- Partners with three major institutions for this loan tenure
- EMIs likely to start from just Rs. 2,999
- Ather Energy’s India portfolio comprises three models
Ather Energy has announced a new 60-month vehicle loan product that aims to make electric scooters more accessible in India. This initiative intends to accelerate electric vehicle adoption in the world’s largest two-wheeler market. Notably, this is the first time a finance product with a tenure of five years has been rolled out in the electric vehicle industry.
Until now, Indian banks and NBFCs (non-banking financial companies) have kept the loan tenure to 36 months, extending it to 48 months under special circumstances. However, with the new five-year tenure, the monthly repayment of the loan or EMI (equated monthly instalments) can be as low as Rs. 2,999.
Ather Energy has partnered with IDFC First, Bajaj Finance, and Hero FinCorp to offer a 60-month electric two-wheeler loan. The company said in its press statement that it expects more retail financiers and banks to join hands to strengthen its pioneering effort. The Bengaluru-based manufacturer also added that it has seen an increase in customers opting for loans. This number has grown from 20 per cent in November 2022 to 50 per cent now.
The company currently offers three versions of its 450 electric scooter in India – 450S, 450X, and 450X with Pro Pack. While the 450X range is already available for sale, the bookings for the 450S are scheduled to commence in July 2023. Meanwhile, the company is accepting interest for its most-affordable electric scooter via its website.
