Hero Electric signs MOU with State Bank of India

Hero Electric announced its partnership with State Bank of India – India’s leading public sector bank – to offer its dealer network inventory financing solutions. This strategic partnership will allow Hero Electric to widen its reach in the country, thereby extending its PAN India customer base.

In line with Hero Electric’s 2020 goal to have 1000 dealerships across the country, the MOU will allow existing dealers to invest more and encourage new dealers to sprout across the country. Furthermore, this association will help the brand aims to popularize electric vehicles in India and is certain that providing inventory financing schemes to its dealers will help them better manage their cash flows and in turn sell more electric vehicles; which is central to Hero Electric’s long term goal.

Mr. Sohinder Gill, CEO, Hero Electric, said, “Our dealer network is one of the most valued assets and we intend to support them across all facets of the business. We are pleased to have SBI as our partner and we are confident that their expertise and nationwide presence will allow our dealer network to seamlessly expand their business and manage cashflows through attractive rates on inventory financing. Moreover, it will empower the dealers to cater to a wider customer base and achieve their sales target efficiently.”

Mr. P.K. Gupta, MD (Retail & Digital banking), SBI said, “We are extremely pleased to partner with Hero Electric who are the pioneers in promoting clean and emission free mobility. Lending support to the brand’s widespread dealer network will allow the brand to access SBI’s PAN India network for best financing solutions to its dealers across India. Through this MOU, we as the leading bank of India will also be contributing to the government’s vision of adopting green mobility”.

Building a strong financial ecosystem has been pivotal to Hero Electric’s core values. The partnership with SBI stems from the brand’s goal to enable its dealers to offer the customers attractive financing options and flexible payment period on the purchase of Hero Electric vehicles across the country. This move will help the brand’s products make inroads in tier 3 and tier 4 markets and raise awareness around electric mobility.

Hero Electric will continue to innovate in this space and lead electric mobility in the country and has robust plans to take its current 620 touchpoints to 1000 by end of 2020 and make the brand accessible even in the most interior parts of the country. The company has aggressive investment plans in the next three years to ramp up production capacity of its electric scooters to 5 lakh units annually, with a focus on low-speed scooters for last mile connectivity.

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