Electric two-wheeler manufacturers have been forced to hike prices as the central government cuts subsidies. As a result, the cost of buying an electric scooter has increased a lot. Sales also suffered. In this situation, Hero Electric has taken the initiative to hand over electric scooters to customers in exchange for monthly installments. The company announced a tie-up with IDFC FIRST Bank. Hero is hopeful that more and more buyers will be able to easily bring home electric scooters.
Hero Electric ties up with IDFC FIRST Bank
Buyers can choose the repayment period as per their convenience. This is considered to be Hero’s special move to increase sales of electric scooters. It is known that the battery scooter of Hero Electric can be brought home for a monthly installment of 2,731 rupees. Hero Electric currently sells a total of five e-scooters in India. They did not increase the price even though the fem-toe subsidy was reduced.
Both slow and high speed scooters are present in the company’s portfolio. Among them, two are low-speed and three are high-speed models. Prices start from Tk 72,142. Depending on the model, the range starts from 82 km to a maximum of 165 km. Hero Electric has tied up with several other financial services companies. Currently, the company’s Optima range and NYX can be purchased with a minimum down payment of Rs 8,190.
In this context, Sohinder Gill, CEO of Hero Electric said, “Reducing the additional burden of buying an electric scooter on the customers is one of the ways to increase the sales of electric vehicles. We have tie-ups with various banks and financial institutions to deliver electric two-wheelers at easy and attractive installments. We are delighted to tie up with IDFC FIRST Bank.”