Car companies are often seen partnering with various financial institutions to attract buyers. Ather Energy, one of the country’s leading electric two-wheeler manufacturers he has gone that route, delivering electric scooters to customers in simple installments such as power and convenience. This time we teamed up with IDFC Bank. As a result, customers have instant access to electric scooters in installments equal to the monthly oil consumption of a petrol-powered scooter.
Under this financing scheme, Ather 450X and 450 Plus scooters can be purchased at home with a down payment of 5% of street value. IDFC offers loan repayment terms of up to 48 months. The facility is the first in the world for domestic electric scooters. Again, the entire loan offering process takes just 45 minutes. There is no fee for this.
With this loan, buyers can get the opportunity to own a new two-wheeler with no down payment in exchange for an old scooter or motorcycle. In this regard, Ravneet Fokera, Head of Business at Ether Energy, said, “We believe that automobiles will play an important role in the growth of our business through attractive financing aspects and models.”
For comparison, Ather Energy saw a 202% increase in scooter sales from April to October this year. Last month, the company delivered 8,213 of his electric scooters, setting a monthly sales record. It is hoped that they will be able to maintain progress in the future.
Note that Bangalore company Ather currently has two electric scooter models on the market, the Ather 450X and Ather 450 Plus. The two e-scooter models are priced at INR 1.19 lakh and INR 1.38 lakh respectively (former showroom, Delhi), thanks to the center’s Fem-to subsidies. The company has built over 600 of his EviaFast charging stations in over 55 cities. They aim to increase that number to 1,400 by this fiscal year. Ether plans to open 150 outlets in over 100 cities by March 2023.