• These include flexible tenure options, cheaper interest rates, and inexpensive EMIs.
• Hero Electric sells approximately 10,000 two wheelers per month.

Electric two-wheeler manufacturer Hero Electric has reportedly joined forces with Wheels EMI, a Pune-based company that specializes in offering loans and retail financing services for automobiles.

This partnership will allow Hero Electric to offer several new financing options to its consumer base. These include flexible tenure options, cheaper interest rates, and inexpensive EMIs.

Wheels EMI will also provide electric two-wheeler buyers with faster and simpler disbursals with minimum documentation, cited sources with relevant information.

Co-founder and Joint Managing Director of Wheels EMI, Karunakaran V was quoted saying that the company specializes in providing financial services to aid two-wheeler purchases and focuses primarily on rural customers. This partnership will enable Wheels EMI to make a dual impact in the life of rural and unbanked customer base, he added.

The vehicle financing company currently offers its lending solutions to Hero Electric’s customer base across 10 states, 60 dealership outlets, and 42 locations.

Chief Executive Officer of Hero Electric, Sohinder Gill reportedly said that demand for electric two-wheelers has been rising since the past few weeks. He further claimed that people are also looking for financing options to buy electric two-wheelers, especially in rural areas.

It is worth noting here that Hero Electric sells approximately 10,000 electric two-wheelers per month, 40% of which are sold in rural India. With this partnership, the EV maker is expecting a 100% jump in its sales by December 2021.

The electric mobility market has been growing substantially in the past few months due to soaring prices of motor fuels, rising demand for personal mobility medium, low cost of ownership of EVs, and subsidies by different state governments.

Source Credits—

https://auto.hindustantimes.com/auto/two-wheelers/hero-electric-partners-with-wheels-emi-for-financing-options-to-consumers-41630405769618.html