electric vehicles.
Sumit Bali, Group Executive, Head – Retail Lending and Payments, Axis Bank, stated, “We are glad to partner with Kinetic Green” regarding the strategic partnership. The need of the hour is green transportation, and every step taken to promote it will help safeguard the nation’s future generations. Through this partnership, we will continue to promote sustainable practices and encourage widespread adoption of electric vehicles. Axis Bank is deeply committed to driving the objectives of green mobility and green financing.
Motor Efficient power Energy, which right now sells four e-bikes – the Punch, Punch HSS, Zoom and Flex – has sold a sum of 6,051 units in the initial eight months of CY2023 and is positioned eleventh in the Main 25 electric bike OEMs in India. The company’s sales should increase as a result of the strategic alliance with Axis Bank, which comes at the start of the holiday season.
