App-based car leasing service OTO Capital has unveiled My OMI Plan for two-wheeler buyers in Mumbai and Bangalore.
My OMI Plan, or My Ownership Monthly Instalment Plan, is a financing option for potential two-wheeler buyers, one that the company claims is 30% lower than existing two-wheeler EMIs or equated monthly instalments.
“Time is ripe to bring in new finance options for customers as the current generation is seeking quicker access to vehicles, quicker upgrades and easy financing options,” said Sumit Chhazed, co-founder, OTO.
A customer can walk into any OTO-partnered bike showroom to select a vehicle, choose one of OTO's plans with down payments as low as ₹5,000 and tenure of their choice. A paperless approval is generated on the user’s OTO app after which OTO finances the chosen bike for the customer. He/she is able to take it home, all in about 30 minutes.
Monthly instalments follow; a choice of upgrading one’s bike is also allowed if one decides not to own the bike after completion of payment over the plan’s tenure.
Founded by IIT-Bombay alumnus Chhazed and Harsh Saruparia, OTO Capital plans to expand the My OMI Plan to 10 other cities.
Early this month, it raised ₹10 crore from early-stage venture capital firm Prime Venture Partners.