Leading electric scooter brand Ather Energy has announced its partnership with HDFC and IDFC First banks to provide easy financing options to its consumers.
These partnerships will allow the company’s customers to avail of instant loans from these banks at low-interest rates and with a maximum LTV (Loan-to-value). The customers have preferred a 95% LTV option while choosing a financing option, with 2-3 years being the most preferred duration to repay the loan, a statement from the EV maker said.
Ravneet Phokela, Chief Business Officer, Ather Energy, said, “The demand for electric vehicles has grown exponentially over the past year and consumers are increasingly looking to join the EV revolution. At Ather Energy, we have a strong focus on understanding consumer needs and providing multiple financing options for easy transition to EV. Finance penetration at Ather has 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.”
IDFC First bank was an early adopter of the EV market and has established itself as a bankable partner for Ather’s customers. IDFC accounts for about 75% of the Ather energy customer base. IDFC and HDFC banks both offer loans to new-to-credit customers (those with no credit history), which account for roughly 20 to 25% of the overall Ather customer base. This has become a critical segment since the company is expanding into Tier-2/3 cities.
Rishi Mishra, Business Head, Vehicle loans, IDFC First Bank, said, “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.”