Ather Energy, a Bengaluru-based electric two-wheeler maker, has announced a new financing scheme for its customers. The company is offering up to 100% on-road financing on its electric scooters, in partnership with various lenders, banks and NBFCs. The company hopes that this will make its products more affordable and accessible to the Indian consumers.
Ather’s financing partners
Ather has partnered with well-known banks and financial institutions like IDFC First Bank, HDFC Bank, ICICI Bank, Bajaj Finance Ltd, Axis Bank, Hero FinCorp, and Cholamandalam Finance. This collaboration allows them to offer full financing for their electric scooters, covering the entire on-road cost. This means that the customers can avail loans without any down payment or processing fees.
“Ather Energy’s Chief Business Officer, Ravneet Phokela, emphasized that their company remains at the forefront of making electric vehicles (EVs) more accessible to passionate individuals. They have introduced attractive options like up to 100% funding and extended tenure, aiming to boost the adoption of EVs across the nation.”
Ather’s loan products
Ather claims that it has witnessed a six-fold growth in the number of customers opting for finance options since 2019. In addition, the company is proud to offer a 60-month loan option for electric two-wheelers. With this extended repayment period, the electric vehicle manufacturer has successfully reduced the monthly installments to as low as Rs 2,999 for their electric scooters.
Ather’s new model: 450S
Along with the financing scheme, Ather has also launched its new entry-level model, the 450S. The electric scooter is priced at Rs 1.3 lakh (ex-showroom) and is available for pre-booking. The 450S is a stripped-down version of the 450X, which is priced at Rs 1.59 lakh (ex-showroom).
The main difference between the two models is the display and the battery pack. The 450S comes with a simpler segmented LCD display instead of a touch-enabled TFT screen. It also misses out on features such as navigation, Bluetooth connectivity and OTA updates. The 450S also has a smaller 3kWh battery pack compared to the 450X’s 4kWh pack. This results in a lower range of 115 km and a lower top speed of 90 km/h.
However, the 450S still retains some of the features of the 450X such as reverse mode, fast charging, regenerative braking and LED lights. The company claims that the 450S is aimed at customers who want a basic and affordable electric scooter.
Ather’s expansion plans
Ather is currently present in 27 cities across India and plans to expand to more than 50 cities by the end of this year. The company also has its own network of charging stations called Ather Grid, which has over 200 points across the country. The company offers free charging for its customers at these stations.
Ather is also working on setting up its second manufacturing plant in Hosur, Tamil Nadu, which will have an annual capacity of one million units. The company expects to start production at this plant by early next year.