Hero Electric Partners with SBI for Electric 2-Wheeler Loans

Hero Electric, in the latest rounds of development, has partnered with State Bank of India to offer financing solutions for its range of electric two-wheelers in the country. The customers buying Hero Electric scooters will also receive an additional Rs 2,000 off on payments made through SBI's YONO app while getting a fully digital and paperless two-wheeler loan with a click and minimum documentation. In addition, if the customers opt for physical assistance and offline financing, it can be availed across all Hero Electric 750+ touchpoints.

Sohinder Gill, CEO, Hero Electric, said, “There is strong demand for EVs today and, to make the purchase experience smooth, we are glad to partner with India’s largest bank SBI. This partnership will provide the best interest rates and unique offers to fuel the green mobility revolution. Customers are looking for lucrative deals and schemes to make the shift and invest in an electric two-wheeler. We are determined to provide seamless service to our customers across our dealerships with State Bank of India’s wide network.” The SBI Easy Ride Loan will offer the buyers an EMI of as low as Rs 251/- per Rs 10,000 for 4 years and it can be instantly availed via the YONO digital banking platform.

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Hero Electric had recently joined hands with OTO Capital as well to offer low cost financing solutions on its Nyx range of e-bikes. “We are glad to come together with the two-wheeler EV market leader and offer the best financing option that any customer desires. Eligible SBI customers can get instant digital two-wheeler loan “SBI Easy Ride” through YONO. They can avail of the loan at an EMI of as low as INR 251/- per INR 10,000 for 4 years under the SBI Easy Ride loan. This initiative is a step further in the bank’s contribution towards the country's green mobility revolution by making EVs affordable with lower EMIs,” said Devendra Kumar, Chief General Manager, Personal Banking Business Unit, SBI.