Hero Electric, India’s largest EV two-wheeler company today announced its collaboration with Wheels EMI Private Limited 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% 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 by 2021.
With rising fuel prices and modification in the FAME-II subsidies, there has been a rapid growth in the number of customers who want to become a part of the Green revolution by opting for an EV two-wheeler. To further facilitate and help consumers make a quicker buying decision, consumers can now fulfil their dream of going Electric by purchasing a brand new Hero EV through a wide array of finance options offered by Wheels EMI.
This partnership also offers extra benefits to Hero Electric customers like attractive interest rates, flexible tenure options and affordable EMIs as per customer eligibility. As a Preferred Financial Partner, Wheels EMI will provide Hero Electric customers with simple and fast disbursals with minimum documentation.
Wheels EMI is currently offering 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 and Uttar Pradesh contributes to almost 60% of the total Wheels EMI business
Elaborating on Hero Electric’s latest two-wheeler retail finance partnership Mr. 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 & 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 favorite 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.”
Mr. 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.”