This partnership comes after GT Force teamed up with ESAF Small Finance Bank, which is dedicated to offering financial services to communities with limited banking access.
GT Force, a producer of electric two-wheelers, has recently entered into a collaboration with I-Loan, an online two-wheeler financing platform and a part of the LoanTap Group. This partnership aims to enhance the affordability and accessibility of GT Force’s range of electric vehicles, which includes models like GT Vegas, GT Ryd Plus, GT One Plus Pro, GT Drive Pro, and the upscale GT Texa across India.
This new alliance builds upon GT Force’s earlier partnership with ESAF Small Finance Bank, which targeted financial services for underbanked communities.
I-Loan will provide GT Force customers with financing options that include flexible repayment plans, low-cost EMIs, and customized loan tenures. These options are intended to alleviate the financial burden of upfront costs, making GT Force’s electric vehicles more attractive and financially accessible, aligning with the company’s mission to promote environmentally friendly transportation.
Mukesh Taneja, Co-Founder and Managing Director of GT Force commented on the partnership, highlighting that teaming up with I-Loan represents a major move towards making the acquisition of electric two-wheelers easier through affordable financing solutions. He noted that this effort aligns with their aim to increase EV adoption and enhance the buying experience for their customers.
Rajeev Das, CEO of I-Loan, expressed that their collaboration with GT Force will improve access to electric mobility by introducing innovative financing solutions. He stated that their goal is to provide their customers with flexible and convenient options that simplify the financial aspects of purchasing EVs.
Under the terms of the partnership, I-Loan will provide a range of loan products characterized by a fully digital customer experience, quick loan approvals with minimal documentation, and field support for GT Force’s dealership network. Dealerships will receive training and resources to effectively promote these financing options, focusing on streamlining the loan acquisition process for buyers. Both firms will monitor key performance indicators such as sales growth and customer satisfaction, conducting regular strategic reviews to ensure the partnership continues to meet evolving market needs.
GT Force, which currently operates 40 dealerships in states like Haryana, Punjab, Uttar Pradesh, Madhya Pradesh, and Chhattisgarh, is looking to expand its dealership network to 100 by the end of 2024, thereby broadening the reach of its electric vehicles.
