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Hero Electric has announced its partnership with OTO Capital. Through this partnership, customers will now be able to afford flexible financing options on their favourite Hero electric two-wheelers. Moreover, this partnership will allow them to save up to 30 per cent on their e-scooter by paying through OTO Monthly Installments.
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."
The financing will be available across 16 Hero Electric dealers in Bangalore and Pune. The company also plans to expand this offer to other cities across India in the next few months. OTO's flexible model of ownership will allow the customers to lease an electric two-wheeler for a minimum of 12 months, after which they can choose to upgrade to any other make and model. The leasing period can range from 12 months to 36 months.
Sumit Chhazed, Co-founder, OTO Capital stated, "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 coming months, we aim to provide our customers the best pricing with flexibility to ease their buying experience."
How much money will the OTO's flexible model help save the customer? For example, the Hero Electric NYX LI will cost the customer Rs 2,478/month through OTO, while a traditional bank EMI would cost north of Rs 3,520/month for a minimum 2-year plan. Moreover, OTO is also rolling out a special offer on the occasion of Ganesh Chaturthi where customers can participate in the OTO's festival lucky draw and win up to 3 monthly instalments off on their payment.
Thoughts About The Partnership Between Hero Electric And OTO Capital
Through this partnership between Hero Electric and OTO capital, customers will be able to lease their favourite Hero e-scooter for really affordable prices. Furthermore, OTO capital also has a lucky draw contest, where if a customer wins, they can avail further discounts.