Hero Electric has partnered OTO Capital, a vehicle leasing start-up, to provide its customers with flexible financing options.
The partnership claims that it will allow buyers to save up to 30 percent on their e-scooter by paying monthly OMIs (OTO monthly instalments), compared to other financing options in the market. The scheme will be rolled out across 16 Hero Electric dealers in Bengaluru and Pune, with a focus to expand across India in the next few months.
OTO says its flexible model of ownership allows customers to lease an electric two-wheeler for a minimum of 12 months, after which they can choose to upgrade to any other make and model. The leasing period will range from 12 to 36 months and is claimed to help save up to 30 percent monthly, when compared to traditional bank EMIs.
For instance, the Hero Electric NYX LI costs Rs 2,478 a month through OTO, while a traditional bank EMI would cost upwards of Rs 3,520 a month for a 2-year plan.
Ved Janve
Azaman Chothia
Dinshaw Magol
Vishal Venugopal
