Naveen Munjal Claims Less Than 7% Electric Two Wheelers Get Financed

Naveen Munjal, Managing Director of Hero Electric, has claimed that less than seven per cent of electric two wheelers get financed in India leading to fewer people buying electric bikes in the country. He has cited the difficulty in calculating the replacement value of the e-two wheelers as a primary reason for lower finances.

Read more
Get Two-Wheeler Insurance
Starting @ only ₹538/year#
  • Compare & Save upto 85%*

  • 20+ Insurers

    To Choose From
  • 1.2 Crore+

    Bikes Insured

#TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI approved insurance plan. Standard T&C apply.

Stay home & renew bike insurance in 2 minutes
No Documents Required
Get Bike Insurance starting @ only ₹538/year#
Enter Bike Number
Other options

The statement was made by the Hero Chief at the Edelweiss Vehicle E-Series 2021’s virtual meeting. He added that the low speed of electric two wheelers and non-mandatory vehicle registration makes it difficult for financiers to trace the vehicle. The lack of easy finance is an added hindrance to the sale of electric two wheelers in India besides they being more expensive than their petrol counterparts.

The figure is particularly surprising as about 80 per cent of the two wheeler owners in India rely on banks or financial institutions to get their vehicles financed, as per industry estimates.

However, Munjal did mention that the financing of electric two wheelers has improved recently as buying of e-two vehicles lead to the improvement of the credit profile of many customers.

Hero Electric, which currently dominates the electric two wheeler market in India, targets to sell about 1,00,000 units in FY 2022. In FY 2020, the Company sold more than 50,000 e-two wheelers in the country, which was the highest among all its competitors. Besides, the Company has set up 1,500 electric vehicle charging points across India and targets to install more than 20,000 charging points by 2023.

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

Two Wheeler insurance articles

Recent Articles
Popular Articles
Top 10 Bikes in India

02 Feb 2023

Over 49.7% of Indian households possess a two-wheeler as per a
Read more
Is Third-Party Bike Insurance Enough for Your Bike?

11 Jan 2023

In India, third-party bike insurance is a mandatory requirement
Read more
8 Tips to Extend the Battery Life of an E-bike

06 Jan 2023

Unlike a fuel bike, electric two-wheelers are easy to ride and
Read more
Does Your Dirt Bike Need Insurance?

06 Jan 2023

Riding a dirt bike is an enjoyable experience for many people
Read more
Everything You Need to Know About KYC Norms in Two-Wheeler Insurance

30 Dec 2022

Amid the rising number of bike insurance fraudulent cases such
Read more
Best Two Wheeler Insurance Plans in India
When it comes to choosing the best two wheeler insurance plans, we’re sure you have heard enough from different
Read more
Everything You Need to Know About KYC Norms in Two-Wheeler Insurance
Amid the rising number of bike insurance fraudulent cases such as money laundering and terrorist financing, all
Read more
How to Get Duplicate RC Online & Offline?
A Registration Certificate or RC is as important as the Driving License (DL) or two-wheeler insurance policy for
Read more
Lost Your Two Wheeler Insurance Documents? Here Is What You Need To Do
A bike insurance policy is one of the mandatory documents that every two-wheeler owner must have. In case you have
Read more
Zero Depreciation Bike Insurance
Every two-wheeler goes through depreciation. Simply put, depreciation of a vehicle means a reduction in its value
Read more