Buying an electric scooter is now easier. India’s leading electric two-wheeler manufacturer Ather Energy has announced that it will hand over the keys to its new e-scooter in monthly installments of 60 months i.e. five years. Such initiative is a first in the electric vehicle industry. Ether made this announcement within a few days of the government reducing the subsidy for the Fem-II project.
Ather brought loan repayment facility in 5 years
Ather Energy has announced that its 450X electric scooter has a five-year loan with a minimum monthly installment of Rs 2,999. For this, IDFC First has tied up with financial services providers like Bajaj Finance and Hero FinCorp. Until now, banks and non-bank financial institutions used to give 36 months for loan repayment. Again, in some cases, there were loan providers, who gave buyers the opportunity to repay the loan in 48 months. But this time, as it has increased to 60 months, the financial pressure will naturally reduce from the shoulders of the buyers.
In this context, Aether Energy Chief Business Officer Ravneet S Phokela said, “There is a need to extend the loan repayment period due to the increasing demand for electric scooters in the country. As a result, it will be possible to reach more number of buyers. We are very happy to bring this first 60 month loan repayment facility in India.”
EtherEdharji EtherEdharji believes that more banks and non-bank financial institutions or NBFCs will come forward in this initiative to make electric vehicles available. Meanwhile, various companies have also announced price hikes for the 450X as a result of the government reducing subsidies on electric two-wheelers. Ether has increased the price of the two variants by Rs 20,500 and Rs 30,000. Currently, the 450X and 450X ProPack are priced at Rs 1.45 lakh and Rs 1.65 lakh respectively (ex-showroom).