After Ather Energy, Ola Electric announces 60-month loan window for EVs
Just days after Ather Energy announced a 60-month loan window for its electric scooters, Ola Electric has joined the bandwagon by offering the same on the S1 Pro. Ola has partnered with IDFC First Bank and L&T Financial Services and will offer the lowest interest rate at 6.99 per cent for a period of 60 months. The loan can be availed at zero down payment. Ola promises the “industry’s lowest monthly EMIs."
Traditionally, loans for electric two-wheelers were offered for 36 months and up to 48 months in some cases through banks and NBFCs. Customers can now avail of the 60-month loan tenure at any of Ola Electric’s experience centres nationwide. The centres will detail the financing options before customers finalise their purchase through the Ola app.
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Alo The company has over 700 experience centres across India and is on track to open its 1000th retail outlet by August this year. Ola Electric currently retails three models - S1 Air, S1 and S1 Pro. Deliveries of the S1 Air are set to begin from July onwards.
Speaking about the longer loan tenure, Ankush Aggarwal, Chief Business Officer, Ola said: “As the market leader, we have successfully forged strong alliances with leading financing partners, offering the most lucrative options not just in Tier 1 but in Tier 2 and 3 cities as well. India has immense potential for EV 2W adoption, and our financing offers are setting new benchmarks in the industry for ease of ownership to the customers. Today, with these financing options, the cost of owning an EV is now half that of owning any ICE vehicle. At Ola, we are committed to accelerating EV adoption and making it the mainstream choice for all."
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The 60-month loan tenure is expected to be more widely available as more manufacturers aim to make their respective EVs accessible. With the revision in the FAME II subsidy, electric two-wheelers have seen a substantial increase in prices, which is expected to affect sales in the short term. However, more customer-friendly financing options will help manufacturers sustain downtime.
