Mumbai, April 16, 2024: CASHe, India’s leading credit-led AI-driven financial wellness platform, today announced its entry into electric 2-wheeler (e2W) financing with the launch of 'CASHe Green.' CASHe Green offers customized finance solutions for the rapidly expanding e2W segment, which has experienced significant growth in recent years. The company states that it has partnered with three two-wheeler OEMs and will provide users with a user-friendly, fully digital finance solution. With affordable interest rates that go down to less than one percent per month and EMIs spread over 20 months, CASHe Green makes the purchase of an e2W a financially feasible and attractive proposition for individuals considering the switch due to its lower operating cost and environmental benefits. The financing options extend up to 2 lakh in credit, further enhancing accessibility for potential buyers.
CASHe Green offers consumers various finance options, such as purchasing a new electric two-wheeler. Additionally, it provides flexibility in financing components like battery replacements and essential system upgrades that are crucial throughout an e2W's ownership lifecycle. The finance solution also includes an exchange option, allowing consumers who wish to exchange their existing Internal Combustion Engine (ICE) two-wheelers for a new e2W.
In 2023, e2Ws made up 62% of total EV sales, driven by a threefold increase in e-scooter sales. The Indian e2W market surged, reaching a record 866,853 sales, a 33.5% increase from the previous year, thanks to strong FAME II subsidies and new ambitious startups. The Economic Survey 2023 highlighted the automotive industry's pivotal role in transitioning to green energy, forecasting a 49% CAGR for the domestic EV market from 2022 to 2030, aiming for one crore units in annual sales by 2030.
With the launch of CASHe Green, CASHe is aiming to redefine the terms of a traditional two-wheeler loan and offer innovative financial solutions that will drive even wider adoption of zero-emission technologies. CASHe has built an infrastructure that aligns with consumers' financial and sustainable goals, seamlessly integrating with OEM partners to enable users to sign up, qualify, and apply for instant credit through CASHe Green's platform. By promoting a sustainable and net-zero emissions future, CASHe Green inspires and motivates individuals to make eco-conscious choices.
Speaking at the launch of CASHe Green, Yashoraj Tyagi, CEO of CASHe, stated, “CASHe Green is a technology platform fully focused on financing 2W electric mobility. With its user-friendly digital lending suite, pocket-friendly finance solutions, and countrywide reach, we aim to create an innovative, tailor-made financial experience for e2W customers. We aim to democratize EV consumers' access by offering cost-effective financing options. Through CASHe Green, we are happy to promote a sustainable and net-zero emissions future by providing financial support to individuals making eco-conscious choices.
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