Hero Electric subscription plans coming soon

Hero Electric subscription plans coming soon

Hero Electric has partnered OTO Capital, a vehicle leasing start-up, to provide its customers with flexible financing options.

The partnership claims that it will allow buyers to save up to 30 percent on their e-scooter by paying monthly OMIs (OTO monthly instalments), compared to other financing options in the market. The scheme will be rolled out across 16 Hero Electric dealers in Bengaluru and Pune, with a focus to expand across India in the next few months.

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OTO says its flexible model of ownership allows customers to lease an electric two-wheeler for a minimum of 12 months, after which they can choose to upgrade to any other make and model. The leasing period will range from 12 to 36 months and is claimed to help save up to 30 percent monthly, when compared to traditional bank EMIs.

For instance, the Hero Electric NYX LI costs Rs 2,478 a month through OTO, while a traditional bank EMI would cost upwards of Rs 3,520 a month for a 2-year plan.

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Nexon EV promised to put Tata Motors in the fast lane of the push towards electric mobility and while there were offerings from the company in the fleet segment courtesy Tigor EV, it fast emerged as a strong player in the nascent personal EV segment due to its claimed range of 312 kilometres per single full charge. Further bolstering its case has been an EV subscription model launched by Tata Motors with a focus on customers wanting ‘usership’ rather than ownership.

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