Ola Electric, following in the footsteps of Ather Energy, has introduced a new financing option for its S1 range of electric scooters. In collaboration with IDFC First Bank and L&T Financial Services, Ola now offers customers a 60-month loan option, featuring the industry’s lowest interest rate of 6.99 percent. This groundbreaking offering allows customers to purchase Ola electric scooters without making any down payment, while benefiting from the most affordable monthly EMIs in the market.
Traditionally, banks and non-banking financial companies (NBFCs) provided loans for electric two-wheelers with durations ranging from 36 to 48 months. However, Ola Electric has disrupted the market by extending the loan tenure to 60 months, offering customers more flexibility. These financing options are available at Ola’s experience centers across India, where customers can explore and gather comprehensive information before making their purchase through the Ola app.
Ola Electric has established a robust network of over 700 experience centers throughout the country, steadily progressing towards its goal of reaching 1000 retail outlets by August 2023. The company’s current product lineup includes three models: S1 Air, S1, and S1 Pro. Customers can look forward to the commencement of deliveries for the S1 Air model starting from July.
Ankush Aggarwal, Chief Business Officer at Ola Electric, expressed enthusiasm about the extended loan tenure, stating, “As the market leader, we have successfully forged strong alliances with leading financing partners, offering the most lucrative options not just in Tier 1 but in Tier 2 and 3 cities as well. India has immense potential for EV 2W adoption, and our financing offers are setting new benchmarks in the industry for ease of ownership for customers.” Aggarwal also emphasized Ola’s commitment to accelerating EV adoption and making it the preferred choice for all.
As manufacturers strive to enhance the accessibility of electric vehicles (EVs), the introduction of longer loan tenures is expected to become more widespread. The recent revision in the FAME II subsidy has led to a temporary price surge in electric two-wheelers, potentially impacting sales. However, customer-friendly financing alternatives like Ola Electric’s 60-month loan option will play a vital role in mitigating this downturn and ensuring the sustained growth of the EV market.
With Ola Electric’s pioneering efforts in providing affordable financing options, the cost of owning an EV is now significantly lower compared to traditional internal combustion engine (ICE) vehicles. As the industry continues to evolve, the availability of longer loan tenures and competitive financing options will undoubtedly contribute to the mainstream adoption of electric scooters and motorcycles, making them an attractive choice for consumers across the country.
