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Ather Energy partners Bajaj Finance to make EVs more accessible to consumers
by Prashant Kapadia/NHN
Aimed at enabling a stress-free transition to EV and ensuring ease of purchase for customers
The partnership launches flexible loan tenure options of up to 60 months, which brings down the monthly EMI to as low as INR 2999
With Bajaj Finance, Ather customers can get a 100% on-road funding and new customers can get an EMI approval in less than 5 minutes, the fastest TAT (Turn Around Time) in the industry
India, 15 June 2023: Ather Energy, India’s leading electric scooter brand, entered into a strategic partnership with Bajaj Finance Ltd. (BFL), part of Bajaj Finserv Ltd, to provide easy financing options to customers of EV two-wheelers.. The EV industry has seen substantial growth in the past couple of years. Through the partnership with India’s leading and diversified financial services groups, Ather Energy aims to leverage Bajaj’s reach and penetration across India to make EVs more accessible and affordable for customers.
Bajaj Finance is a technology driven NBFC, offering a comprehensive suite of financial solutions and focused on enhancing customer experience digitally. The partnership aims to enhance customer convenience and highlights the growth of EV financing in line with the industry. Being a forerunner of the EV ecosystem in India, Ather’s product has encouraged major finance institutions in the country to offer lucrative EV financing options to consumers, who are looking to make the EV switch.
Speaking on the partnership, Ravneet Phokela, Chief Business Officer, Ather Energy said, “As a pioneer in the Indian EV 2-wheeler industry, we believe it is our responsibility to ensure ease of purchase for EV intenders without compromising on convenience. In order to provide our customers with more lucrative financing choices, Ather has worked with a strong set of financial institutions and will continue to do so in the future. Bajaj Finance being one of India’s leading finance groups with a diversified product portfolio will ensure further ease of purchase for our consumers and help drive more EV adoption at a larger scale.”
BFL has a strong customer base of 7 crores, which Ather is planning to leverage to create growth opportunities for both the brand and the EV industry. With BFL, Ather customers can get 100% on road funding and even the newer customers can get an EMI approval in less than 5 minutes, which is currently the fastest approval turn-around-time in the industry.
Mr. Amit Raghuvanshi, President – Personal Loans & Sales Finance, Bajaj Finance Ltd. said, “We are honoured to partner with Ather Energy. Bajaj Financepan India presence perfectly aligns with Ather Energy’s expansion plan as well, complementing their aspirations to serve customers across the nation. With Bajaj Finance’s end-to-end digital journey and quick disbursements, Ather customers can avail of hassle-free loans, ensuring a seamless financing experience.”
In December 2022, Ather Energy was the first EV OEM (Original Equipment Manufacturer) to introduce a 48-month tenure product. The response from customers was overwhelmingly positive, showcasing their readiness to embrace EVs. Building on this success, Ather Energy and Bajaj Finance are proud to launch a 60-month tenure product that brings down the monthly EMIs for customers to as low as INR 2999, thereby offering customers more flexibility and affordability.