Hero Electric ties up with new NBFCs to provide financing options to EV buyers

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Hero Electric on Wednesday said it has tied up with HDB Financial Services, a non-banking financial company (NBFC), to provide financing options for the purchase of electric scooters. Sahyog will provide loans to buyers.

Hero Electric, in a statement, claimed that the financing option will be provided with minimal 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.

In addition, HDB will offer the eligible customers relatively lower interest rates, flexible tenure options and more EMI options as part of the tie-up.

“Electric two-wheelers will become the vehicle for the masses in the future, and easy financing is one of the essential cogs in the wheel. Sohinder Gill, CEO, Hero Electric, said in a statement, “At Hero we have a basket of financiers, offering a wide choice of ownership options to suit one’s requirements.

“We are confident that this collaboration will help our customers significantly save on their travel costs without any upfront cost,” Gill said.

Karthik Srinivasan, Chief Business Officer, HDB Financial Services, claimed that the NBFC will provide easy financing options for Hero Electric EV buyers across the country.

To boost financing options, the government (NITI Aayog) has also proposed to RBI to include loans for electric vehicles under the priority sector lending (PSL) segment. Presently, the loans are classified under the auto retail category. If RBI classifies loans under PSL segment for EVs, it will help in easier financing as well as more attractive interest rates.

Hero Electric partners with new NBFCs to provide financing options to EV buyers, first appeared on BGR India.

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