SIDBI will provide retail loans to Biliti e-3W customers
California-based Biliti Electric has announced that the Small Industries Development Bank of India (SIDBI) has approved financing for customers interested in purchasing GMW Taskman electric 3W Autos, through its “Digital Prayaas” program.
‘Digital Prayaas’ is an app-based digital lending platform to facilitate borrowing for micro-entrepreneurs/micro-enterprises. Additionally, SIDBI has also partnered with BigBasket to onboard its delivery partners across the country and provide loans at a lower interest rate for the purchase of electric vehicles.
The development allows BigBasket delivery partners to purchase GMW Taskman 3W vehicles at an interest rate of 8-10%. Biliti’s Taskman vehicle is the first in the electric van segment to gain funding approval under the program.
Biliti Electric currently operates through an exclusive manufacturing partnership with Hyderabad-based Gayam Motor Works (GMW) to manufacture its three-wheelers. Biliti’s Taskman is a last-mile delivery vehicle deployed in 15 countries around the world, including Japan, the United States, the United Kingdom, France, Portugal, Germany, Lebanon, Uganda, Kenya, Senegal, Nepal, Bangladesh, Dubai and India.
Sivasubramanian Rammann, President and CEO of SIDBI, said, “The app facilitates the rapid onboarding of loan applicants into a digital and integrated process that has made the entire program scalable with better risk management and would further improve customer satisfaction.”
Hari Menon, CEO of BigBasket, said, “The initiative to offer loans will positively impact the livelihoods of hundreds of our delivery associates and will also fulfill its social objectives.”