Ather, SBI collaborate to Widen Financing Options for EV customers

Electric two wheeler manufacturer Ather Energy and State Bank of India have announced that they are collaborating to provide financing options to interested buyers of the electric vehicles. Ather wants to ease the process of purchase of the electric scooter for its purchasers by using the massive reach of the SBI in India to provide wider financing options.

In the joint statement by the two companies, the collaboration will enable Ather Energy customers get pre-approved loan offers from SBI to avail instant loans at low-interest rates starting from 9.55% per annum. A customer can also avail loan on YONO SBI without having to visit a branch.

The new partnership between the EV maker and the public sector bank will allow customers to avail loans up to 85% of the on-road price of the vehicle. But this will be subject to the loan eligibility of a customer. As far as loan disbursement is concerned, the SBI will pay the amount into the dealer’s account instantly. Also SBI will also extend offline retail financing options from its Branch network to ensure ease of adoption to the customers.

Ather Energy was the fourth best-selling electric scooter brand in the country for the month of May. The company says that it plans to expand its network of fast-charging stations to more than 325 in 38 cities of India. This will include tier-II and tier-III cities.

Ather is also expanding its retail operations with 150 plus more retail outlets by March next year. 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, Deputy Managing Director of 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. 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. We believe SBI Easy Ride loan scheme will offer a seamless, and memorable two-wheeler owning experience to our customers.”