Ola Electric partners banks, financial institutes to offer loans to customers

Ola Electric has partnered with various leading banks and financial institutions including HDFC Bank, ICICI Bank, Kotak Mahindra Prime and TATA Capital to provide loans to its customers. The EV maker's recently launched S1 electric scooter will go an sale in the country from September 8.

Ola Electric scooter comes in two trims - the base Ola S1 and higher-spec Ola S1 Pro.
Ola Electric scooter comes in two trims - the base Ola S1 and higher-spec Ola S1 Pro.

Others banks that Ola has tied up with include Bank of Baroda, Axis Bank, IDFC First Bank, IndusInd Bank, AU Small Finance Bank, Jana Small Finance Bank and YES Bank. "We have tied up with all the major banks and (financial) institutions...we will have many of them live starting September 8 and then others will be live soon after," Ola Electric Chief Marketing Officer, Varun Dubey, told PTI.

(Also read | Ola Electric scooter: Booking process, EMI plans, delivery dates revealed)

He added that when consumers begin buying the electric scooter online, the entire process will be"very seamless" and all those who choose financing should be able to avail of the option. "They will be able to also get all the details in terms of what is the loan approval amount they have, what they need to do...Also, we have got very attractive financing options, with the EMI starting at just 2,999," he added.

(Also read | Purchase window for Ola Electric scooter opens tomorrow: Five things to note)

Ola launched the S1 electric scooter in the country last month at a starting price of 99,999 (ex-showroom) for the base variant while the higher spec S1 Pro variant costs 1,29,999 (ex-showroom). While the pre-launch bookings had been initiated earlier in July, customers who have reserved the scooter can now convert that to a purchase by paying the remaining amount and finalising the colour and variant of the scooter.

Deliveries of the scooters will begin October onwards and the company will follow a direct-to-home delivery route. We will be doing home delivery and we will actually take the scooters to their doorsteps," Dubey added. Ola Electric aims to deliver its e-scooters to as many as 1,000 cities and towns across the country.

(with inputs from PTI)

First Published Date: 06 Sep 2021, 18:34 PM IST
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