MUMBAI: Electric two-wheeler maker Ather Energy announced on Wednesday that it has partnered with the State Bank of India (SBI) to finance vehicles for its customers.
The collaboration will allow Ather Energy customers, with pre-approved loan offers from SBI, to benefit from instant loans at low interest rates starting at 9.55% per annum, depending on the credit profile of the customer, the company said in a statement.
Vehicle loans can be used through SBI’s YONO mobile app as well as offline, he added.
The partnership with the nation’s largest public sector lender aims to leverage its reach and penetration to accelerate the adoption of electric vehicles (EVs) in the domestic market, Ather Energy said.
It allows customers to avail loans of up to 85% of the vehicle’s on-road price, subject to the customer’s eligibility for the loan, the company said, adding that upon disbursement of the loan, the amount will be disbursed. instantly to the dealer’s account. .
Additionally, to facilitate customer adoption, SBI will also expand offline retail financing options from its branch network. “We understand that financing plays a vital role in the automotive industry and are confident that our partnership with SBI will ensure ease of purchase for customers and inspire more people to join the electric vehicle revolution,” said Ravneet Phokela, commercial director of Ather Energy. .
The company will continue to work with major banks, NBFCs and financial institutions to provide its customers with attractive financing options, he added.
“This initiative is a step closer to offering two-wheeled digital loans to customers through a paperless process at the convenience of their location and time of choice. Customers can avail the loan through YONO at a EMI as low as Rs 251 for Rs 10,000 under SBI Easy Ride Loan We believe that the SBI Easy Ride Loan scheme will provide a seamless two-wheeler ownership experience to our customers,” said Saloni Narayan, Dy MD for retail at SBI.