Under this agreement, Hero Electric plans to deploy 20,000-plus vehicles from now up to March 2023
Keeping up with its efforts to make financing of EVs easier for consumers, homegrown electric two-wheeler giant Hero Electric has partnered with financing startup OTO Capital.
Under this partnership, the companies will offer low-cost financing solutions to B2B companies for its electric scooter product range.
The B2B partners and riders who opt for OTO’s flexible Super EMI Plan can book a test ride with their choice of electric scooter and choose to pay later offering its services to e-commerce and food delivery platforms.
Under this agreement, Hero Electric plans to deploy 20,000-plus vehicles from now up to March 2023.
An additional cushion through its leasing option would also be available from the Hero Nyx range of e-bikes, a company release added.
Sohinder Gill, CEO, Hero Electric, said, “This association will allow easy financing options in the B2B space to promote a sustainable transportation model. With the government’s focus on EV adoption, we are confident about greater acceptance of clean and electric mobility in India. The tenure leasing option is an attractive concept for the evolving Indian customers.”
According to the company, the collaboration will also enable the customers to enjoy owning the scooter without purchasing it.
The plan allows them to opt for ownership through multiple tenure plans on a fixed monthly charge. The monthly fixed charge includes RTO and Insurance, enabling customers to purchase the vehicle at the end of the tenure. The customer can also opt to foreclose the tenure plan at any point with no pre-termination penalty.
“Two-wheelers are the most popular mode of personal transportation in India. With the increasing consumer interest and favourable policies, the industry is picking up pace. We take great pride in partnering with Hero Electric in the journey of making EV more accessible. Through this partnership with Hero Electric, we are looking at facilitating our expertise of providing a wholesome digital buying experience with flexible financing options to drive the e-mobility business in India,” Sumit Chhazed from OTO said.
Being mindful of COVID protocols, the vehicles sold to businesses and individuals through the OTO e-commerce platform will promote social distancing and paperless documentation procedures.
