Hero Electric has partnered with two-wheeler life cycle management company Wheels EMI for offering easy financing options to customers buying electric two-wheelers, a release said on Tuesday.

Besides vehicle financing, the partnership also offers extra benefits to Hero Electric customers such as attractive interest rates, flexible tenure options and affordable equal monthly instalments (EMIs) as per customer eligibility, it said.
As a preferred financial partner, Wheels EMI will provide Hero Electric customers with simple and fast disbursals with minimum documentation, it added.

Wheels EMI, with presence in over 100 cities across 13 states, offers a range solutions along the two-wheeler ownership-ridership lifecycle, driving mobility for working families including financing to purchase new and pre-owned two wheelers, access to electric bikes, insurance, servicing, spare parts management and a transparent marketplace for pre-owned two wheeler.

“Over the last few weeks, the awareness and demand for electric two-wheelers has been at its 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 favorite two-wheeler,” said Sohinder Gill-CEO, Hero Electric.

“This partnership is a step forward for us to achieve our goal of clean and emission free mobility and reaching the un-fragmented markets of the country and enable them with a cleaner mode of personal transport,” he said.

Hero Electric currently sells over 10,000 two-wheelers every month, of which 40 per cent comes from rural pockets of India, the release said, adding, ”With this partnership, the company expects a rise in sales and is projected to double them over last year by 2021.”

Stating that with rising fuel prices and modification in the FAME-II subsidies, there has been a rapid growth in the number of customers opting for an EV two-wheeler, the release said.

Karunakaran V (Co-Founder and JMD), Wheels EMI said, “The company is a specialist in two wheelers and focuses on e-two-wheelers and rural customers, along with other services for 2w customers. This partnership gives us the opportunity to make a dual impact in the life of unbanked and rural customers by offering finance for Hero Electric two-wheelers.

Wheels EMI is currently offering lending solutions to Hero Electric’s customers across 10 states covering 42 locations and 60 dealership outlets, the company said.

It has extended financial assistance in rural pockets of Uttar Pradesh, which accounts for almost 60 per cent of the total Wheels EMI business, as per the release.