Hero Electric, one of India’s largest electric two-wheeler company has announced its collaboration with Wheels EMI to offer easy financing options for the purchase of electric two-wheelers in India.
Hero Electric currently sells over 10,000 two-wheelers every month, of which 40 percent comes from rural pockets of India. With this partnership, the company expects a rise in sales and is projected to double them over last year.
According to the OEM, with rising fuel prices and modification in the FAME-II subsidies, there has been a rapid growth in the number of customers who are looking at electric vehicles. The partnership aims to facilitate and help consumers avail attractive finance options to purchase a new Hero Electric scooter. Customers will also get extra benefits such as attractive interest rates, flexible tenure options and affordable EMIs as per their eligibility.
At present, Wheels EMI will offer lending solutions to Hero Electric’s customers across 10 states covering 42 locations and 60 dealership outlets. Wheels EMI has extended financial assistance in rural pockets of Uttar Pradesh like Koushambi, Chandauli, Basti, Maharajganj to name a few. Interestingly, Uttar Pradesh contributes to almost 60 percent of the total Wheels EMI business.
Sohinder Gill, CEO, Hero Electric said, “Over the last few weeks, the awareness and demand for electric two-wheelers has been at its peak. The reasons could be varying, ranging from the revised FAME II and state policies to rise in fuel prices. 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. Wheels EMI is a leader in electric two-wheeler financing and understands the credit requirement of rural households. This partnership is a step forward to 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.”
Karunakaran V, co-founder and JMD, Wheels EMI said, “WheelsEMI is a specialist in two-wheelers and focusses on electric two-wheelers and rural customers, along with other services for 2W customers. This partnership gives us the opportunity to make dual impact in the life of unbanked and rural customers by offering finance for Hero Electric two wheelers. Along with Hero Electric we are committed to make rural India green.”