How Mufin Green Finance is Creating Social Impact by providing B2B Electrical Vehicle Finance
“The time is right for electric cars; the time is crucial.”
India’s long wait for the availability of electric vehicles is finally approaching its end. Due to government intervention, the average cost of an electric car has been reduced due to current incentives toward manufacturing and increased availability of essential components through suppliers. This has helped EV manufacturers produce affordable electric solutions. In addition, other businesses have also experienced a boost in EV induction among individuals. For example, Zypp Electric to maintain the growing demand on its EV rental platform and support its mission to provide access to 1 million users for both the last-mile delivery segment and rentals by the end of 2022. Mufin Green Finance is one platform that strives for climate sustainability and financial inclusion. Climate sustainability is one of the paths that leads MGF towards making financing easier for individuals who need it and creating equal economic opportunities for the unbanked and underserved segments of the society.
Creating equal opportunities
Mufin Green Finance today has a presence across 9 states of India where they’re enabling financing of all EV products under one roof. By doing this, MGF creates equal opportunities for the underprivileged classes. Since most people who belong to such groups often face difficulty getting loans as they have a low Cibil score, MGF waives off the requirement for a Cibil score to finance electric vehicles to provide them with a better income generation. Mufin Green Finance also promotes gender equality as it enables women to become breadwinners.
Improving the livelihood of the underserved group
Mufin Green Finance serves a larger purpose by providing a formal channel of credit for income generation and creating job opportunities with the help of clean technologies by financing electric vehicles for underserved classes.
India’s total cost of operating an electric vehicle is exponentially lower than any other ICEV. Especially for the underprivileged classes, it reduces the operating cost for them as they save on constant refuelling of the vehicle. With the rising fuel prices, EVs have become a great alternative. Thus, the total operating cost comes down to 1/10th of the cost of operating an ICEV.
The EV sector is known to have great potential for creating job opportunities in the coming years. At Mufin Green Finance, we aim to provide electric vehicle loans in order to drive the economy in a positive direction. MGF is also socially conscious and is devoted to its vision to make India environmentally sustainable. Thus, the dual purpose of serving the economy and nature is fulfilled.