Press Release

How FI-MEN, a technology, is helping in mobilising finance for EVs in India

Posted on Author City Lights Bureau Comments(308)

By Ashok Mittal, CEO, Prest Loans, Brajendra, CEO, Finayo, Bakesh, COO, Yogesh CAO, Kamal CTO, Sanjay Mentor.

New Delhi (India), March 29: India is inching toward becoming a fully Electric Vehicle (EV) nation by 2030 with optimistic sales figures and the unveiling of a host of new models by automobile manufacturers.

According to a recent report by research firm JMK Research and Analytics, the consolidated sales of EVs in the country clocked 50,000 units in December last year, registering a 240 per cent Year Over Year (YoY) growth compared to December 2020.

With the Omicron lead wave subsiding coupled with declining technology costs, EV shipment figures in India are expected to continue to reach new heights in the coming months. The segment’s growth will also be fueled by the emergence of new disruptive business models aimed toward the common objective of driving EV adoption in the country.

While initiatives such as the Faster Adoption and Manufacturing of Electric Vehicles (FAME) Phase II scheme, which boasts a budget of Rs 10,000 crore to offer subsidies to EV buyers across different segments, are in place, the need of the hour is to provide hasslefree, customised financing options to consumers.

According to a recent report by the country’s apex public policy think tank, NITI Ayog, financial institutions would have to lend an estimated Rs 40,000 crores by 2025 and Rs 3.7 lakh crores by 2030 to drive the adoption of EVs among the masses.

Banks and NBFCs are also reluctant to finance EVs owing to associated business models and asset risks and the nascency of the EV sector. Also, in some cases, where financing is available, a significant chunk of EV buyers do not align with the loan terms (high-interest rates, lower tenures) compared to ICE vehicles.

How startups like FINAYO are transforming the lending space

In such a scenario, revolutionary startups like FINAYO, which leverage cutting-edge technologies including AI and Machine Learning, are paving the way to mitigate the financial bottlenecks in the country’s EV segment.

According to Mr Brajendra Singh Tomar, founder and CEO of FINAYO, different NBFCs prefer to finance other EV models ranging from two-wheelers to SUVs to commercial vehicles, and FINAYO aims to bring all under one umbrella to cater to a larger pool of EV buyers in the country.

Mr Tomar also opines that the impressive Fi-Men solution, which offers a range of loan offers to consumers from different financial institutions with just the QR code scan, is a win-win proposition for the OEMs, lenders and customers.

Leveraging trendsetting technologies, FINAYO’S team has ensured that the platform offers customised financing options based on both the EVs and the credit history of EV buyers. The platform utilises the state of the art Asset Business Rule Engine and Lender Business Rule Engine in that regard. With this, Banks and NBFCs garner a bird’s eye view on the spending behaviour of consumers to furnish them with convincing loan offers in a matter of minutes.

Prest Loans aims to collaborate with FINAYO to offload the tedious and complex customer risk and asset assessment process for a swift and convenient buying experience for potential EV buyers. In our strategic collaboration, we would also like FINAYO to cover the untapped EV markets in the country to accomplish India’s 2030 EV objective jointly.

Founder & CEO of Prest Loans, an RBI registered NBFC, Ashok Mittal, is an industry veteran with over three decades of experience in Banking and Financial Services. He has also been a prominent speaker during the seminars of prestigious organisations like FICCI, Assocham, PHD Chamber of commerce, Elets etc., representing the industry. His views are widely covered in print and electronic media.

https://www.linkedin.com/company/finayotech

https://finayo.club/

Tagged
City Lights Bureau
https://city-lights.in

Related News
Press Release

Beauty maestro Shahnaz Husain accorded with the “World’s Greatest Woman Entrepreneur” award

Posted on Author City Lights Bureau

(Becomes the first woman in 104 years to receive the prestigious Success Award)  New Delhi (India), March 7: Shahnaz Husain, the renowned beauty maestro receives the “World’s Greatest Woman Entrepreneur” Award from Success, the New York-based business magazine, becoming the first woman in the world in 104 years to receive the prestigious Success Award. Ms. […]
Press Release

Focus Lighting Q3FY23 Net profit up 760%

Posted on Author City Lights Bureau

Mumbai (Maharashtra) [India], February 15: Focus Lighting & Fixtures Limited. (NSE – FOCUS), engaged in manufacturing & innovative lighting solutions of LED lights and fixtures, announced its unaudited Financial Results for Q3 FY23 and 9M FY23. Consolidated Key Financials at a Glance: Q3 FY23: Total Income at ₹61.31 crore; up 137.08% EBITDA at ₹15.30 crore; up  438.73% PAT at ₹11.35 crore; up 759.85% EPS at ₹11.20; […]
Press Release

Sarom Fab Pvt Ltd, Leading the Home Furnishing Space

Posted on Author City Lights Bureau

Mumbai (Maharashtra) [India], December 26: Sarom Fab Private Ltd. is one of the most sought Solutions & Furnishings brands specialising in curtains and upholstery. As a one-stop solution for window decoration and upholstery, Sarom has been an active player in India’s retail scenario for the last 30 years and has elevated the idea of home furnishings […]

308 Replies to “How FI-MEN, a technology, is helping in mobilising finance for EVs in India”

  2. I like this web site very much, Its a real nice post to read and receive info . “Philosophy is a battle against the bewitchment of our intelligence by means of language.” by Ludwig Wittgenstein.

  3. Heya i’m for the first time here. I found this board and I find It really helpful & it helped me out a lot. I am hoping to give something back and help others like you aided me.

  4. You completed several good points there. I did a search on the theme and found nearly all persons will go along with with your blog.

  6. I would like to thnkx for the efforts you have put in writing this web site. I am hoping the same high-grade blog post from you in the upcoming as well. In fact your creative writing skills has inspired me to get my own blog now. Really the blogging is spreading its wings rapidly. Your write up is a great example of it.

  9. Howdy, i read your blog occasionally and i own a similar one and i was just curious if you get a lot of spam comments? If so how do you prevent it, any plugin or anything you can advise? I get so much lately it’s driving me crazy so any help is very much appreciated.

  17. Hmm it appears like your site ate my first comment (it was super long) so I guess I’ll just sum it up what I had written and say, I’m thoroughly enjoying your blog. I as well am an aspiring blog writer but I’m still new to the whole thing. Do you have any suggestions for rookie blog writers? I’d definitely appreciate it.

  20. I do agree with all the ideas you have presented in your post. They’re really convincing and will certainly work. Still, the posts are very short for novices. Could you please extend them a bit from next time? Thanks for the post.

  41. Learn about the side effects, dosages, and interactions. drug information and news for professionals and consumers.
    https://lisinopril.science/# lisinopril 2.5 mg cost
    Everything what you want to know about pills. Drug information.

  45. Read information now. Comprehensive side effect and adverse reaction information.
    buy nexium pills
    Best and news about drug. Comprehensive side effect and adverse reaction information.

  60. Comprehensive side effect and adverse reaction information. Learn about the side effects, dosages, and interactions.
    https://azithromycins.com/ zithromax over the counter uk
    Get information now. drug information and news for professionals and consumers.

  88. What side effects can this medication cause? What side effects can this medication cause?
    https://edonlinefast.com п»їerectile dysfunction medication
    Everything what you want to know about pills. Best and news about drug.

  124. Definitive journal of drugs and therapeutics. Learn about the side effects, dosages, and interactions.
    https://tadalafil1st.com/# cialis trial coupon
    Some are medicines that help people when doctors prescribe. Medicament prescribing information.

  125. safe and effective drugs are available. п»їMedicament prescribing information.
    buy tadalafil 5mg online
    Comprehensive side effect and adverse reaction information. drug information and news for professionals and consumers.

  128. What side effects can this medication cause? Learn about the side effects, dosages, and interactions.
    order tadalafil 20mg
    Prescription Drug Information, Interactions & Side. Cautions.

  131. Great – I should certainly pronounce, impressed with your web site. I had no trouble navigating through all tabs as well as related info ended up being truly simple to do to access. I recently found what I hoped for before you know it at all. Reasonably unusual. Is likely to appreciate it for those who add forums or anything, site theme . a tones way for your client to communicate. Nice task..

  142. Read information now. Read now.

    https://clomidc.fun/ how can i get clomid for sale

    [url=https://zithromaxa.fun/]how to get zithromax online[/url]

    [url=https://propeciaf.store/]can i get cheap propecia without a prescription[/url]
    Prescription Drug Information, Interactions & Side. Read information now.

  145. Medscape Drugs & Diseases. Read here.

    [url=https://clomidc.fun/]where to buy generic clomid for sale[/url]

    [url=https://zithromaxa.fun/]zithromax generic price[/url]
    Comprehensive side effect and adverse reaction information. Long-Term Effects.

  149. drug information and news for professionals and consumers. Everything information about medication.
    where to buy amoxicillin
    Prescription Drug Information, Interactions & Side. safe and effective drugs are available.

  159. Hiya, I’m really glad I have found this info. Nowadays bloggers publish just about gossips and web and this is actually irritating. A good blog with interesting content, that is what I need. Thanks for keeping this web site, I’ll be visiting it. Do you do newsletters? Can’t find it.

  167. Good post. I learn something new and challenging on sites I stumbleupon
    Hi, I do think this is an excellent blog. I stumbledupon it 😉 I am going to
    “강남오피”
    come back once again since I book marked it. Money and freedom is the
    best way to change, may you be rich and continue to help others.

  199. hi / hello there
    i have learn several just right stuff here. “밤의부산”Definitely value bookmarking for revisiting.
    I wonder how so much effort you place to make one of these fantastic informative web site.
    thank you i love it.

  201. Hey there! I know this is somewhat off topic but I was wondering which blog platform are you using for this site? I’m getting sick and tired of WordPress because I’ve had problems with hackers and I’m looking at options for another platform. I would be fantastic if you could point me in the direction of a good platform.

  209. I simply desired to say thanks yet again. I am not sure what I might have undertaken without the type of tactics contributed by you directly on my field. It previously was an absolute troublesome condition for me, nevertheless taking note of this skilled mode you solved that made me to leap with contentment. I will be grateful for your service and in addition believe you are aware of a great job your are carrying out teaching the others with the aid of a web site. I am certain you have never come across all of us.

  214. Thanks for another magnificent article. Where else could anybody get that type of info in such a perfect way of writing? I’ve a presentation next week, and I am on the look for such info.

  219. Pretty impressive article. I just stumbled upon your site and wanted to say that I have really enjoyed reading your opinions. Any way I’ll be coming back and I hope you post again soon.
    <a href="“성인망가”Thanks for sharing

  224. Whats Going down i am new to this, I stumbled upon this I have found It positively helpful and it has helped me out loads. I’m hoping to give a contribution & help other users like its helped me. Good job.

  229. Para slotter bermain slot online tentu saja ingin mendapatkan gacor jackpot maxwin di situs judi online idn slot gacor ASTROSLOT. Untuk itu anda perlu mengetahui beberapa tips agar bisa memenangkan game slot online yang disediakan oleh situs judi slot online terbaik dan terpercaya Astroslot. Berikut 3 tips gacor menang main slot online yang bisa anda coba: JavaScript seems to be disabled in your browser. For the best experience on our site, be sure to turn on Javascript in your browser. Activate your entries after 10pm on March 24 & 25 by swiping your card at an Island Passport Club kiosk or earning one base point at a slot machine or table game. We’ll set the stage at 10:30pm each night by naming five winners of $500 FREE slot play, and we’ll continue naming winners of up to $4,000 FREE slot play every 15 minutes until 11:30pm. Before the curtain closes on each night, one winner of all unclaimed prizes will be selected at 11:45pm.
    http://sintonghospital.com/bbs/board.php?bo_table=free&wr_id=32233
    When it comes to types of slot games, Casino.com has nearly all of them. You can play 15- to 20-line slots, 5- to ten-line slots, NetEnt slots, progressive slots, and 25+ line slots. Rounding out the top half of the 12 slots with the highest RTP is Secrets of Atlantis. One of the highest RTP slots around at 97.07%, it’s no secret that this is one of the more popular online slots, and you can play it now at Bally Casino. The RTP of an online slot is a strong indicator of how much value a game provides, including how many winnings you can expect back over a fixed amount of spins. The higher the RTP, the better your return, so discover some of the highest RTP slots in America! Return To Player (RTP) is the rate a player can expect after playing a slot for a certain length of time. Slots with a high RTP are those with a return percentage of 97% to 99.5%. As you can see with the large percentage, players have the best possible edge over the casino with these slots.

  241. 28-12 02:29 -> 2.80 REPRESENT YOUR FAVORITE PLAYERS Official Basketball Rules Freestyle skiing wraps up with the men’s halfpipe final, featuring four Americans — Alex Ferreira, David Wise, Birk Irving and Aaron Blunck — in the field of 12. Athletes get three runs with the best score counting. Wise is the only person to ever win Olympic gold in the men’s freeski halfpipe, taking the crown in the event’s debut in 2014 and again in 2018. Ferreira took silver in Pyeongchang. Schmidt led Brazil to a bronze medal in the FIBA World Cup, but the team did not win any Olympic medal in men’s basketball during Schmidt’s playing days. Nevertheless, he averaged 28.8 points in 38 games at the Olympics. Australia outscored Argentina 8-2 in the first four minutes of the second quarter as the tables turned. The men in blue were two-of-eight from the field in that time as they caught a case of the Boomers’ first quarter shooting wobbles.
    https://www.mtls.co.kr/web/gnbd/bbs/board.php?bo_table=free&wr_id=53051
    UEFA Europa League There are many top leagues of several sport disciplines available on the Simulated Reality League live: *All times CET A special program of virtual sport simulation was created by Sportradar, which collects and analyzes statistical data. So, what is Simulated Reality League? The matches here are played by the rules, absolutely identical to, for instance, real soccer or cricket: a soccer match lasts two halves of 45 minutes plus extra time, and app. 2 hours is the duration of the virtual IPL game. For this reason, bookmakers offer a very wide range of matches, absolutely coinciding with the line for the real sport. France international stricker Olivier Giroud made his first apperance for Chelsea in the UEFA Champions League in a style after scoring against Sevilla in a …

  245. Hey! Do you use Twitter? I’d like to follow you if that would be ok. I’m absolutely enjoying your blog and look forward to new updates.

  248. «За последние четыре месяца не проводила без стрелок ни дня! Все дело в том, что я нашла идеальную подводку. Моя находка – очень тонкая подводка с мягким ворсистым «хвостиком» Liquidlast Liner, M.A.C. Маневрировать по веку легко, кисточка опускается мягко, веко не нужно вытягивать для ровного нанесения. Стойкая: не размазывается и не растекается, даже если случайно дотронуться. Я влюбилась!» Связаться с Glamour Toplash Eyeliner and Wing Stamp – cупер стойкая черная подводка со специальным штампом для нанесения стрелок. Идеальные стрелки за считанные секунды. Стрелки на глазах остаются актуальными во все времена и, скорее всего, никогда не выйдут из моды. Без такой детали не получится сделать чувственный взгляд. Однако не у всех получается нарисовать ровные и симметричные стрелки. Сначала нужно разобраться, какую косметику для этого использовать, и подобрать идеальную форму стрелок в соответствии с формой своих глаз.
    https://ism.or.kr/bbs/board.php?bo_table=free&wr_id=208834
    Тактика терапии выстраивается в зависимости от вида и формы данного заболевания. Любое лекарство для лечения этого состояния должно назначаться только профильным врачом. Возможно, вы об этом не слышали, но брови тоже можно чистить — примерно как зубы, только без пасты. Очищение и массаж мягкой щеточкой от туши два раза в день стимулирует кровообращение, что может способствовать росту бровей. Избегайте агрессивных средств для умывания, жесткого скрабирования и трения полотенцем — тонкие волоски от этого только пострадают. Пышные ресницы не только делают взгляд выразительнее, они еще и защищают глаза. Что делать, если появилась проблема выпадения ресниц? Рассказываем, почему это происходит и что можно предпринять Основу лечения трахомы составляет антибиотикотерапия. Против хламидии хорошо действуют препараты макролидов. Напомню, что хламидии трудно достигаемы для лекарств, поскольку прячутся внутри клеток. Поэтому нередко приходится использовать сильные препараты в больших дозах, а порой и их комбинации. Осложнения лечатся хирургически.

  250. Way cool, some valid points! I appreciate you making this article available, the rest of the site is also high quality. Have a fun.

  304. I’m still learning from you, while I’m trying to achieve my goals. I absolutely liked reading everything that is written on your blog.Keep the tips coming. I enjoyed it!

Leave a Reply

Your email address will not be published.