Ather Energy ties up with HDFC, IDFC First banks for financing solutions
Bengaluru-based electric vehicle startup Ather Energy on Thursday announced that it has partnered with HDFC and IDFC First banks in order to offer easy financing options to its consumers. As demand for electric vehicles has been increasing and the industry is ever-evolving, the EV company aims to provide a stress-free transition and ease of purchase to its customers.
These partnerships will allow customers of Ather Energy to avail instant loans from HDFC and IDFC First banks at low interest rates and with a maximum LTV (Loan-to-value). Customers have mostly preferred a 95% LTV option while choosing a financing option, with 2-3 years being the most preferred duration to repay the loan.
As demand for electric vehicles grows, finance penetration at Ather has also grown significantly over the past two years. “We are confident that our partnership with HDFC and IDFC First banks will ensure ease of purchase for customers and will boost the confidence of EV enthusiasts to join the electric revolution. We will continue to partner with leading banks, NBFCs, and financial institutions to provide lucrative financing options to our consumers," said Ravneet Phokela, Chief Business Officer, Ather Energy.
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The EV company says that it has witnessed a significant surge in demand for its 450 series electric scooters, registering 20% m-o-m growth. The company has also invested heavily in building a favourable EV ecosystem in the country. It has installed more than 310 fast-charging stations across 30 cities in the country, including Tier-II and Tier-III cities in order to ensure that its customers don't find it difficult to own and operate EVs.
Additionally, Ather is also expanding its retail operations to ensure more people can join the EV revolution, and with the new partnerships, it will be more convenient for customers. “IDFC First banks affordable loan offerings and end to end digitised customer journey will offer a distinct edge to Ather Energy’s customer financing experience," said Rishi Mishra, Business Head, Vehicle loans, IDFC First Bank.