New Delhi: With an aim to boost the adoption of electric vehicle across the country, Ather Energy on Friday said that the eligible customers will be able to avail up to 100 percent on-road financing for its EVs.
Recently, Ather Energy has launched a 60-month loan product. In addition, Ather Energy has collaborated closely with prominent retail finance players, banks, and non-banking financial companies (NBFCs) in India, establishing mutually beneficial relationships to provide attractive finance schemes to its customers.
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This collaborative effort has not only benefited Ather Energy but has also paved the way for other original equipment manufacturers (OEMs) in the country. Ather Energy’s partnerships with IDFC First Bank, HDFC Bank, ICICI Bank, Bajaj Finance, Axis Bank, Hero FinCorp, and Cholamandalam Finance have resulted in the availability of up to 100% on-road financing options.
These partnerships have become even more valuable with the revised subsidies on electric vehicle (EV) prices, as they allow Ather Energy to offer customized loan products that align with customer preferences, ultimately enhancing the overall affordability of their electric two-wheelers.
“Lucrative vehicle loan products are a vital enabler for the growing two-wheeler industry in India. Having partnered with leading retail players, banks, and NBFCs, Ather has since its inception been able to offer attractive financing options to our customers,” Financial Express quoted Ravneet Phokela, Chief Business Officer, Ather Energy, as saying.
“Ather continues to be a frontrunner in making EVs more affordable to enthusiasts with the introduction of up to 100% funding and extended tenure options, thus further driving EV adoption in the country,” Phokela added.
Since 2019, Ather Energy has experienced a significant surge in the number of customers who are opting for finance options, resulting in a remarkable six-fold increase in overall finance penetration.
This growth is particularly notable in non-metro areas, where the availability of a diverse range of loan partners has contributed to higher adoption rates.
Ather Energy has achieved another milestone by becoming the first electric vehicle (EV) original equipment manufacturer (OEM) in the two-wheeler segment to introduce a 60-month loan product.
This initiative was made possible through partnerships with IDFC First Bank, HDFC Bank, Hero FinCorp, Bajaj Finance Ltd, Axis Bank, and Cholamandalam Finance. The introduction of this extended loan tenure has enabled Ather customers to benefit from significantly reduced monthly Equated Monthly Installments (EMIs), with amounts as low as Rs 2,999.
