Hero Electric And RevFin Partnership To Provide Loans To Electric Vehicles Riders
Hero Electric has partnered with digital consumer lending platform RevFin to provide loans to EV riders across India. The partnership aims to finance and lease 2.5 lakh vehicles over the next three years.
With delivery and e-commerce segments growing exponentially, Hero Electric aims to support and steer the EV transition through partnerships to strengthen the B2B segment.
Sohinder Gill, CEO, Hero Electric said, "This partnership will enable us to provide interested customers with the flexibility to purchase an electric two-wheeler in easy monthly installments while riding clean mobility. It further enables us to explore different channels to lease and supply our scooters and contribute towards a carbon-free future with EVs.”
Sameer Agarwal, RevFin, Founder said, “Commercial two-wheeler adoption is still low in India, where finance is one of the largest challenges. Through this association, we expect to change this trend and power the government's plans to increase electric mobility penetration in the country."
The partnership aims to create better opportunities for riders who intend to use electric two-wheelers (e2Ws) for commercial purposes like e-commerce deliveries, ride-sharing.
The partners have inked an agreement to jointly finance 2.5 lakh leased e2Ws over the next three years and collaborate with multiple e-commerce, logistics, and fleet operations companies to fulfill the objective.
All You Need To Know About Hero Electric
Hero Electric has over 750 sales and service outlets spread across the country, while RevFin has presence in 18 states, including UP, Bihar, UK, Haryana, Uttarakhand and Jharkhand.
Hero Electric is a pioneer and market leader in the Indian electric two-wheeler industry. It’s been the front runner for Electric Mobility in India for over a decade. It offers an ecological 2-wheeler solution to consumers, giving customers excellent value for their money. Hero Electric’s endeavour to make the country greener with ‘Zero Pollution’ transportation through its wide range of Electric Vehicles, is supported by its Mission of “No Emission”. Renowned for its quality conscious entity, the product manufactured by Hero is closely inspected, rigorously tested by its quality engineers and put through a 46 stringent quality checks before it is handed to the customers. The organisation is an environmentally conscious organisation.
In the year 1956, the foundation of brand HERO was laid by Late Dayanand Munjal with a vision of providing mobility to millions in India. In the following years, the brand expanded itself enormously in varied fields like Bicycles, Motorcycles, Healthcare, among others and became the most renowned & trusted name in India and other parts of the world.
After the family businesses were realigned, Kross Bikes, Hero Exports, and Mediva came under the umbrella of Hero EcoTech, the business congregate headed by Vijay Munjal.
Hero Electric is India’s first and largest manufacturer of electric 2-wheelers with hundreds of thousands happy customers and growing. Hero Electric is the pioneer and market leader of the Indian Electric 2 wheeler industry.
All You Need To Know About RevFin
What does RevFin do? It provides loans to independent drivers who buy and operate passenger or cargo Electric vehicles for last mile connectivity. Partnerships with EV manufacturers and dealerships Pan-India to provide point of sale financing.
Driver cum Owner (DCO) fleet vehicle operators are given loans who buy and operate passenger or cargo Electric vehicles for last mile connectivity through E-commerce or fleet operator’s logistics company Partnerships with fleet operators, E-commerce and logistics companies to provide loans and vehicles on lease to their driver partners.
Revfin business in numbers are 300 plus locations, 150 Crores disbursement, 97 Million Green Kms and 92 percent financially excluded.
It provides loans for E-Rickshaw, E-Scooter, E-Loader, EV Ancillary Loan and Emergencies.
How Does Revfin Do It?
RevFin’s psychometric tool, developed jointly with IIT Kharagpur, consists of a situational judgement test and Honesty questions, which determine customer’s Intention to repay based on certain personality traits and subsequently sanctions or rejects loans. It complements the traditional way of looking at credit history. Customer walks into the dealership, fills out a loan application, does a psychometric assessment and then the decision is made, either an approval or a rejection.
Three way face-match to establish identity and presence through artificial intelligence-based algorithms. AI Backed Techniques is used, where pupil dilation, 3 way face match and voice match is done.
A Rev-a-Thon user will be able to collect Points known as 'Revs' for performing certain Tasks. These Points will help users climb Levels. Upon reaching each new Level, users will be given Rewards. Rewards can be in the form of products, access to more products and/or easing of payment terms, reduction in pending EMIs or in kind. The purpose of Rev-a-thon is to help users become financially prudent by repaying their EMIs on time through the banking channel.
Automation of Post finance operation and a proactive Non Performing Assets (NPA) monitoring to streamline collection and secure financed assets. Help drivers improve performance, vehicle safety and security, and improve vehicle standards.