SIDBI launches new financing solution for electric vehicle space
Notable because
Access to finance seems to be a major concern for electric vehicles (EVs). In this context, after extensive consultation with various stakeholders in the EV space, the Small Industries Development Bank of India (SIDBI) has launched a pilot scheme that aims to scale up EV adoption among small businesses. It plans to offer attractive terms of finance such as low interest rates for purchase, charging infrastructure, and swapping. The project is co-run by the World Bank under their EV4ECO programme.
What to look out for in the months ahead
What will be the exact terms of financing for micro, small, and medium enterprises (MSMEs) (interest rates, tenures, eligibility criteria etc.) under the pilot scheme?
Will MSMEs, often plagued by inadequate capital, be able to access this money successfully? And if so, under what conditions?