Hero Electric has recently announced its partnership with OTO Capital, India’s first vehicle leasing startup to provide consumers with affordable and flexible financing options to own their e- scooters and bikes.The partnership will be live across 16 Hero Electric dealers in Bangalore and Pune, with a focus to expand across India in the next few months.
OTO allows customers to lease an E two-wheeler for 12 to 36 months.
“We are excited to be Hero Electric’s partner to support the adoption of electric two-wheelers in India. We hope to lease at least finance 1000 bikes in the coming months. We have seen a surge in consumer demand for affordable alternative financing options for two-wheelers across all segments with customers looking for personalised services. Since the cost of EVs in India is set to reduce significantly in the coming months, we aim to provide our customers with the best pricing with the flexibility to ease their buying experience.”, Sumit Chhazed, Co-founder, OTO Capital said
“The affordability provided through leasing guarantees savings of up to 30 percent monthly. For example, the Hero Electric NYX LI costs Rs 2,478/month through OTO, while a traditional bank EMI would cost upwards of Rs 3,520/month for a 2-year plan,” the firm stated.
“We are delighted to partner with OTO Capital as their flexible leasing model will allow consumers to make a comfortable switch from ICE vehicles to electric vehicles while making the whole ownership experience easier for buyers. The entire two-wheeler segment will benefit from adopting new financing options and we hope that by easing the buying process, allowing online bookings and home deliveries, the percentage of EV buyers will improve significantly.”, Sohinder Gill, CEO said.