Lohia Auto Industries announced that IndusInd Bank would be its preferred financier for financing their electric three wheelers under the e-rickshaw category. This is in addition to the financing of diesel vehicles which the bank already provides. Through this partnership IndusInd Bank will offer retail vehicle finance at attractive rates of interest to the customers of Lohia Auto, for all Lohia 3-wheeler electronic and diesel models. This partnership will simplify the process for customers to take up three wheeler by providing loans which are hassle free and competitively priced.
The MoU between IndusInd Bank and Lohia Auto Industries was signed on May 25, 2016 for diesel vehicles and has now been extended to the electronic 3-wheeler segment. Since May 25, 2016, IndusInd Bank has financed close to 7.10 lacs 3-wheeler vehicles as a part of this association.
Both Lohia Auto Industries and IndusInd Bank Ltd are established names in their respective segments and are known for their reliability, and large distributor network. The loan facility will be available in almost in every part of the country namely Bihar, Madhya Pradesh, Jharkand, Punjab, Rajasthan, Maharashtra, Goa, Gujarat, Karnataka, Kerala & Uttar Pradesh.
Mr. Ayush Lohia, MD & CEO, Lohia Auto Industries said, “A huge segment of customers will benefit by this alliance. This partnership will also help both Lohia Auto and IndusInd Bank in increasing the number of customers, thus enabling widening of the market for the products.”
Mr. S.V. Parthasarathy, Senior Executive Vice President & Head – Consumer Finance Division, IndusInd Bank Ltd. said, “This association is part of our strategy to continue to be a leading player in the field of three wheeler financing. We will offer retail finance at an attractive rate of interest to customers through our large branch network. As IndusInd Bank is committed to minimizing the environmental impact of its operations on the planet- financing electric three vehicles, is definitely a positive step in doing our bit towards saving the environment.”