Ather Announces 5-Year Loan Product For E2Ws

Mobility Outlook Bureau
06 Jun 2023
04:28 PM
1 Min Read

The vehicle maker has partnered with IDFC First, Bajaj Finance and Hero FinCorp to roll out this new loan product.


As per the company, despite a long and successful track record of vehicle financing, Indian banks and NBFCs (non-banking financial companies) have until now refrained from exposing themselves to loan tenures longer than 36 months and 48 months under special circumstances.

Monthly repayment of the loan or EMI under the new five-year vehicle loan offered by Ather can be as low as INR 2,999.

Ravneet S Phokela, Chief Business Officer, Ather Energy, said, “The growing popularity of EV scooters in the country has necessitated the need for vehicle loan products with a longer tenure. It is an ongoing journey for us to ensure we make our scooters accessible to a wider audience, and attractive financing is an effective tool to quicken EV adoption in the country.”

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The company has partnered with IDFC First, Bajaj Finance, and Hero FinCorp to offer a 60-month EV two-wheeler loan and expects more retail financiers and banks to join hands to strengthen its pioneering effort.

Phokela highlighted, “Since November 2022, we have seen the number of customers who opt for loans increase from 20% to 50% now. With the segment poised to grow in the coming years, attractive EV financing schemes are even more relevant, and they will be crucial to fuel the industry’s growth in the coming years. ”

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