Electric two wheeler maker Ather Energy on Thursday said it has tied up with HDFC Bank and IDFC First Bank for retail financing of its e-scooters. Through this agreement, customers of Ather Energy will be able to get easy loan to buy Ather scooters from these 2 private banks at low interest rate with maximum LTV.
EV maker Ather has informed that 95 per cent of its customers are giving the highest preference to LTV option while choosing the financing plan. The most preferred tenure for loan repayment is 2-3 years. The company says that the emerging EV industry in the country has registered strong growth in the last year.
The company has also told that there has been a strong increase in the demand for its 450 series. The company’s 450 series has registered a growth of 20 per cent on a quarterly basis. Apart from this, there has also been a good growth in financing for Ather during the last two years. The company has said that it aims to provide easy financing facility to increase EV ownership in the country. So that the spread of EV can be promoted in the country.
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The information given by the company further states that IDFC Bank and HDFC Bank are providing loans for Ather vehicles to new-to-credit customers (customers who do not have any credit history). Such customers constitute around 20-25 per cent of the company’s total customer base. Ather has also said that the company is expanding into Tier 2 and 3 cities. In such a situation, this agreement made with these two banks becomes very important.
It is worth noting that a large number of auto mobile purchases in India are done through loans taken from banks. Eight out of 10 vehicles sold in India are two-wheelers. In such a situation, the facility of financing from banks becomes very important.
Ather Energy has also said that the penetration of two-wheeler financing in India has reached 50 per cent. According to a recently released report, the two-wheeler loan market in India will grow to $12.3 billion by 2025. Meanwhile, the demand for electric vehicles has seen a tremendous increase in the country in the last few years.
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