The leasing model by OTO ensures 30 per cent savings every month with the flexibility to upgrade to any other model within 2-3 years, the company said in a statement.
The partnership will also enable digital integration of their platform to make it easier for customers to choose their preferred model and book it through the website instead of visiting a dealer showroom, it added.
Initially, the leasing scheme will be available to customers in Bengaluru and Pune through Okinawa dealers and it will be extended across India in coming months, the company said.
Commenting on the partnership, Okinawa Founder & Managing Director Jeetender Sharma said, ‘EV industry is dynamic and equipped with many possibilities. One such possibility is to try different business models. This collaboration will really help customers to opt for a sustainable future in the coming festive season,’ he added.
OTO Capital Co-founder Sumit Chhazed said, ‘Our financing will bring down the cost of owning an EV significantly so that people can save more and spend less on monthly EMIs. The auto industry is coming out of the slump and we hope that the festival offers and online purchasing will attract more customers.’ The EV market is at the precipice of change. The younger buyers who are owning their first vehicle want to buy electric, and they want it at an affordable cost, he added.
OTO’s flexible model of ownership allows buyers to lease an electric two-wheeler for a minimum of 12 months, after which they can choose to upgrade to any other make and model, the statement said.
The leasing period can range from 12 months to 36 months. The affordability provided through leasing guarantees savings of up to 30 per cent monthly. For example, the Okinawa Praise Pro would cost Rs 3,960/month over a period of two years through a traditional bank loan, but with OTO financing, buyers have to pay only Rs 2,950/month over the same time, the company said.