Hero Electric partners with HDB Financial Services for retail finance

Electric two-wheeler manufacturer Hero Electric on Wednesday said that it has joined hands with HDB Financial Services, a non-banking financial company (NBFC), to offer easy financing options for the purchase of electric scooters.

Under the collaboration, Hero Electric customers can avail hassle-free loans with minimum documentation on their desired electric scooter, the electric two-wheeler manufacturer said in a statement. As the company further claims, the financing option will be available to Hero Electric customers across the company's network of more than 700 dealerships in the country.

The company also claims that HDB will offer eligible customers benefits such as attractive interest rates, flexible tenure options, and affordable EMIs as part of the tie-up.

Commenting on this partnership, Hero Electric CEO Sohinder Gill said in an official statement that electric two-wheelers will become the vehicles for the masses in future, and easy financing is one of the essential cogs in the wheel. "We at Hero have a basket of financers, offering a wide choice of ownership options to suit one's requirements," he said in the statement.

Sohinder Gill also said that Hero Electric's partnership with HDB Financial Services is a step forward to offer easy and seamless financing options beyond Tier-1 cities to promote clean and green commuting.

"We are confident that this collaboration will help our customers to substantially save on their commuting costs without having to spend upfront," Gill further stated.

Hero Electric is currently the dominant player in the Indian electric two-wheeler market that has been experiencing a rise in demand in the recent past, especially in the wake of the Covid-19 pandemic that has prompted the consumers to opt for personal mobility instead of using shared mobility and public transport system. The two-wheeler manufacturer offers both high-speed and low-speed electric scooters in the Indian market.