Hero Electric partners OTO Capital to offer finance options for electric scooters
Hero Electric, a leading two-wheeler manufacturer has made an announcement about its partnership with OTO Capital to provide affordable and flexible financing options to buy electric scooters. This partnership will offer consumers with affordable and flexible financing options to buy the company’s electric scooters and bikes.
It will save up to 30% on their electric scooter by paying monthly OMIs compared to other financing options in the market.OTO’s model of ownership allows consumers to lease an electric two-wheeler for a minimum of 12 months. They can also upgrade to any other models. The leasing period can range from 12 months to 36 months.
Sumit Chhazed, Co-founder, OTO Capital said “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.”
The affordability provided through leasing guarantees savings of up to 30 per cent 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 issued in a statement.
Sohinder Gill, CEO, Hero Electric said “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.”
Ampere Vehicles partners OTO Capital & Autovert Tech, offers lease & subscription plans
Ampere Vehicles has also recently partnered with India’s first start-up OTO Capital to offer vehicles on leasing plans to the customers. The customers can take its benefits of leasing option from August 1, 2020, exclusively in Bangalore. By the end of this year, the company is also planning to extend the lease services to Pune, Hyderabad, Delhi, Chennai and Cochin.
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