Buyers of BILITI electric pickups get loan approval

BILITI Electric recently announced that the Small Industries Development Bank of India (SIDBI) has approved loans for buyers interested in purchasing its GMW Taskman three-wheel electric cars, through its end-to-end lending platform based on a ‘Digital Prayaas’ app. This application facilitates access to low-cost loans for micro-entrepreneurs and micro-enterprises. BILITI’s Taskman van is the first in the electric van segment to receive funding approval under the program.

Additionally, SIDBI has also partnered with BigBasket to onboard its delivery partners across the country and provide loans at an affordable interest rate for the purchase of eco-friendly electric vehicles suitable for deliveries. The development allows BigBasket delivery partners to purchase GMW Taskman 3W vehicles at an interest rate of 8-10% and provide a steady stream of income, enabling them to live sustainable lives.

Sivasubramanian Rammann, President and CEO of SIDBI, said, “The app facilitates the rapid onboarding of loan applicants into a digital and integrated process that has made the entire program scalable with better risk management and would further improve customer satisfaction.”

Hari Menon, CEO of BigBasket, said, “The initiative to offer loans will positively impact the livelihoods of hundreds of our delivery associates and will also fulfill its social objectives.”

Rahul Gayam, CEO of BILITI Electric, added, “We are extremely pleased to partner with SIDBI-BigBasket on this unique financing option for BILITI Taskman 3-wheel electric vehicles. SIDBI has been at the forefront of supporting and developing MSMEs since its inception. We are one of the first EV partners for BigBasket.