Hero Electric, India’s oldest and largest EV company, on May June, announced a partnership with Cholamandalam Investment and Finance Company Limited (Chola), the financial services arm of Murugappa Group, to offer easy and smart financing for electric two-wheelers.
The collaboration aims to make Hero Electric scooters more affordable for the discerning and price conscious buyers with attractive financing solutions. This partnership will enable Hero Electric to cater to newer markets with Chola’s widespread presence across the country.
Commenting on the partnership, Mr. 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.”
“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 this vision while doing business. Our partnership with Hero Electric is in line with this endeavour. 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.
The partnership will strengthen Hero Electric’s vision to transform the mobility sector in India. The electric two-wheeler manufacturer offers a varied product portfolio catering to differentiated customer commuting demands.