Hero Electric has partnered with OTO Capital, India’s first vehicle leasing start-up, to provide consumers with affordable and flexible financing options to own electric two-wheelers.“The partnership will allow consumers to save up to 30% on their e-scooter by paying monthly OMIs (OTO Monthly Instalments) compared to other financing options in the market,” they said in a statement. The partnership will be live across 16 Hero Electric dealers in Bangalore and Pune, with a focus to expand across India in the next few months. With India being in its nascent stage of EV adoption, financing options are limited and not available at all dealerships and that hinders mass adoption. However, lately, some businesses houses are coming out with easy methods of EV adoption, OTO being one such adoption model.
OTO’s flexible model of ownership allows customers to lease an electric two-wheeler for a minimum of 12 months, after which they can choose to upgrade to any other make and model. The leasing period can range from 12 months to 36 months. OTO also said it has enabled home deliveries of vehicles and will ensure all the paperwork is done online with as less contact as possible. OTO is now available as an alternate financing option in more than 200 dealer showrooms and the company is looking to partner with several other EV makers in the coming months.
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