Manba Finance launches EV battery replacement loans for e-3W
MANBA · price
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Manba Finance has launched a new Battery Replacement Financing product for lithium-ion batteries used in electric three-wheelers (e-rickshaws and e-carts). The product offers small-ticket, short-tenure loans designed around the earning cycle of owner-operators. Batteries will be sourced from empaneled, quality-certified OEMs with warranty support. Process is digital with e-mandate repayments and IoT-enabled batteries. Rollout begins with Manba's existing e-3W customers before wider expansion. Manba is a vehicle-financing NBFC with AUM over Rs 1,700 crore across 130 plus locations in six states.
Opens a recurring financing need tied to EV adoption, deepens wallet share with existing customers and grows the secured loan book in a new EV segment.