In a move to strengthen its service offering for its customers, Terra Motors has partnered with Pooja Finelease Ltd. for electric vehicle financing. Terra Motors is a leading electric vehicle manufacturer in India known for its electric 3 Wheelers (3Ws) and 2 Wheelers (2Ws).
Terra Motors has a prominence in West Bengal and Northeastern parts of India. Pooja Finelease is one of India’s leading Non-Banking Finance Companies spread across various states. The brand through this partnership with Pooja Finelease, wants to diversify its business which will focus on E-Rickshaw loan, two-wheeler & three-wheeler loan, loan for utility vehicles, unsecured Business & Personal loan etc.
Terra Motors is investing heavily in tie-ups and partnerships as part of its ‘Co-Create for Sustainability 2021’ model christened as ‘Terra Motors Next’. Under this model Terra Motors intends to create an avenue or an ecosystem for its customers, dealers, suppliers etc. to avail services safely. This measure comes as a move to mitigate economical concerns raised due to the pandemic. Pooja Finelease will cover a wider loan access on behalf of Terra Motors in North, East and North-Eastern regions.
Commenting on the Partnership Akihiro Ueda, CEO, Terra Motors said, “This partnership between Pooja Finelease and Terra Motors will give access to a larger audience and will take care of our North, East and North-Eastern region financing. The credit default guarantee will extend incentives to EV buyers and empower them to make a purchase safely”.
Talking about the partnership, Tanesh Gagnani, Director, Pooja Finelease Ltd. added “Our partnership with Terra Motors will create a new type of synergy that will increase business volume & local footprint of both the companies and their partners. This will also contribute towards creating a cleaner & greener world while empowering the economically weaker section to find easy credit to purchase an income generating asset (EVs) for their family which will fund their livelihood.”
Terra Motors is one of the early movers in the Electric Vehicle manufacturing in India especially in the 3W EV segment. Headquartered in Japan, Terra Motors captured the India segment by setting up their manufacturing division locally in Kolkata (West Bengal) by using local resources as well as 50% of its raw material locally. In a report titled ‘’Mobilizing Electric Vehicle Financing in India’, prepared by Niti Aayog, it is projected that India’s electric vehicle financing industry is likely to be worth ₹3.7 lakh crore by 2030. The report by Niti Aayog had also said that end-users currently face several challenges such as high interest rates, insurance and low loan-to-value ratios. Terra Motor’s vision aligns with this, along with their pledge to create a sustainable green footprint in India and globally.