Hero Electric partners with Kotak Mahindra Bank to offer easy financing solutions for two-wheelers

Hero Electric said on Wednesday said it has partnered with Kotak Mahindra Prime Ltd (Kotak Prime) to offer easy financing solutions for two-wheelers to its customers.

Kotak Mahindra Prime Ltd (KMPL) is a subsidiary of Kotak Mahindra Bank, primarily formed to finance passenger vehicles.

The pact will allow Hero Electric customers to avail funding of up to 100 per cent ex-showroom price of a vehicle with a tenure range of 12 to 36 months, the EV firm said in a statement.

The electric two-wheeler maker said it is stepping up its green mobility goals via multiple partnerships with NBFCs to offer ease of purchase to its consumers.

With an uptick in demand for e-two-wheelers, supported by government-enabled schemes and policies, offering easy and reliable funding options is critical to take EVs to non-Tier-1 cities and rural pockets, the statement said.

As the demand for EVs witnessing growth, financing has become the next big thing to further boost the category, said Sohinder Gill, CEO, Hero Electric.

"Our partnership with Kotak Prime is another step to offer comfortable and smooth funding options beyond Tier-1 cities to foster eco-friendly commuting. This will benefit our customers to save significantly on their commute costs and consciously build a greener tomorrow," Gill stated.

Kotak Mahindra Prime offers a range of financing options to their two-wheeler customers. The acceptance of EV two-wheelers is increasing across the country to help the mobility needs of the consumer, said Shahrukh Todiwala, President and Whole-time Director at Kotak Mahindra Prime.

"This partnership with Hero Electric gives Kotak Mahindra Prime the opportunity to positively contribute towards India's transition to electric mobility," he added.

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