Hero Electric has joined hands with Cholamandalam Investment and Finance Company Limited (Chola), the financial services arm of the Murugappa Group, to offer easy finance options for electric two-wheelers. The collaboration aims to make Hero Electric scooters more affordable for the discerning and price conscious buyers to offer attractive finance options, and also leverage Chola's widespread presence across the country to enable Hero Electric to cater to new markets, a statement from the company said. Hero Electric is India's largest electric two-wheeler manufacturer and has been operational for over 14 years.
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Sohinder Gill - CEO Hero Electric says the partnership will offer easy finance options for Hero Electric scooter and also help the brand penetrate newer untapped markets.
Commenting on the partnership, Sohinder Gill, CEO, Hero Electric said, "The fluctuating market scenario and increased preference for sustainable mobility have necessitated the availability of strong finance schemes to encourage the EV shift. Easy and preferred financing options will further favour the green mobility shift leading to a seamless ownership experience. The association will allow penetration to newer untapped markets and easy accessibility at the best rates and minimum documentation. Moreover, with focus on priority lending for EVs and existing government subsidies will create convenience for our buyers, across levels."
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Hero Electric currently has over 36 per cent market share.
"Chola's vision has always been to enable our customers 'Enter a better life'. Ever since our inception and throughout our growth phase, we have consciously stayed sincere to this vision while doing business. Our partnership with Hero Electric is in line with this endeavor. The shift to electric mobility is steadily moving towards becoming an inevitable reality. With our easy and innovative financing options, we look forward to make EV adoption easier for Hero Electric's two-wheeler buyers. This partnership will also give us a strong foothold in the EV financing space with our 1145 branches spread across urban, semi-urban and rural markets. The synergies between both the companies are aimed towards the singular focus to bring benefits to our esteemed customers by helping them realise their electric two-wheeler dreams. This relationship will help us in taking a step closer to fulfilling our ESG goals," adds Mr. Ravindra Kundu, Executive Director, Cholamandalam Investment and Finance Company Limited.
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Hero Electric is India's leading electric two-wheeler manufacturer, with a manufacturing unit in Ludhiana. The company sells a wide range of electric scooters catering to a wide spectrum of customers. Hero Electric currently has more than 750 sales and service outlets across the country along with a widespread charging network and trained roadside EV mechanics.
