Ather Energy partners with HDFC and IDFC First Banks for financing options
Ather Energy has partnered with HDFC Bank and IDFC First Bank to provide easy financing options. The company currently sells the Ather 450 Plus and 450X electric scooters in the Indian market.
Ather Energy, one of India’s leading electric scooter brands, has joined hands with HDFC Bank and IDFC First Bank to provide easy financing options to its customers. The company aims to provide a stress-free transition to EV ownership and ease of purchase for its prospective buyers. These partnerships are said to allow Ather Energy customers to avail of instant loans from HDFC and IDFC First banks at low-interest rates and with a maximum LTV (Loan-to-value).
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Ather Energy’s 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, the company said in its official press statement. This Bengaluru-based EV maker currently has two electric scooters in its portfolio, namely Ather 450 Plus and Ather 450X. These electric scooters are priced at Rs 1.19 lakh and Rs 1.38 lakh, ex-showroom Delhi (inclusive of FAME-II subsidies).
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Speaking on the partnerships, 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.”
He further added, “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.” Moreover, the company says that IDFC First bank has established itself as a bankable partner for Ather’s customers as it accounts for about 75 per cent of the company’s customer base.
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