Manufacturer of intelligent electric scooters Ather Energy has established a cooperation with IDFC Bank to provide consumers with a financing option that is a first for the sector. For the same monthly cost as a standard petrol scooter, consumers may upgrade to and purchase a faster, smarter Ather 450X scooter.
This strategy is meant to make Ather scooters more accessible to customers by providing a lucrative financing alternative, as well as accelerate the adoption of electric vehicles, according to the company. Customers can also purchase an Ather 450X or 450 Plus with a down payment as little as 5% of the on-road price in their particular city under the scheme.
However, for the first time in the E2W arena, IDFC is offering all of this with a loan tenure of 48 months, making the EMIs relatively affordable. In addition, buyers will receive clearance in 45 minutes and there will be no processing cost.
Ravneet S. Phokela, chief business officer, Ather Energy, said, “We believe that attractive financing plans and new financial models around adoption will play a crucial role in bringing in the next phase of growth for the industry. The EV financing scheme introduced today in partnership with IDFC Bank is a significant step in many ways towards driving faster adoption of electric 2-wheelers in the country. The scheme offers a first-ever 48 month tenureship on Ather’s electric scooters. Now a customer buying a much superior Ather 450X with this scheme would have the same monthly expense as that of owning a 125cc scooter, making our scooters more accessible for a wider customer base across the country. This will enable us to further accelerate the strong demand we are witnessing, as we expand our retail footprint across the country.”
“It is also crucial to note that Ather is the first OEM in the industry that has received a 48 month tenure for its scooters which reiterates the trust that our finance partners have on our vehicle. This is a reflection of their confidence in our product quality and reliability. as well as the resale value of the product.” added Ravneet
Consumers can now bring home a modern, performance-oriented scooter with smart features such as a touchscreen dashboard, on-board navigation, reverse assist, document storage, and theft and tow notifications for a cheaper cost. IDFC First Bank was an early EV market adapter and has established itself as a bankable partner for Ather’s consumers. As the organisation expands into Tier 2 and Tier 3 locations, this cohort has become crucial.
“IDFC First Bank has been amongst the front runners in electric two wheeler financing. Our ever evolving offerings to match diverse customer segments , and our end to end digitized customer journey will add tremendous value to Ather Energy’s customer financing experience,” Rishi Kant Mishra, business head, Vehicle Loans, said
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