OTO launches two-wheeler financing programme for shipping agents

NEW DELHI: OTO, a two-wheeler buying and financing innovator, on Monday announced the launch of its Rider Empowerment Programme (REP), aimed at helping shipping agents own and ride their two-wheelers. The programme will also encourage last-mile logistics companies to aid and incentivise their employees to ride a brand-new two-wheeler while earning their livelihoods.

The programme allows riders freedom to select and own two-wheelers of their choice, OTO said in a press release. Partner companies, who sign up for the programme will be required to make timely payments of EMIs to OTO on behalf of riders while ensuring that the latter get enough opportunities weekly, to meet EMI expenses. With an initial down payment of 10%, the programme also enables multiple tenure options from 12 to 30 months. The vehicle is comprehensively insured for the complete tenure.

Sumit Chhazed, co-founder, OTO, said, “With a huge uptake in the number of shipping agents across the country during the pandemic, there was a dire need to support our fellow riders. Through the Rider Empowerment Program, we aim to return the services offered by them during crucial times, helping the riders become Atmanirbhar – driving their own vehicle to earn more. Additionally, it helps the partner companies to retain their employees for a longer time through incentivising them.”

For this programme, OTO has partnered with Zyngo, a last mile logistics company, and moEVing – an EV tech platform. OTO aims to enrol around 10,000 riders in the coming months and has committed ₹75 crore for the programme, the release said.

Prateek Rao, founder, Zyngo Mobility said, “As for any company, their people are a possession to keep, and as industry players, we must make their lives easy through affordable access and ownership of their assets like two-wheelers. We recognise that OTO has developed the Rider Empowerment Program that will bring our riders much-needed relief. We believe that collaborations such as this will play a significant role towards a growth like never before.”

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