Customers can opt for a completely digital and paperless two-wheeler loan with minimal documentation. Additionally, physical assistance and offline financing can be availed at all Hero Electric touchpoints. Eligible customers can avail instant digital two wheeler loan “SBI Easy Ride” through SBI YONO. They can get a loan under SBI Easy Ride Loan for 4 years at an EMI of as low as Rs 251 per Rs 10,000.
Recently, the company also partnered with Axis Bank for two-wheeler finance solutions. Let us tell you that Hero Electric produces electric scooters in its factory located in Ludhiana, Punjab. Hero Electric currently has over 750 sales and service outlets across the country, along with a well-trained EV service network with an extensive charging network.
Hero Electric has been operating in the country for the last 14 years and has sold around 4.5 lakh electric scooters till date. Hero Electric has sold 26,193 units of high speed electric scooters in January 2022, according to the data of the vehicle portal. This figure is also higher than 4,899 units sold in the same period last year.
Hero Electric offers a wide range of high-speed and low-speed electric scooters. In November last year, the company launched three electric scooters – Optima HX, Photon HX and NYX-HX in the city speed range. These are all high speed electric scooters with a speed of more than 30 km/h.
To promote the sale of electric vehicles, the central government has exempted all types of electric vehicles from registration and renewal fee. Along with this, the government has also increased the subsidy amount for electric two-wheelers in the new budget.
The government has increased the incentive amount for electric two wheelers from Rs 10,000 to Rs 15,000 per kWh. Also, the incentive limit has been increased from 20% to 40% of the vehicle cost.
A total amount of Rs 10,000 crore has been approved for the FAME-II scheme, of which Rs 8,596 crore will be allocated for demand promotion, Rs 1,000 crore for infrastructure like charging stations and the balance for administrative infrastructure.
About 2,00,000 vehicles have been given the benefit of subsidy under the FAME-II scheme. In the last three financial years, a total subsidy of Rs 900 crore has been availed for electric two wheelers and three wheelers. As per data from the Vahan Portal, India registered 3,11,000 battery-operated vehicles (BOVs) in 2021, compared to 1,19,000 in the previous year.