- To be offered in Bangalore and Pune first
- Claims to offer savings of up to 30%
- Leasing period can range from 12 to 36 months
Hero Electric has partnered with vehicle leasing startup, OTO Capital to provide consumers with affordable financing options for electric two-wheelers.
The company claims that the new partnership will allow consumers to save up to 30% on their e-scooter as compared to other financing options in the market. The Hero Electric NYX LI, for example, costs Rs 2,478/month through OTO, while a traditional bank EMI would go upwards of Rs 3,520/month for a two-year plan.
OTO’s model of ownership will allow customers to lease an electric two-wheeler for a minimum of 12 months. Post the end of the leasing period, customers can choose to upgrade to any other make and model. The leasing period can range from 12 months to 36 months. Initially, the partnership will be live across 16 Hero Electric dealers in Bangalore and Pune. The company aims to expand the benefits of the new partnership across India in the next few months.
OTO is also rolling out a special offer on the occasion of Ganesh Chaturthi. Under the festive season offer, customers can participate in OTO’s lucky draw and win up to three monthly instalments off on their payment.