Bengaluru- MLR Auto Limited., a subsidiary of Greaves Electric Mobility Private Limited (GEMPL), has announced its partnership with Vidyuttech, a financing platform and lifecycle management service provider. Under the partnership, Vidyuttech will provide flexible financing for MLR's electric three-wheelers.
Vidyuttech facilitates pay-perkm battery lease and provides an interest rate of approximately 10 % is provided thus to attract customers and for a faster adoption of Electric 3-wheelers to the customers. Moreover, Vidyuttech charges 10% as the downpayment for their financing. According to the company’s website, Vidyuttech charges 15% downpayment and an average interest rate ranging from 18% to 22%.
Commenting on the partnership, Nirmal NR, Chief Executive Officer & Wholetime Director, MLR Auto Limited, said, "We are delighted to partner with Vidyuttech to enhance the adoption of electric vehicles in the L5 segment. This partnership will provide our customers with accessible and hassle-free financing options, simplifying their transition to electric three-wheelers and contributing to a more sustainable and emission-free future."
Xitij Kothi, Co-Founder, Vidyuttech said, "We are very excited to partner with MLR Auto. Our battery leasing and low-cost financing is designed to make EV transition a no-brainer for our customers."
By this business partnership Vidyuttech has leveraged a 5% cut on their downpayment and a 10% to 12% on their interest rates for MLR Auto customers.
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