EV Financing Ecosystem: RevFin’s Sameer Aggarwal On Driving Indian EV Lending Space

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Speaking to TechGraph, Sameer Aggarwal, Founder & CEO of RevFin spoke about the company’s plan to enhance Electric Vehicle adoption, and how it is leveraging advanced technology and data analytics to provide a seamless EV loan process for customers.

Read the complete interview:

TechGraph: How does RevFin differentiate its EV lending services from those of other traditional lenders, and what advantages does it offer to EV buyers?

Sameer Aggarwal: The first differentiation is that it’s not just an EV lending company, it’s the only end-to-end Digital Lending company that enables it to become the Fastest and Smartest EV lending company in the country. Refvin processes the loan in under 16 minutes and customers can take the vehicle home in minutes. With this speed, not only are our customers delighted, but also our dealers, since we can disburse the loan amount within 48 hours of submitting all required loan-related documents.

As the company uses an underwriting technique that assesses intent to pay, RevFin can finance the unserved segment, New to Credit (NTC). 72% of our customers are NTC. This number gives us a lot of contentment as it shows that RevFin is delivering exceptionally well in its goal of Financial Inclusion.

RevFin partners only select top OEMs in each category and have an exclusive partnership where product risk is shared by OEM too. This ensures that the financed vehicles are of extremely high quality and the customer faces no quality issues.

RevFin is a non-bank financial company that provides EV lending services in India. Another way it differentiates its EV lending services from those of other traditional lenders is by offering customized loan products specifically tailored to meet EV buyers’ needs.

Some of the advantages it offers EV buyers include:

Competitive Interest Rates: We offer competitive interest rates on EV loans, which are lower than those offered by many other traditional lenders.

Higher Loan Amounts: We offer higher loan amounts to EV buyers, allowing them to purchase higher-end EVs with more advanced features.

Longer Loan Tenures: We offer longer loan tenures than traditional lenders, which makes monthly installments more affordable.

Faster Processing: Our loan processing time is faster than traditional lenders, which means EV buyers can get their loans approved and disbursed quickly.

EV-specific Financing: Our EV lending services are designed to cater to EV buyers’ unique financing needs, such as financing for EV charging infrastructure and battery replacement.

Personalized Service: We offer personalized service to EV buyers, which means they can get customized loan products that meet their specific needs and preferences.

RevFin’s EV lending services offer several advantages to EV buyers, including competitive interest rates, higher loan amounts, longer loan tenures, faster processing, EV-specific financing, and personalized service. These factors make RevFin a compelling choice for EV buyers looking to finance their purchases.

TechGraph: How has RevFin’s EV lending business performed in the past year, and what are your projections for growth in this market segment in the coming years?

Sameer Aggarwal: The Indian EV market has grown steadily in recent years, with the government’s focus on reducing emissions and promoting electric mobility. This has led to an increase in demand for EVs, including two-wheelers, three-wheelers, and four-wheelers, which has created opportunities for EV lenders like RevFin.

RevFin has established itself as a leader in the Indian EV lending market. It focuses on offering customized financing solutions to meet EV buyers’ needs. In addition to its competitive interest rates, higher loan amounts, and longer loan tenures, RevFin also offers personalized service to its customers.

Looking ahead, the Indian EV market is expected to continue growing in the coming years, driven by government incentives and rising environmental concerns. This presents a significant growth opportunity for EV lenders like RevFin, who are well-positioned to meet EV buyers’ financing needs.

In addition, recent advancements in EV technology, particularly in battery technology and charging infrastructure, are likely to drive down the cost of EVs. This will make them more accessible to a wider range of customers. This, in turn, is likely to drive further growth in the EV lending market, as more and more customers look to finance their EV purchases.

RevFin has seen exponential growth in the past year. In FY 23, RevFin saw a 3.5X growth in terms of disbursements, and exponential growth in partnerships and geography. RevFin is now present in 17 states and 263 cities with over 760 dealerships. RevFin also contributes to positive social impact by financing income-generating EVs for 20,400+ customers, of whom 85% are financially excluded and 23% are women.

These achievements demonstrate RevFin’s commitment to providing affordable and accessible financing solutions to underserved customers. RevFin is well-positioned to continue its growth in the coming years and make a positive impact on millions of people.

TechGraph: Can you speak to any recent innovations or new products/services RevFin is developing in the EV lending space? How do you see these contributing to your overall growth?

Sameer Aggarwal: The electric vehicle (EV) lending industry is rapidly growing and evolving, with several trends shaping its future. One significant trend is the increasing demand for electric vehicles as governments and individuals become more environmentally conscious. This has led to a surge in EV production by manufacturers, resulting in more choices for consumers. Another trend is the declining cost of EVs, which makes them more affordable for a broader range of consumers.

RevFin, as a fintech company in India, is well-positioned to capitalize on these trends in the EV lending industry. Our company has developed a specialized lending platform that provides financing solutions for EVs, including two-wheelers, three-wheelers, and four-wheelers. The platform offers customized loan products tailored to EV buyers’ unique needs, such as longer loan tenures and lower interest rates.

RevFin’s platform also leverages advanced technology, such as machine learning algorithms and data analytics, to provide a seamless and efficient loan application and approval process. This allows customers to apply for loans quickly and easily, reducing the time and effort required to purchase an EV.

In addition, RevFin has partnered with leading EV manufacturers and dealerships to offer financing solutions directly to customers. This enables RevFin to reach a wider audience and provide end-to-end solutions for EV buyers, from vehicle selection to financing.

TechGraph: What specific steps is RevFin taking to increase its market share in the EV lending industry? How does the company plan to differentiate itself from competitors and attract new customers in this rapidly growing market?

Sameer Aggarwal: We take several specific steps to increase its market share in the EV lending industry and differentiate itself from competitors.

Developing partnerships: We are partnering with leading EV manufacturers and dealerships to offer financing solutions directly to customers. This enables RevFin to reach a wider audience and provide end-to-end solutions for EV buyers, from vehicle selection to financing. RevFin is also exploring partnerships with other stakeholders in the EV ecosystem, such as charging infrastructure providers, to offer bundled solutions to customers.

Customizing loan products: We customize our loan products to meet EV buyers’ unique needs. For example, the company offers longer loan tenures and lower interest rates, making it more affordable for customers to purchase an EV. RevFin is also exploring new loan products, such as lease financing, to offer more flexible financing options to customers.

Leveraging technology: We leverage advanced technology, such as machine learning algorithms and data analytics, to provide a seamless and efficient loan application and approval process. This allows customers to apply for loans quickly and easily, reducing the time and effort required to purchase an EV. RevFin is also investing in technology to improve customer engagement and experience, such as chatbots and digital assistants.

Focusing on customer service: We prioritize customer service and experience, aiming to provide a best-in-class experience for customers. This includes offering personalized loan products and customer support, as well as providing educational resources to help customers make informed decisions about purchasing an EV.

Creating brand awareness: We create brand awareness through targeted marketing and advertising campaigns, as well as participating in industry events and conferences. The company is also leveraging social media and other digital channels to reach a wider audience and engage with customers.

RevFin’s strategy is to differentiate itself from competitors by offering specialized, customized financing solutions for EVs. It leverages technology to provide a seamless and efficient customer experience and prioritizes customer service and engagement. By focusing on these areas, RevFin aims to attract new customers and increase its market share in the rapidly growing EV lending industry.

TechGraph: Finally, what is your overall vision for RevFin’s role in the EV lending market? How do you see the company evolving and adapting to market changes in the years to come?

Sameer Aggarwal: RevFin is focused on building a robust EV ecosystem, and its vision is to enhance EV adoption in India and beyond by partnering with different players in this ecosystem. RevFin aims to transform the EV lending market in such a manner that owning an EV for commercial purposes can be a matter of 15 minutes. This is done using a digital platform and unique underwriting techniques. We aim to offer multiple financing options like a loan, lease, and rent-to-own for our customers across all types of vehicles ranging from 2W, 3W, and 4W for the passenger and commercial segments.

To achieve this vision, RevFin is likely to continue expanding its partnerships with EV manufacturers, dealerships, and other stakeholders in the EV ecosystem. This will enable the company to offer a wider range of financing solutions and provide more comprehensive support to EV buyers.

RevFin is also likely to continue leveraging technology to improve customer experience and operational efficiency. This may include further investments in machine learning and data analytics to automate and streamline loan application and approval processes. In addition, it may include developing enhanced digital tools and resources to enhance customer engagement and education.

As the EV lending market evolves and grows, RevFin is likely to adapt its offerings and strategies to stay ahead of the curve. For example, the company may explore new financing products and models, such as subscription-based financing or peer-to-peer lending, to meet changing customer needs and preferences.

RevFin’s success in the EV lending market will depend on its ability to innovate, adapt, and stay ahead of the competition. By continuing to focus on customer needs, leveraging technology, and building strategic partnerships, RevFin is helping to make EV mainstream by making finance accessible to all.

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Krishna Mali
Krishna Mali
Founder & Group Editor of TechGraph.

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