According to a company release, cKers has set up an initial line of INR3 crore for OTO.
OTO will use this facility to purchase electric two-wheelers in India, which will then be deployed to OTO customers on flexible leasing models.
OTO Capital claims to have 120% increase in the demand for vehicle leasing in the past few months with a visible shift in vehicle-purchasing behaviour. Customers can save up to 30% in their monthly instalments by choosing the OTO Monthly Installment OMI) plans, the company said.
The minimum tenure for the leasing programme is 12 months. It can be increased up to 36 months. Customers have the option to purchase the electric two-wheelers by paying the balance cost at the end of the programme or upgrade to a newer model.
Deepak Gupta, business development head, cKers Finance, said, “The OTO Capital partnership helps mitigate both the problems of lack of finance and resale of EVs. This gives us the comfort to provide a finance line exclusively for purchase and deployment of electric two-wheelers and push towards adoption of a cleaner mode of transport.”
Sumit Chhazed, co-founder, OTO Capital, said, “We are excited to partner with cKers’ to support the adoption of electric two-wheelers in India. Since the cost of EVs is steadily falling in India, we aim to provide our customers with the best pricing with the flexibility to ease their buying experience.”
While cKers has been financing clean energy and clean mobility in the past, this financing line aims to faster adopt clean mobility for personal transport.