Ather Energy had a strong showing in the month of May. Its e-scooters, 450 Plus and 450 X, registered their best monthly sales performance yet. The company reported sales of 3,787 scooters, with 3,322 of them being registered in May --- a solid 20% ride in month-on-month numbers. Ather also had a strong April in terms of sales and registrations.
To keep this momentum going, Ather Energy has announced a partnership with the country's leading bank, the State Bank of India (SBI), to provide easy financing options for its customers.
The partnership will enable Ather Energy customers, having 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.
Loans without even visiting the bank branch
In a statement, Ather Energy said the loan can be availed on YONO SBI app, without a branch visit. The partnership 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. 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.
Ravneet Phokela, Chief Business Officer, Ather Energy said: "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."
Automobiles in India are largely bought through finance options. Eight out of ten vehicles sold in India are two-wheelers. Ather has installed 325+ fast-charging stations across 38 cities in India, including tier-II and tier-III cities. Ather is expanding its retail operations and plans to have 150+ retail outlets by March 2023.
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