Hero Electric teams up with Wheels EMI to provide better loan options
Category: #technology  By Pranali Mehta  Date: 2021-09-01
  • share
  • Twitter
  • Facebook
  • LinkedIn
Hero Electric teams up with Wheels EMI to provide better loan options
  • 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

 

  • share
  • Twitter
  • Facebook
  • LinkedIn

About Author

Pranali Mehta

Pranali Mehta    

Pranali Mehta boasts of over three years of experience as a content writer. Having completed her graduation in chemical engineering, she worked as safety & environment associate in a chemical company for a year. Harnessing her passion for writing however, Pranali deci...

Read More >>

More News By Pranali Mehta

R&D projects worth USD 5.5 Mn approved under India-Israel tech fund
R&D projects worth USD 5.5 Mn approved under India-Israel tech fund
By Pranali Mehta

As a part of discussions on expanding the reach of India Israel Industrial R&D along with Technological Innovation Fund, the two nations have approved three joint R&D projects costing USD 5.5 million and discussed methods to develop a bigger ...

Amazon’s technology centers in Texas and Arizona to offer 2,550 jobs
Amazon’s technology centers in Texas and Arizona to offer 2,550 jobs
By Pranali Mehta

American e-commerce giant, Amazon has recently announced its plans to boost the hiring spree at its major technology hubs located in Arizona and Texas. Reportedly, the leading web service provider is working towards addition of 2,500 openings at its...

Apple expands its digital CarKey features to Hyundai & Genesis vehicles
Apple expands its digital CarKey features to Hyundai & Genesis vehicles
By Pranali Mehta

Hyundai and its luxury brand Genesis are reportedly planning to embed Apple's digital CarKey feature, which allows users to unlock their vehicles using the iPhone's Wallet app. This attribute could be available in the vehicles as early as sum...