Bengaluru, July 17, 2023: Ather Energy, India’s leading electric scooter manufacturer, is revolutionizing the way Indians embrace electric vehicles (EVs) by forging strategic partnerships with renowned finance players. After recently launching a 60 month loan product, Ather Energy has now taken the next step, by enabling eligible customers to avail up to 100% on-road financing for their favourite EV 2 wheeler.
As an industry pioneer, Ather has worked closely with some of India’s leading retail finance players, banks, and NBFCs to offer innovative and attractive finance schemes to its customers, also paving the way for other OEMs in the country. These include partnerships with IDFC First Bank, HDFC Bank, ICICI Bank, Bajaj Finance Ltd, Axis Bank, Hero FinCorp, and Cholamandalam Finance, who now offer up to 100% on-road financing. With the impact of the revised subsidies on EV prices, these partnerships enable Ather Energy to offer attractive loan products tailored to customer preferences, enhancing the overall affordability of their electric two-wheelers.
Commenting on the initiative, Ravneet Phokela, Chief Business Officer, Ather Energy, said, "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 inception been able to offer attractive financing options to our customers. 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."
Ather Energy witnessed a remarkable jump in the number of customers opting for finance options with a 6X increase in overall finance penetration since 2019. Non-metros are also witnessing higher adoption rates owing to a good mix of loan partners available to them. Ather Energy recently became the first two-wheeler EV original equipment manufacturer (OEM) to also introduce a 60-month loan product in partnership with IDFC First Bank, HDFC Bank, Hero FinCorp, Bajaj Finance Ltd, Axis Bank, and Cholamandalam Finance which led to the monthly EMI going down to as low as INR 2999 for Ather customers. Customers have also shown a strong preference for Loan-to-Value (LTV) financing, with 85% funding being the most favoured option.
Ather Energy's success in securing multiple financiers offering up to 100% funding and extended tenure products is a testament to the brand's exceptional product quality and the confidence it instills in its partners.