Ather Energy, SBI partner to provide hassle-free financing options for e-2Ws
Ather Energy has announced its partnership with the State Bank of India (SBI) to provide financing options with ease of purchase of EV two-wheeler for its customers. In the past year, the constantly evolving EV market has seen substantial growth with Ather registering a 20 percent month-on-month growth. Through the partnership with the largest public sector bank in the country, Ather Energy aims at leveraging the reach and penetration of SBI to accelerate the adoption of EVs in the country.
The partnership will enable Ather Energy customers, having pre-approved loan offers from SBI to avail of instant loans at low-interest rates starting from 9.55 percent p.a depending on customer credit profile. The loan can be availed on YONO SBI, without a branch visit. The partnership will allow customers to avail of loans of up to 85 percent of the on-road price of the vehicle subject to the loan eligibility of the customer. Upon loan disbursement, the amount will be paid into the dealer's account instantly. Furthermore, to ensure ease of adoption to the customers, SBI will also extend offline retail financing options from its Branch network.
Speaking on the partnership, Ravneet Phokela, Chief Business Officer, Ather Energy said, "More consumers today are aware of the benefits associated with EVs and want to upgrade to electric scooters for a great riding experience, advanced features, and tremendous value. Since our inception, we have worked tirelessly to create an ecosystem that facilitates a stress-free transition to EVs in the country. 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 fulfill their wish to own their Ather scooter."
Mrs. Saloni Narayan, Dy. Managing Director (Retail Business) SBI said, "We are glad to associate with Ather Energy. 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 of the loan through YONO at an EMI of as low as Rs 251/- per Rs 10,000 under the SBI Easy Ride loan. We believe the SBI Easy Ride loan scheme will offer a seamless, and memorable two-wheeler owning experience to our customers."
