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ESAF Bank in Pact with Kinetic Green Energy to Finance E-Rickshaws

Thiruvananthapuram: ESAF Small Finance Bank has entered a strategic MoU with eco-friendly electric rickshaw maker Kinetic Green Energy and Power Solutions Pvt Ltd, in Pune, for the financing of E-Rickshaws in their domain operations spread in 13 states of India.

Sulajja Firodia Motwani, Mananging Director, KGEPSL, and George Thomas, Executive Vice President, ESAF Small Finance Bank, signed the MoU in Pune in presence of Hyder Ali Khan Vice President, KGEPSL,  Reji K Daniel , Head, Sustainable Banking, ESAF Small Finance Bank, and S Jagtap, General Manager, KGEPSL.

“Urgent efforts are to be taken for stewardship of our planet earth. Clean Air has become crucial to all cities. Non-polluting mobility is the need of the hour for sustainable cities and the MoU is an embodiment of the bank’s commitment for work those who promote clean energy, “said George Thomas, EVP, ESAF Bank.

KGEPSL has a variety of E Rickshaws – both for passenger applications as well as commercial use. The bank will follow the JLG model with weekly instalments that will bring forth more discipline and ease of repayments for the potential loan takers. ESAF Small Finance Bank is currently spread in 13 states of India with a customer base of over 16 Lacs, mostly women from lower strata of society, now coming forward to the main stream of the society through the micro enterprises etc that they run for livelihood.

The MoU is strategic as this step will boost self-employment plans for several youths and women with green businesses. KGEPSL and ESAF SFB will also partner with NGOs for the promotion of these in several cities, starting with a clean energy loan mela in Nagpur soon.

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