Buying an Ather 450X just got easier; new 60-month loan window announced
Ather Energy has announced an industry-first 60-month vehicle loan for the 450X electric scooter in a bid to make the model more accessible to customers. The announcement comes days after the electric scooter received a price hike due to the revised FAME II subsidy regulations. This is the first time that a five-year finance product has been rolled out in the EV industry.
Ather Energy says that the new five-year loan offer will bring monthly equated monthly instalments (EMIs) to as low as ₹2,999 on the 450X. The company has partnered with IDFC First, Bajaj Finance, and Hero FinCorp to offer a five-year loan window for electric two-wheelers. The 60-month window is a big step up from the current 36-month loan window provided by banks and NBFCs in India for electric two-wheelers. Certain financial institutions do provide a 48-month loan window under special circumstances.
Speaking on the industry-first initiative, Ravneet S. Phokela, Chief Business Officer - Ather Energy, said, “Affordable vehicle loan products have for long been a critical last-mile enabler for the stupendous growth of the Indian two-wheeler market. The growing popularity of EV scooters in the country has necessitated the need for vehicle loan products with a longer tenure. It is an ongoing journey for us to ensure we make our scooters accessible to a wider audience, and attractive financing is an effective tool to quicken EV adoption in the country. As an industry pioneer, Ather has worked closely with some of India’s leading retail finance players, banks, and NBFCs to design and offer the country’s first 60-month EV loan product and pave the way for other OEMs. We believe this extended loan period will make EVs even more lucrative and bring in more customers. We hope and expect other two-wheeler brands, particularly in the EV market to also start offering a similar 60-month loan product to their customers."
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“Since November 2022, we have seen the number of customers who opt for loans increase from 20 per cent to 50 per cent now. With the segment poised to grow in the coming years, attractive EV financing schemes are even more relevant and they will be crucial to fuel the industry’s growth in the coming years. I am very happy that Ather is the first to offer a 60-month loan in the Indian EV two-wheeler industry," Ravneet added.
Ather expects more banks and NBFCs to join the initiative in a bid to make electric vehicles more accessible. Not just the Ather 450X but other manufacturers too announced price hikes due to the revised subsidy norms. The price hike for the 450X lineup ranges between ₹20,500 and ₹30,000 for the base and Pro Pack variants. Prices now start at ₹1.45 lakh, going up to ₹1.65 lakh (ex-showroom).