Udayavni Special

Hero Electric partners OTO Capital to finance customers for electric two-wheelers

PTI, Aug 19, 2020, 2:35 PM IST

New Delhi: Hero Electric on Wednesday said it has partnered with vehicle leasing start-up OTO Capital to offer affordable and flexible financing options for electric two-wheelers.

Under the partnership, OTO Capital will offer a flexible model to customers to lease an electric two-wheeler for a minimum of 12 months, after which they can choose to upgrade to any other model, the company said in a statement.

Commenting on the partnership, Hero Electric CEO Sohinder Gill said the flexible leasing model through OTO Capital will allow consumers to make a comfortable switch from internal combustion engine (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 electric vehicle (EV) buyers will improve significantly,” he added.

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, the statement said.

OTO Capital Co-founder Sumit Chhazed said, “we hope to lease at least 1,000 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.”

The partnership will offer up to 30 per cent savings per month, the company said.

“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,” it said, adding the leasing period can range from 12 months to 36 months.

Top News

Mangaluru: 671 grams of gold found in Indigo flight

K’taka COVID-19 update: 9543 new cases, 6522 discharges, 79 deaths on Sep 26

Former Union minister Uma Bharti tests COVID-19 positive

Fossilised leaves from Jurassic period found in Jharkhand

President Kovind gives assent to 3 contentious farm Bills

ICMR’s 2nd sero-survey shows Indians far from achieving herd immunity against COVID-19: Vardhan

My govt is pro-farmers, no scope for Bandh tomorrow: Yediyurappa

Related Articles More

CMS to hire 1,000 employees in next 2 months

RBI likely to maintain status quo in upcoming policy review

Launch of India-specific vehicles remains on track for Volkswagen Group despite COVID-19 challenge

Executive director of The Advertising Club Bangalore dead

Temporary retention of GST cess pending reconciliation not diversion: FinMin


Snake rescue work at udupi kangi thota

Complete guide on Black pepper Farming in Kannada

Kundapura: Crack appears on new bridge at Arate on NH66

Sabarimala lost crores of rupees due to COVID-19

A girl sticthes 300 masks for Indian Army Soldiers | Covid Warrior | Udayavani

Latest Additions

Mangaluru: 671 grams of gold found in Indigo flight

Karkala: Man commits suicide by shooting himself

K’taka COVID-19 update: 9543 new cases, 6522 discharges, 79 deaths on Sep 26

Maharashtra bans sale of loose cigarettes, beedis

Odisha govt to reopen all tourist destinations from October

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.