Revfin partners with SUN Mobility to facilitate the financing of electric vehicle (EV) fleets and passenger vehicles through SUN Mobility’s Battery Swapping Technology.
Fleet financing processes are streamlined, with disbursement possible within 24 hours of document completion, enabling fleet owners to swiftly enter the market.
In New Delhi, on March 19th, 2024, SUN Mobility and Revfin collaborate to expedite the adoption of EVs in India by providing innovative financing options for fleet and passenger vehicles utilizing SUN Mobility’s Battery-as-a-Service (BaaS) model. Revfin will finance two-wheelers for fleet businesses and three-wheelers for cargo and passenger vehicle segments. SUN Mobility aims to deploy nearly 100,000 vehicles under the BaaS model within the next two years.
Revfin employs advanced AI-powered tools to swiftly determine loan eligibility within 16 minutes. Fleet-related financing can be disbursed within 24 hours of documentation completion, ensuring seamless financial assistance for SUN Mobility’s customers, including those lacking a traditional credit history. Revfin’s AI tools also assess customers’ repayment capability and intention through data gathered from their online activities, psychometric evaluations, and gamification.
This financing approach offers significant benefits for users of SUN Mobility’s battery swapping technology, with these vehicles being 40% more cost-effective than internal combustion engine (ICE) vehicles, presenting the most affordable option in the current market.
To ensure responsible lending and mitigate potential risks, Revfin-equipped vehicles feature IoT devices for monitoring vehicle usage and identifying potential issues.
Expressing excitement about the partnership, Sameer Agarwal, CEO & founder of Revfin, emphasizes their shared commitment to a greener, more sustainable future through innovative financing solutions and cutting-edge electric mobility technology.
Anant Badjatya, CEO of SUN Mobility, expresses enthusiasm about joining forces with Revfin, combining SUN Mobility’s battery swapping technology with accessible financing solutions to drive towards a cleaner, greener future.
Revfin, an innovative digital lending platform, is at the forefront of promoting sustainable mobility and financial inclusion in India, utilizing advanced techniques such as Biometrics, Psychometrics, and Gamification to offer loans based on non-traditional data sources. Since its inception in 2018, Revfin has financed approximately 50,000 vehicles across all categories and partnered with over 50 OEMs, demonstrating its commitment to sustainable mobility and inclusive finance.