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Hero Electric partners AU Bank for EV financing

Hero Electric has partnered with AU Small Finance Bank to provide easy financing solutions for its electric two-wheelers.

Hero Electric partners AU Bank for EV financing
According to Hero Electric, customers can benefit from its unique financing option with customised EMIs as per their needs.

Hero Electric has partnered AU Small Finance Bank to provide easy financing solutions for its electric two-wheelers. Given the demand for electric vehicles, Hero Electric aims to enhance the financing process for its customers by providing seamless solutions along with online assistance.

According to Hero Electric, customers can benefit from its unique financing option with customised EMIs as per their needs. Hero has 14 products in its portfolio.

Sohinder Gill, CEO, Hero Electric, said, “Our partnership with AU Small Finance Bank is a step towards smoothening the financing procedure for our customers and enhancing their purchase experience. With easy installments and customised offers, customers will be able to make a hassle-free EV switch. ”

Bhaskar Karkera, Chief of Wheels, AU Small Finance Bank, added, “Vehicle loan has been one of our flagship products, we offer wide product ranges in the industry extending credit for 2 to 22-wheeler vehicles. ”

Hero Electric has partnered with various NBFCs and financing institutions as well. The company currently has over 750 sales and service outlets spread across the country along with a widespread charging network and trained roadside mechanics on EVs.

Hero Electric, in July, after a dip in sales for the past few months, posted its total sales of 8,786 units in July compared to 6,504 EVs in June, up 35 percent month-on-month.  

AU started its banking operations in April 2017 and as per the latest information, the bank has established operations across 953 banking touchpoints while serving 30.7 Lakh customers in 20 States & 2 Union Territories with an employee base of 29,883 employees.

Also read: Hero Electric is expanding its reach and inaugurated a new dealership in Bareilly, Uttar Pradesh in a bid to enhance the accessibility and adoption of EVs.

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