Hero Electric said on Wednesday that it has partnered with Kotak Mahindra Prime Ltd (Kotak Prime) to offer its customers easy financing solutions for two-wheelers.
Kotak Mahindra Prime Ltd (KMPL) is a subsidiary of Kotak Mahindra Bank, primarily established to finance passenger vehicles.
The pact will allow Hero Electric customers to benefit from financing of up to 100% of the ex-store price of a vehicle with a term of 12 to 36 months, the electric vehicle company said in a statement.
The electric two-wheeler maker said it is bolstering its green mobility goals through multiple partnerships with NBFCs to provide ease of purchase for its consumers.
With an increase in demand for electric two-wheelers, supported by programs and policies enabled by the government, it is essential to offer simple and reliable financing options to bring electric vehicles to non-Tier 1 cities and rural pockets, the statement said.
As demand for electric vehicles grows, funding has become the next big thing to further boost the category, said Sohinder Gill, CEO of Hero Electric.
“Our partnership with Kotak Prime is another step in providing comfortable and seamless financing options beyond Tier 1 cities to support environmentally responsible travel. It will benefit our customers to significantly save travel costs and consciously build a greener future,” Gill said. .
Kotak Mahindra Prime offers a range of financing options to its two-wheeled customers. The acceptance of electric two-wheelers is growing across the country to meet consumer mobility needs, said Shahrukh Todiwala, president and full-time director of Kotak Mahindra Prime.
“This partnership with Hero Electric gives Kotak Mahindra Prime the opportunity to contribute positively to India’s transition to electric mobility,” he added.