Ather Energy partners IDFC Bank for EV two-wheeler financing scheme
In a bid to make Ather Energy's electric scooters more affordable and accessible to potential customers, the company has partnered with IDFC Bank. Under the partnership, Ather customers will be offered a lucrative financing option with an aim to drive faster adoption of electric vehicles. The company claims that the financing solution will allow customers to own an Ather 450X scooter by incurring the same monthly expense as that of a conventional petrol scooter.
The scheme also provides the flexibility to customers to purchase an Ather 450X or a 450 Plus with a down payment of 5% of the on-road price applicable in the respective city. In a first for the electric two-wheeler space, IDFC is offering all this at a 48-month loan tenure. With this, Ather becomes the first OEM in the industry to have received a 48-month tenure for its scooters. Additionally, customers will be able to get an approval in 45 minutes with zero processing fee.
Another benefit being given to customers under the scheme is to exchange their old scooters or motorcycles at zero down payment. “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," said Ravneet S Phokela, Chief Business Officer, Ather Energy.
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The two-wheeler maker witnessed a 202% Y-o-Y growth from April to October period in the number of active Ather scooters on-road. The company also registered its highest-ever monthly sales by delivering 8,213 units last month. The company anticipates the demand to keep growing.
In order to build a favourable EV ecosystem in the country, Ather has already installed over 600 fast-charging stations across 55+ cities. It further plans to install 1,400 Ather Grids by the end of FY23. It also plans to expand its retail presence to 150 outlets in more than 100 cities by March 2023.