Customers can now opt for Easy Rental Instalment (ERI) instead of EMI for buying the EV.

Etrio, an electric vehicle start-up, has launched an attractive leasing model for its newly launched cargo three-wheeler EV “Touro”.

Etrio has said that it is coming out with a special leasing plan for select large corporate customers to enable mass deployment of the vehicles. The company aims to put 1000 vehicles on the Indian roads in the next 6 months through the combination of its sales and leasing channels.

The leasing plan titled “E-Lease” will be applicable for both the cargo variants of Etrio’s new electric three wheeler Touro Mini and Touro Max. The lease shall be for a period ranging from 18 to 42 months and will be provided for a minimum order quantity of 20 units. The E-Lease will be provided to customers based on the strength of their financial and operational track record. Further, the E-Lease shall have additional top-up services like Annual Maintenance Contract (AMC) and Roadside Assistance (RSA).

Commenting on this, Deepak MV, CEO & Co-founder, Etrio said, “With the launch of Touro, we have built sizeable order books with the leading logistics players especially those operating in the e-commerce last mile ecosystem. We have also successfully completed a series of pilots with them. Through E-Lease, we intend to unlock this current strong demand for electric cargo vehicles. Our ground-breaking lease offering will provide a great opportunity for various corporates including logistic players to electrify their fleet and at the same time retain their asset-light business model. Through this model, we propel our mission to be the leading EV player in the intra-city logistics space.”

“The best feature of E-Lease is that it provides the customer a lease rental which is much lower than the EMI loan as a prescribed resale value of the vehicle is deducted upfront. Further, the customer has two options at the end of the leasing period 1) Return the vehicle 2) Own the vehicle by paying the agreed resale value.” he further added.

The E-Lease will come in different types. While there will be a basic leasing plan covering just the vehicle, the top-end plan enables the customer to cover insurance, maintenance and telematics costs as part of the E-Lease plan. The E-Lease plan starts at an attractive INR 7,000 per month and changes based on the model, and service inclusions. E-Lease shall be available initially for only the Touro Mini in Hyderabad, Delhi and Bangalore. Over the next few months, E-Lease shall be extended to cover Touro Max and would be available other major cities of the country.