Ather Energy has announced its collaboration with IDFC bank to offer a first-in-the-industry EV financing option to its customers. With this, consumers will have an easy option to upgrade and own an Ather 450X scooter. Ather claims customers will incur the same monthly expense as that of a conventional petrol scooter. Ather mentioned this collaboration will help to own scooters more accessible to customers. This is a collaboration that offers a lucrative financing option to customers and drive faster adoption of electric vehicles.
The scheme also enhances the flexibility of customers to purchase an Ather 450X or a 450 Plus. Ather Energy is providing a down payment as low as 5 percent of the on-road price applicable in the respective city. However, this is the first time in the E2W space that IDFC is offering all this at a 48-month loan tenure. This will make the EMIs extremely easy to afford. To add to this, customers will also get approval in 45 minutes that too with zero processing fee. Customers also have the option to exchange their old scooters or motorcycles at zero down payment.
Practically, at a much lower cost, consumers can now bring home an Ather Energy scooter. These scooters are modern, performance-oriented scooters and come equipped with a host of smart features. This includes a touchscreen dashboard, onboard navigation, reverse assist, document storage, and theft and tow notifications. Ather believes these financing plans and new financial models will play a crucial role in attracting more customers. The EV financing scheme introduced in partnership with IDFC Bank is a great significant step. This will definitely make for faster adoption of electric 2-wheelers in the country.
The scheme will offer the first-ever 48-month tenureship on Ather’s electric scooters. Thus a customer buying an Ather 450X with this scheme would have the same monthly expense as that of owning a 125cc scooter. This will make Ather Energy scooters more accessible to a wider customer base across the country. Furthermore, this scheme will enable Ather to further accelerate the strong demand.
Ather Energy has grown phenomenally in 2022. The brand put in a 202 percent Y-o-Y growth (April-October) in the number of active Ather scooters on-road. In fact, the company registered its highest-ever monthly sales by delivering 8,213 units in October 2022. The company also anticipates sustained growth in demand and is investing heavily in building a robust EV ecosystem. As of now, Ather has installed over 600+ fast-charging stations across 55+ cities in India. A wider charging infrastructure will alleviate the range and charging anxiety of the customers. The long-term plan is to install 1400 Ather Grids by the end of FY23. Moreover, the company also plans to expand its retail presence to 150 outlets in 100+ cities by March 2023.
Also Read: 500+ Ather Energy fast charging grids installed across India.