Ather Energy partners with SBI to provide financing options to electric scooter buyers

Ather Energy is partnering with SBI to provide financing options to interested buyers. The electric scooter maker plans to ease the process of purchase of EV two-wheeler for its buyers. Ather plans to use SBI’s massive reach in the country to provide wider financing options to its customers.

According to a joint statement by the companies, the partnership will enable Ather Energy customers get 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 new partnership between the EV maker and the public sector bank 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.

The partnership can help Ather Energy grab a bigger slice of the Indian electric scooter market. The EV maker was the fourth best-selling electric scooter brand in the country for the month of May.

Ather also has plans to expand its network of fast-charging stations to over 325 across 38 cities in India, including tier-II and tier-III cities. Ather is also expanding its retail operations. It plans to expand to 150+ retail outlets by March 2023.

Ravneet Phokela, Chief Business Officer, Ather Energy said, “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.”

Saloni Narayan, Dy. Managing Director (Retail Business) SBI said, “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.”

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