Ampere Vehicles partners OTO Capital for affordable financing solutions

Electric vehicle maker Ampere Vehicles on Friday said it has partnered with OTO Capital, a startup in automotive purchase financing, to offer vehicle leasing plan for buyers.

The leasing option will be available from August 1, 2020 exclusively in Bangalore and will be extended to Pune, Hyderabad, Delhi, Chennai and Cochin by the end of this year, the company said in a statement.

Consumers can have an affordable lease rental for electric two-wheeler within 48 hours after undergoing a documentation process and can also have their scooter home delivered, it added.

Ampere Vehicles, a wholly-owned electric mobility subsidiary of Greaves Cotton Ltd, said owing to this partnership, the cost of monthly payments will be significantly reduced for owners, for instance Ampere Zeal model that would cost ₹3,020 using other financial means can now be availed at an OMI (Ownership Monthly Instalment) of ₹2,220.

Ampere Vehicles COO P Sanjeev said, "This is an innovative model that will show promising results in the near future and change the way the auto industry operates with more affordable solutions. The association is in line with our efforts to support many prospective e-scooter buyers as they are stressed to save cost owing to the current crisis scenario".

OTO Capital Co-founder Sumit Chhazed said entering the electric vehicle market is a big win for the company.

The partnership with Ampere Vehicles has come at a time when consumers themselves are very conscious of the choices they make and the impact it makes on the planet, he said adding, "We hope to partner with all their dealers in the major cities to help buyers own their electric bikes at a lower cost".