![Niti Aayog, World Bank ready electric vehicles financing push](https://www.gkseries.com/blog/wp-content/uploads/2021/11/download-2021-11-06T121850.510.jpg)
Niti Aayog and the World Bank are working together to facilitate a program for faster and easier financing of electric vehicles (EV) after high-street banks seemed lukewarm due to a small resale market, higher default probabilities, and significant upfront costs.
NITI Aayog and World Bank are setting up a $300-million ‘first loss risk sharing instrument’, with the State Bank of India (SBI) as its program manager. The current rate of interest for electric two-wheelers & electric 3 Wheelers, which is in the range of 20-25 percent is expected to be reduced to 10-12 percent.