Punjab-based PHF Leasing Limited, a deposit accepting NBFC, has increased its electric vehicle loan portfolio by including loan products for electric two-wheelers, used e-rickshaw loans, and electric cargo vehicles in the L5 category. The diversification is seen in addition to current electric rickshaws, e-loaders, and other L3 EV loan products that are already available. PHF Leasing provides financing for electric vehicles, mainly rickshaws, loaders, and two-wheelers powered by electricity (EVs), as well as mortgage loans secured by real estate (LAP). It is a non-banking financial company that accepts deposits under category A and has been registered with the Reserve Bank of India since 1998. For L5 electric vehicles, loan terms of up to 3.5 years are available; for other categories, they range from 6 months to 1.5 years. Customers may also choose from six-month interest-free financing alternatives in the Used E-Rickshaw loan category. PHF Leasing employs more than 500 individuals and operates in more than 120 sites throughout 10 states and Utah. PHF Leasing is dedicated to seeing electric cars used in a variety of industries, such as last-mile deliveries, logistics, and both urban and rural transportation. Shalya Gupta, CEO of PHF Leasing Limited, said that as a socially conscious corporate citizen, PHF Leasing was committed to furthering the cause of sustainable transportation in India, which meant electric vehicles. He stated that they had already established PHF Leasing as the leader in E-Rickshaw financing and were among the fastest-growing players in the segment. Gupta mentioned that it was time to include the electric cargo category and bring in new products in the segment. He said that their portfolio for EV financing was now complete and the customer could choose from the many options available. He further added that PHF Leasing was focused on providing loans to the underserved sections of society with the aim of making them self-reliant. Indian electric rickshaw market: The size of the India electric rickshaw market is projected to be $1.15 billion in 2024 and is anticipated to rise at a compound annual growth rate (CAGR) of 11% to reach $2.81 billion by 2029. The E-Rickshaw market provides an environmentally responsible solution to the nation's transportation problems. Electric rickshaws are an affordable option for operators since they require less maintenance and are less expensive to run than any other type of vehicle powered by petrol or diesel. This trend is driven by factors like growing environmental concerns, government initiatives, and the availability of better products due to technological advancements.