Hero Electric ties up with OTO Capital for e-scooter leasing

Hero Electric has tied up with OTO Capital, an India-based vehicle leasing startup, to provide its customers with flexible & affordable leasing options for its electric two-wheelers. OTO's leasing plans start from a minimum tenure of 12 months and can go up to 36 months.

By Divyank K. Bansal | on August 19, 2020 Follow us on Autox Google News

Initially, the leasing options will be available across 16 Hero Electric dealerships in Bengaluru & Pune.

Hero Electric has tied up with OTO Capital, an India-based vehicle leasing startup, to provide its customers with flexible & affordable leasing options for its electric two-wheelers. OTO's leasing plans start from a minimum tenure of 12 months and can go up to 36 months. However, after 12 months, the customer will get an option to upgrade to any other model.

OTO Capital claims that its monthly OMIs (OTO Monthly Installments) are more affordable by up to 30%, compared to other financing options in the market. For instance, the Hero Electric Nyx LI costs ₹3,520/month if purchased via a traditional bank loan of two-year tenure. However, through OTO, this cost can be reduced to ₹2,478/month. (Figures provided by OTO Capital).  

Given the circumstances, Hero Electric claims that it has witnessed a big jump in sales over the past few months and even OTO Capital has seen a 120% increase in the demand for vehicle leasing. Plus, with the government's recent clarification regarding registration of EVs without batteries, consumer demand for affordable EVs and more flexible financing options is likely to grow further.

Sharing his thoughts on the partnership, Sumit Chhazed (Co-founder - OTO Capital) said, 'We are excited to be Hero Electric’s partner to support the adoption of electric two-wheelers in India. We hope to lease at least 1,000 Hero e-scooters in the coming months.' 

Read more:

Okinawa begins doorstep delivery of e-scooters in Bengaluru

Honda drags Hero Electric to court over design infringement

Tags: Hero Electric OTO Capital

Write your Comment

Please tell us your city. This allows us to provide relevant content for you.