Manappuram Finance inks MoU with Autolite (India) for financing of Electric Vehicles

Manappuram Finance

Manappuram FinanceIndia’s leading gold loan Non-Banking Finance Company Manappuram Finance Ltd has inked a Memorandum of Understanding (MoU) with the Autolite (India) Limited for a consumer and dealer financing arrangement.

Autolite (AIL) is India’s leading manufacturer of electric vehicles (Two and Three Wheeler) lithium-Ion battery packs and solar products.

This MoU will be offering finance solutions to Autopal Electric Vehicle Dealers and Consumers interested in products namely vehicle loans and inventory funding, said Manappuram Finance.

As per the agreement, Manappuram Finance will gradually engage their widespread network of over 3000 branches across India to enable end to end financing solutions to Autopal branded Electric Wheeler consumers.

The partnership is aimed at benefiting all the 75-plus dealers of AIL spread across India in facilitating their sales to the consumers of Autopal Electric Vehicles.

 “Our association is a new development in the electric vehicle industry, thereby, benefitting the consumer, electric manufacturers, financing companies and government in the long run.  It is a major step to build a sustainable ecosystem for electric vehicles in India. We are very happy to partner with Autolite India Limited and will work together on joint development areas in keeping pace with industry requirements and leveraging mutual strengths,” said Senthil Kumar, Head of Commercial Vehicle, Manappuram Finance Limited.

“Manappuram’s competitive financing model and wide reach across India will surely nurture a value addition to Autolite’s Dealers & Customers. This will surely boost our sales and accelerate revenues in rapidly multiplying numbers. This partnership will empower our stakeholders and customers with financial products specifically tailored for them to facilitate their smooth entry into the world of Autopal Electric Vehicle,” said Adarsh Mahipal Gupta, Director, Autolite (India) Limited.

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔

Get a chance to meet the Who's who of the NBFCs and Insurance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.