Hero Electric partners with Wheels EMI for financing options to consumers

Electric two-wheeler manufacturer Hero Electric on Tuesday has announced that it has joined hands with Wheels EMI for offering financing options to the consumers. The company also said that besides vehicle financing, the partnership would offer extra benefits to Hero Electric electric two-wheeler buyers. These include cheaper interest rates, flexible tenure options and affordable equal monthly instalments (EMIs).

Hero Electric also said that as a preferred financial partner, Wheels EMI will provide the electric two-wheeler customers with simple and fast disbursals with minimum documentation.

Commenting on this partnership, Sohinder Gill, CEO, Hero Electric said that, over the last few weeks, awareness and demand for electric two-wheelers have been at their peak for various reasons. "More and more customers today are enquiring and considering electric two-wheelers as their next upgrade. There is also a demand for flexible finance options, especially from rural India to own their favourite two-wheeler," he said.

He also said that this partnership will help the company to take a step forward to clean and emission-free mobility.

Hero Electric currently sells more than 10,000 electric two-wheelers every month. The EV company claims that around 40% of this comes from rural regions of India. With this partnership, Hero Electric is expecting a rise in sales. The EV maker hopes the sales of its electric two-wheelers will be doubled by end of 2021.

Several factors have been playing key roles in the growth of electric mobility. Electric two-wheelers have been contributing the lion's share to that. The demand for personal mobility medium, sky-high price of motor fuels, incentives under the FAME-II scheme, low cost of ownership, subsidies by different state governments under their respective EV policies have been encouraging the buyers to opt for electric two-wheelers.