Hero Electric on Wednesday said it has tied up with HDB Financial Services, a non-banking financial company (NBFC), to offer financing options for the purchase of electric scooters. The collaboration will provide buyers with loans.
Hero Electric, in a statement, claimed that the financing option will be provided with minimum documentation on their desired electric scooter. The financing option will be available to Hero Electric customers across its network of over 700 dealerships in the country.
Furthermore, HDB will offer eligible customers benefits like relatively low-interest rates, flexible tenure options, and more EMI options as part of the tie-up.
“Electric two-wheelers will become the vehicles for masses in the 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,” Hero Electric CEO Sohinder Gill said in a statement.
“We are confident that this collaboration will help our customers to substantially save on their commuting costs without having to spend upfront,” Gill stated.
HDB Financial Services Chief Business Officer Karthik Srinivasan claimed that the NBFC will offer easy financing options for Hero Electric EV buyers across the country.
In order to boost financing options, Govt (Niti Aayog) has also proposed RBI to include loans for electric vehicles under Priority Sector Lending (PSL) segment. Currently, the loans are classified under the auto retail category. If RBI classifies loans for EVs under the PSL segment, it will help in easy financing as well as more attractive interest rates.
