Interview with Sameer Aggarwal, Founder and CEO, RevFin
There’s a enormous credit score crunch within the electrical car phase.
RevFin, a fintech firm, affords loans to electrical car (EV) operators, in addition to individuals who wish to relocate or renovate their houses, for celebrations similar to weddings and holidays, and for emergency functions. He created a gamification platform the place those that take out loans can earn factors via referrals and well timed repayments. Its merchandise embrace RevLoan (revolving credit score restrict), Rev-a-Thon (on-time reimbursement reward program) and Rev-a-Mate (referrals). In an interplay with Vikram Chaudhary of FE, RevFin Founder and CEO Sameer Aggarwal stated EV operators are most in want of loans proper now. Extracts:
Are you focusing on the digital literate inhabitants solely?
Those that use a smartphone and apply for loans via the smartphone on the app are our foremost clients.
Do you may have your personal non-bank finance firm (NBFC)?
There’s this NBFC known as Aristo Securities which was established in 1994 and have become an NBFC in 2000; we acquired it in 2018.
Who do you provide loans to?
Within the automotive phase, we primarily present loans to industrial electrical car operators, and lots of of them are individuals who might have problem getting loans from banks, and so on.
In actual fact, we’re presently specializing in EV loans as a result of it’s an space the place there’s a enormous scarcity of credit score provide, although it’s a booming market.
Do you additionally provide loans for many who wish to set up EV charging stations?
Thus far, now we have provided loans to those that wish to purchase electrical automobiles and batteries, however we work with individuals who want cash for conversion kits or who wish to set up charging stations. I just lately got here throughout an fascinating idea, specifically the set up of charging stations for less than Rs 56,000 in Kirana shops that may cost 4 to six electrical automobiles at a time. That is the type of product that we want to fund.
We additionally provide loans for alternative batteries, and when a brand new EV is bought, the battery and car are typically funded individually. The typical measurement of our banknotes is Rs 1 lakh.
Is EV funding a giant alternative?
There are round 20 lakh EV in India. Most of them are low pace electrical rickshaws; it’s a product which has grow to be very talked-about, particularly in northern and jap India. As well as, as a result of pandemic, final mile supply has elevated considerably. The entire value of possession of a industrial electrical car has been confirmed to be decrease than that of a traditional gas car. Because of this it makes excellent sense to deal with this phase.
I ought to add that these low pace EVs will be recharged at residence utilizing an peculiar three-prong outlet, so recharging just isn’t a constraint for these sorts of automobiles; Come to consider it, there aren’t any charging stations in rural India and but a number of electrical automobiles work in rural India as a result of they cost at residence. From my perspective, there are 200 million households in India, which suggests there are 200 million charging factors in India.
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