Ather Energy, India’s leading electric scooter manufacturer, today announced its partnership with the State Bank of India (SBI) to provide financing options with ease of purchase of EV two-wheeler for its customers. In the past year, the constantly evolving EV market has seen substantial growth with Ather registering a 20% month-on-month growth. Through the partnership with the largest public sector bank in the country, Ather Energy aims at leveraging the reach and penetration of SBI to accelerate the adoption of EVs in the country.
The partnership will enable Ather Energy customers, having pre-approved loan offers from SBI to avail instant loans at low-interest rates starting from 9.55% p.a depending on customer credit profile. The loan can be availed on YONO SBI, without a branch visit. The partnership will allow customers to avail loans up to 85% of the on-road price of the vehicle subject to the loan eligibility of the customer. Upon loan disbursement, the amount will be paid into the dealer’s account instantly. Furthermore, to ensure ease of adoption to the customers, SBI will also extend offline retail financing options from its Branch network.
Speaking on the partnership, Ravneet Phokela, Chief Business Officer, Ather Energy said,
“More consumers today are aware of the benefits associated with EVs and want to upgrade to electric scooters for a great riding experience, advanced features and tremendous value. Since our inception, we have worked tirelessly to create an ecosystem that facilitates a stress-free transition to EVs in the country. We understand that financing plays a critical role in the auto sector, and are confident that our partnership with SBI will ensure ease of purchase for customers and attract more people to join the EV revolution. We will continue to work with major banks, NBFCs, and financial institutions to offer our customers attractive financing choices to help them fulfil their wish to own their Ather scooter.”
Mrs. Saloni Narayan, Dy. Managing Director (Retail Business) SBI said,
“We are glad to associate with Ather Energy. This initiative is a step further towards offering digital two-wheeler loans to customers through a paperless process at the convenience of their place and time of choice. Customers can avail the loan through YONO at an EMI of as low as Rs 251/- per Rs 10,000 under SBI Easy Ride loan. We believe SBI Easy Ride loan scheme will offer a seamless, and memorable two-wheeler owning experience to our customers.”
Automobiles in India are largely bought through finance options. Eight out of ten vehicles sold in India are two-wheelers. To support the customers’ purchase journey and provide easy financing options, Ather is partnering with leading financial institutions in India.
Ather Energy has witnessed a significant surge in demand for its 450 series, registering 20% m-o-m growth. With the increase in demand, the company has invested heavily in building a favourable EV ecosystem in the country. Ather has installed 325+ fast-charging stations across 38 cities in India, including tier-II and tier-III cities, to ensure a hassle-free mobility experience for consumers. Additionally, Ather is expanding its retail operations to ensure more people can experience the future of mobility and can join the EV revolution. It plans to expand to 150+ retail outlets by March 2023.
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