Hero Electric ties up with Cholamandalam to offer retail finance

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Hero Electric on Monday said it has joined hands with Cholamandalam Investment and Finance Company to offer retail finance for electric two-wheelers.

The partnership will enable the company to cater to newer markets with Chola’s widespread presence across the country, the electric two-wheeler maker said in a statement.

"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,” Hero Electric CEO Sohinder Gill noted. The association will allow penetration to newer untapped markets and easy accessibility at the best rates and minimum documentation, he added.

”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,” Cholamandalam Investment and Finance Company Executive Director Ravindra Kundu said. The partnership will also give the entity a strong foothold in the EV financing space, with 1,145 branches spread across urban, semi-urban and rural markets, he noted.