Electric Vehicles

Ather launches India’s 1st 60 month loan for EV two-wheelers

Written by Kanad Kalasur

Ather Energy, India’s leading electric two-wheeler maker has announced a new financial product. The EV manufacturer has launched a new 60 month tenure loan for its scooters.

Ather’s 60-month loan : More Details

According to Ather, the 5 year loan product is a first for the EV industry. According to the scooter maker, Indian Banks and non banking financial companies (NBFC) are reluctant to offer tenures longer than 36-48 months.

Thanks to the new revised tenure, customers will now have a low EMI of INR 2,999. This will also help customers in the acquisition of electric vehicles much better. Another reason is the 5 year loan tenure now matched the 5-year warranty offered on Ather scooters.

Apart from Ather, the scooter maker hopes that other OEMs in the electric vehicle segment will be able to soon offer long tenure loans to their customers.

Partners for this new loan scheme include IDFC First, Bajaj Finance, and Hero FinCorp.

Growth of the two-wheeler segment in India

As per the sales statistics, 3 out of 4 vehicles sold in India are two wheelers. Amongst these, thanks to the rising price of fuel and increasing awareness about electric vehicles, buyers are now more inclined to purchase an electric vehicle.

For Ather, the company has seen a growth in customers who opt for loans. Since Nov 2022, the scooter maker has seen an increase from 20 percent to the current 50 percent.

Ather Monthly Sales Report

For May 2022, the EV maker’s electric scooter sales stood at 15,256 units in May 2023. These numbers are show a 357 percent YoY growth as compared to May 2022. Further, in the same period last year, the sales stood at 3,787 units. In fact, even on MoM basis, the sales had also registered a growth . In the month of April 2023, Ather posted a total sales of 8,182 units.

Also Read – Ather Energy sold 15,256 electric scooters in May 2023.