J&K Bank ties-up with MoEVing to facilitate affordable financing for commercial electric vehicles

SRINAGAR, JUN 10: As a step towards facilitating affordable financing solutions to encourage electric vehicular transport in the country, J&K Bank today signed an MoU with MoEVing – India’s new age commercial electric mobility platform. This is one of the first of its kind partnership where a large Bank has developed a solution to finance electric vehicles at scale to facilitate commercial electric vehicle ownership amongst the drivers.

General Manager Ashutosh Sareen signed the agreement on behalf of the Bank while as Mragank Jain put in his signatures as Director MoEVing in a simple function at the Bank’s corporate headquarters that was presided over virtually by the MD & CEO Baldev Prakash from the Bank’s Zonal Office in Gurgaon. Director & CEO MoEVing Viskash Mishra and other senior officers of the Bank were also present on the occasion.

Speaking on the occasion, MD & CEO Baldev Prakash said, “As part of larger drive towards clean-energy fuels through faster adoption of electric mobility in India, we are happy to offer affordable financing solutions through this collaboration with MoEVing. Electric Mobility is the need of the hour and it will help in preserving the environment in India. In addition to reducing urban emissions, electric vehicles are efficient means of transport with lower cost per kilometre thereby increasing the owner-drivers’ earnings and enabling them to become micro-entrepreneurs.”

Besides contributing to the Bank’s retail business under MSE sector as part of its green business initiatives, he expressed hope that the partnership will contribute substantially towards adoption of clean-energy fuelled vehicular transport in the country. “As responsible financial institution, J&K Bank remains committed to encourage such eco-friendly self-employment ventures across the country through sustainable financing at scale and this partnership is a step in that direction”, he added.

Present on the occasion, Mragank Jain commented on the importance of affordable financing in the electric vehicle market, adding, “MoEVing is focussed on electrification of commercial mobility and we are excited to get this kind of financial support from J&K Bank for our owner-drivers. The solution oriented approach of J&K Bank will enable us to rapidly scale our operations and provide sustainable livelihood to our driver partners.”

Notably, maximum quantum of finance for electric vehicle under the agreement is Rs 4 lacs and the financing under instant arrangement shall be initiated in all the cities of the country beginning with Mumbai, Delhi NCR (Delhi, Gurgaon, Noida, and Faridabad), Bangalore and Pune.