To provide simple financing solutions, Ather Energy has partnered with HDFC and IDFC First Banks
- ByStartupStory | March 25, 2022
Ather Energy, one of India’s premier electric scooter brands, has partnered with HDFC Bank and IDFC First Bank to provide its consumers with convenient financing alternatives. For prospective buyers, the company intends to deliver a stress-free transition to EV ownership as well as the convenience of purchasing. Customers of Ather Energy are believed to be able to get rapid loans from HDFC and IDFC First banks at cheap interest rates and with a maximum LTV through these collaborations (Loan-to-value).
According to an official press release from Ather Energy, customers choose a 95 percent LTV choice when choosing a financing option, with a repayment period of 2-3 years being the most popular. The Ather 450 Plus and Ather 450X electric scooters are currently available from this Bengaluru-based EV manufacturer. Ex-showroom Delhi, these electric scooters cost Rs 1.19 lakh and Rs 1.38 lakh (inclusive of FAME-II subsidies).
Ather Energy has seen a considerable increase in demand for its 450 series, with a year-over-year increase of 20%. As demand for electric vehicles has grown, the corporation has invested considerably in creating a favorable EV ecosystem in the country. To offer a hassle-free mobility experience for consumers, Ather has placed 310+ fast-charging stations throughout 30 cities in India, including tier-II and tier-III towns.
Ather is also extending its retail operations to allow more people to experience the future of mobility and participate in the EV revolution.
IDFC First Bank was a pioneer in the electric vehicle business and has shown to be a reliable partner for Ather’s customers. IDFC accounts for approximately 75% of Ather’s electricity customers. Both IDFC and HDFC banks offer loans to new-to-credit customers (those with no credit history), who make up about 20% to 25% of the Ather customer pool. Since the company’s expansion into Tier 2 and 3 cities, this has become a significant segment.
Follow Startup Story
Related Posts
