The partnership aims to offer easy and smart financing for electric two-wheelers in the country
Published On: 30/05/22
1 min read
Chola will provide attractive financing solutions on Hero Electric scooters
This partnership will enable Hero Electric to cater to newer markets
Chola is the financial services arm of Murugappa Group
Hero Electric has joined hands with Cholamandalam Investment and Finance Company Limited (Chola) to offer easy and smart financing for electric two-wheelers in the country. The collaboration aims to make the company scooters more affordable for the discerning and price conscious buyers with attractive financing solutions. This partnership will enable the brand to cater to newer markets with Chola's widespread presence across the country. For those asking, Chola is the financial services arm of Murugappa Group.
The electric two-wheeler manufacturer offers a varied product portfolio catering to differentiated customer commuting demands. Commenting on the partnership, Mr. Sohinder Gill, CEO, Hero Electric said, “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. The association will allow penetration to newer untapped markets and easy accessibility at the best rates and minimum documentation. Moreover, with focus on priority lending for EVs and existing Government subsidies will create convenience for our buyers, across levels.”
“Chola’s vision has always been to enable our customers to 'Enter a better life’. Ever since our inception and throughout our growth phase, we have consciously stayed sincere to this vision while doing business. Our partnership with Hero Electric is in line with this endeavor. The shift to electric mobility is steadily moving towards becoming an inevitable reality. With our easy and innovative financing options, we look forward to making EV adoption easier for Hero Electric’s two-wheeler buyers. This partnership will also give us a strong foothold in the EV financing space with our 1145 branches spread across urban, semi-urban and rural markets. The synergies between both the companies are aimed towards the singular focus to bring benefits to our esteemed customers by helping them realise their electric two-wheeler dreams. This relationship will help us in taking a step closer to fulfilling our ESG goals,” adds Mr. Ravindra Kundu, Executive Director, Cholamandalam Investment and Finance Company Limited.
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A mechanical engineering dropout by choice, Mayank has been in the auto journalism biz for the past 8 years. He is currently working as an Associate Editor at Droom Discovery and covering each and every aspect of the auto industry. He has worked with a plethora of renowned Auto brands in his illustrious career so far. Being a student of English Literature, his mantras of success are the Never-Say-Never attitude and self-confidence. Mayank likes to travel, read books and listen to music during his free time.