Hero Electric on Thursday said it has tied up with Shriram City Union Finance to facilitate loan schemes for its electric two-wheeler buyers. The collaboration aims to make the e-scooters more affordable and attract cost-conscious buyers with attractive financing solutions, Hero Electric said in a statement.

The partnership will enable customers to avail a fully digital and paperless loan procedure with on-the-go financing options available 24 hours across the country, it added.

“The changing market scenario and increased preference for the electric vehicle, we have realized the need for strong finance schemes to boost the EV shift. Easy and preferred financing schemes will further favour the green mobility shift leading to a seamless ownership experience,” Hero Electric CEO Sohinder Gill stated.

The association will promote easy accessibility and availability of innovative financial products to customers at the best rates and minimum documentation, he added.

“The demand drivers for EVs are the rapid urbanisation, high cost of petroleum products, the growing sentiment for pollution control, rising need for social distancing, along with favouring policy. We are partnering with the best and are pleased to announce a partnership with Hero Electric,” Shriram City MD and CEO YS Chakravarti noted.

The shift to electric mobility has become inevitable and Shriram City’s financing options will make EV adoption easier, he added.

Last year, the company raised an investment of Rs.220 crore from a UAE-based financial services company, Gulf Islamic Investments (GII), and an existing investor, OAKS investment partner to make an impact in the crowded electric two-wheeler segment, where firms like Ola Electric and Ather had recently announced major ramp-up plans for 2021-22.

A few months prior to securing the funds, Hero Electric announced that it had sold over 50,000 electric two-wheelers in 2020, consequently retaining the top slot in the segment. The company also announced that its sales network had crossed the 600-touchpoint mark covering 500 towns and cities across the country.