Manba Finance Limited has announced the launch of its Battery Replacement Financing product, a dedicated loan offering for lithium-ion battery replacement in electric three-wheelers, including e-rickshaws and e-carts.
The company said the new financing solution is aimed at addressing one of the largest recurring expenses for electric three-wheeler owner-operators. As lithium-ion batteries have a shorter working life than the vehicles themselves, replacing them can directly impact the earnings of drivers. The new loan product is designed to help customers replace batteries when required through affordable, small-ticket and short-tenure financing.
The offering includes financing for replacement lithium-ion batteries along with charger kits for electric three-wheelers. The loans have been designed around the earning cycle of e-three-wheeler owner-operators, while batteries will be sourced only from empanelled, quality-certified OEMs that provide warranty and service support.
Manba Finance said the product will feature a technology-led process, including digital onboarding, e-mandate-based repayments and IoT-enabled batteries.
The rollout will begin with the company’s existing electric three-wheeler customers before being expanded to the broader market in phases.
Manish Shah, Managing Director, Manba Finance Limited, said a customer with a non-functional battery is unable to earn, making battery replacement financing a natural extension of the company’s vehicle finance business. He said the new product is intended to protect customers’ livelihoods, strengthen the existing portfolio and expand Manba’s presence in the growing EV ecosystem. He added that the company will initially offer the product to its existing customers before expanding it gradually to the wider market.
According to the company, the launch is part of its strategy to develop products that support the complete lifecycle of the vehicles and customers it finances. It said battery replacement remains a significant and underserved financing requirement in India’s electric three-wheeler segment, and the company plans to address this through its branch network, dealer partnerships and experience in last-mile mobility financing.
The product will be introduced in phases across select locations within Manba Finance’s existing network, with future expansion based on portfolio performance and market response.
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