Hero Electric Partners with Chola for Easy Finance Solutions, Auto News, ET Auto

Sohinder Gill, CEO, Hero Electric

New Delhi: Electric vehicle company Hero Electric has today partnered with Cholamandalam Investment and Finance Company Limited (Chola), the financial services arm of Murugappa Group, to offer simple and smart financing for electric two-wheelers.

The collaboration aims to make Hero Electric scooters more affordable for price-conscious, savvy buyers with attractive financing solutions, a company statement said. This partnership will allow Hero Electric to respond to new markets with Chola’s widespread presence across the country, he added.

Sohinder Gill, CEO of Hero Electric, said, “The fluctuating market scenario and increased preference for sustainable mobility necessitated the availability of strong funding programs to encourage the shift to electric vehicles. Easy and preferred financing options will further support the shift to green mobility, leading to a seamless ownership experience. »

“The association will allow the penetration of new untapped markets and easy access to the best rates and with minimal documentation. In addition, the emphasis on priority loans for electric vehicles and existing government subsidies will create convenience for our buyers, at all levels,” he added.

The partnership will also reinforce Hero Electric’s vision to transform India’s mobility industry, which offers a diverse product portfolio that meets customers’ differentiated travel demands.

“With our simple and innovative financing options, we look forward to making electric vehicle adoption easier for Hero Electric two-wheeler buyers. This partnership will also give us a strong position in the electric vehicle financing space with our 1145 branches spread across urban, semi-urban and rural markets. The synergies between the two companies are aimed at bringing benefits to our valued customers by helping them realize their electric two-wheeler dreams. This relationship will help us take a step closer to achieving our ESG objectives,” added Ravindra Kundu, Executive Director, Cholamandalam Investment and Finance Company Limited.

Read also :

Under the partnership, Cholamandalam Investment and Finance (Chola) will become the preferred financier for customers purchasing used vehicles from CarWale abSure dealerships with personalized offers, the company said in a statement.

About the author