Manba Finance Ltd, a non-banking financial company (NBFC) focused on vehicle financing, has launched a Battery Replacement Financing product to provide loans for purchasing new lithium-ion batteries for electric three-wheelers, including e-rickshaws and e-carts.
The company said the new offering will enable customers to replace batteries when required through affordable, small-ticket, short-tenure loans, helping them resume operations without disrupting their livelihoods.
Targeted financing
The product is designed specifically for replacement lithium-ion batteries, including charger kits, for electric three-wheelers.
The loans are structured around the earning cycle of e-three-wheeler owner-operators. Batteries financed under the scheme will be sourced only from empanelled, quality-certified OEMs backed by warranty and service network support.
Technology-driven process
The financing solution features digital onboarding, e-mandate-based repayments and IoT-enabled batteries, making the process faster and more convenient for customers.
“Battery replacement financing is a natural extension of our vehicle finance franchise. It protects our customers’ livelihoods, strengthens our existing portfolio and positions Manba deeper in the fast-growing EV ecosystem,” Managing Director Manish Shah said.
Expansion plans
“We are starting with our own customers, whom we know and understand best, and will scale the product to the wider market in a calibrated manner.”
The company said the launch aligns with its strategy of offering financing solutions across the entire lifecycle of vehicles and customers.
With electric three-wheelers leading EV adoption in India, battery replacement has emerged as a recurring and underserved financing requirement.
Phased rollout
Manba Finance said it is well positioned to address this opportunity through its branch network, dealer partnerships and understanding of the last-mile mobility segment.
The product will initially be rolled out across select locations within the company’s existing network, with further expansion depending on portfolio performance and market response.