Almost every company doing business in India has announced price hikes for their various models after the central government cut subsidies on electric two-wheelers since June. As a result, sales have suffered. Naturally, the companies understand that if the burden of additional costs on the buyers is not reduced, it is not possible to return the demand. Therefore, they are tying up with various financial institutions to deliver cars to the buyers through easy finance. Ola Electric, the country’s largest two-wheeler electric vehicle manufacturer, has announced a tie-up with Shriram City Union Finance.
Ola will sell the scooters on easy finance schemes
According to Ola, buyers can choose scooters with attractive finance options as part of the tie-up. 8.99% interest rate and loan repayment period of 48 months will be offered to purchase the scooter. The agency has promised that the loan will be approved within a few minutes.
Incidentally, Sriram City Union Finance is one of the premier non-bank financial institutions or NBFCs. They have around 2,800 branches across India, including rural and retail. Ankush Aggarwal, Chief Business Officer, Ola, said, “Our retail expansion in tier 1 cities has targeted scooter sales with easy financing options. Our partnership with Sriram City Union is expected to eliminate the problem of customers not being able to afford a scooter for money.”
Interested buyers can avail this facility through both online and offline channels – to purchase Ola’s scooter finance option. Before buying the scooter, the detailed information about the installments can be downloaded from the company’s app. Incidentally, the company currently has more than 850 experience centers in the country. Ola aims to increase its number to 1,000 by August.
Now Ola sells three electric scooters in the S1 range in the country – S1 Pro, S1 and S1 Air. They are very popular among buyers for their sleek design, world-class technology and performance. Ola currently holds the top position in India’s electric scooter market with a market share of around 40 percent.