Hinduja Group’s electric vehicle arm Switch Mobility has signed a Memorandum of Understanding (MoU) with Sundaram Finance to enhance retail financing and leasing solutions for electric vehicles (EVs) in India.
“Through this partnership, we are enhancing our customers’ access to electric mobility with flexible and simple financing options.
Switch Mobility has collaborated with Sundaram Finance to provide tailored finance and leasing solutions to EV customers. The initiative is expected to address one of the critical enablers of EV adoption: availability of cheap and flexible financing.
Switch Mobility’s electric vehicles will offer buyers attractive interest rates, flexible finance structures and bespoke leasing arrangements. These options could ease the upfront financial burden of owning an EV and provide customers with more flexibility in choosing a payment or lease model that best fits their needs.
Sundaram Finance was represented by A N Raju, Joint Managing Director and Balachander Gopinath, National Head – Auto and Switch Mobility was represented by Amitabh Srivastava, General Manager – Commercial and Arghadip Roy, Head – Retail Finance.
This partnership is timely as India is witnessing a surge in demand for electric mobility, driven by growing awareness of operating-cost advantages, efforts to cut emissions and the growth of the country’s EV ecosystem. However, financing remains a big question for customers considering switching from conventional internal combustion engine vehicles to electric vehicles.
The companies are looking to leverage Switch Mobility’s expertise in electric mobility and Sundaram Finance’s financing capabilities to create a more customer-friendly EV ownership experience. The partnership is also expected to expand access to EVs for a broader spectrum of customer segments by offering financing structures that can be tailored to suit individual requirements.
“This agreement is part of Switch Mobility’s larger vision to accelerate the EV adoption and make electric vehicles the preferred mode of mobility in India. Better access to finance can help to encourage customers who would otherwise be put off by the higher upfront cost of purchase.
Sundaram Finance has a strong presence in vehicle finance and is coming to the partnership. The spotlight on custom financial solutions is expected to bolster Switch Mobility’s growing range of electric vehicles and help boost the reach of EV financing solutions.
The deal is proof of the growing role of financial institutions in the transition to electric mobility in India. And as more EVs come to market, affordable loan and lease options could be a major catalyst in converting EV curiosity into actual sales as more consumers shop for and buy vehicles.
Switch Mobility’s MoU with Sundaram Finance will make EV ownership affordable, convenient and flexible. The partnership is expected to accelerate the adoption of electric vehicles and support India’s transition towards cleaner and sustainable transport.
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