Hero Electric, India’s biggest two-wheeler maker, recently announced its partnership with Wheels EMI Private Limited to facilitate customers in purchasing EVs in India by offering them easy financing options. Aside from vehicle financing, the collaboration offers other benefits to Hero Electric customers, such as competitive interest rates, flexible tenure choices, and reasonable Equal Monthly Instalments (EMIs) based on client eligibility.
Wheels EMI, which has a presence in over 100 cities across 13 states, provides a wide range of solutions along the two-wheeler ownership-ridership lifecycle, driving mobility for working families, such as financing to purchase new and pre-owned two-wheelers, access to electric bikes, insurance, servicing, spare parts maintenance, and a transparent marketplace for pre-owned two-wheelers.
According to the announcement, Hero Electric now sells over 10,000 two-wheelers per month, with 40% of sales coming from rural India, and with this partnership, the company expects an increase in sales up to double in 2021 from last year's sales. In addition, it is also mentioned in the release that the increased fuel prices and changes to FAME-II subsidies have resulted in a fast increase in the number of consumers opting for an EV two-wheeler.
Mr Karunakaran V (Co-founder and JMD) of WheelsEMI stated that the organization is a two-wheeler expert, focusing on e-two-wheelers and rural clients, as well as additional services for 2w customers. This collaboration allows the company to have a twofold effect on the lives of unbanked and rural clients by providing financing for Hero Electric two-wheelers.
Also, the company is currently serving lending options to Hero Electric customers in 10 states, with 42 locations and 60 dealerships across the country. Moreover, the announcement added that the company has offered financial help in rural regions of Uttar Pradesh, which accounts for about 60% of the entire Wheels EMI business.