Various electric two-wheeler companies in the country have started tying up with banks and financial institutions to facilitate the purchase of two-wheeler electric vehicles on loan. Although the loan repayment period is usually three or four, recently Ather Energy has set a precedent. Recently they have announced to give loans for electric vehicles for 60 months or 5 years. Their main rival Ola Electric has announced to follow the path shown by Ether.
In fact, it is feared that the sale of electric scooters will be affected due to the recent reduction of central subsidy in FEM-II project. For which companies are going to bring loan facility with 5 years repayment period. Experts believe that the demand will continue.
Ola Electric announced a five-year loan window
They have joined hands with IDFC First Bank and L&T Financial to help buyers buy electric scooters on loan with a repayment period of 60 months at an interest rate of 6.99%. The biggest advantage is that the vehicle can be brought home without any downpayment. Ola also promises minimum monthly installments.
Corporate buyers can opt for a maximum of 60 months for repayment. Before buying a scooter through Ola app, customers will get all the loan related information. Incidentally, Ola currently has more than 700 experience centers in India. They are aiming to open 1,000th retail outlet by August. Ola currently sells three electric scooters – S1 Air, S1 and S1 Pro. Delivery of Air model is going to start from July.