Ather Energy has announced its partnership with Jana Bank to offer EV financing options to its customers. The partnership with Jana Bank is aimed to make Ather scooters more accessible and accelerate the adoption of electric vehicles in India.
Ather’s customers can now apply for two-wheeler loans with a minimum down payment of up to 5 percent, quick processing, competitive interest rates, easy MI repayment options, and flexible tenures ranging from 12 to 48 months. Jana Bank will also offer loans to new-to-credit customers, which account for roughly 20 to 25 percent of the overall Ather customer base.
Ravneet S Phokela, Chief Business Officer, Ather Energy, said, “Over the past couple of years, Ather has partnered with a number of credible financial institutions to provide our customers with lucrative financing options in order to facilitate a stress-free transition to EVs. We will continue to partner with leading banks, NBFCs, and financial institutions.”
Customers can check their loan eligibility in under 10 minutes and complete other formalities by visiting any Ather Experience centres and also Jana Small Finance bank designated storefronts. Additionally, Ather’s exchange program allows Jana Small Finance bank customers to trade in their old two-wheelers and receive an exchange bonus of up to Rs 4000.
Pradeep Rebello, Head – Two Wheeler Finance, Jana Small Finance bank, said, “Jana Bank digitally, along with Ather Energy, will provide customers with a great ownership experience. This strong combined product proposition will also support the green environment and sustainable transportation.”
Ather Energy has partnered with leading finance players to offer its customers financing option and accelerate the adoption of electric vehicles in India. Ather’s finance penetration has grown from 5-8 percent in 2019 to more than 45 percent in 2023.
Ather inaugurated its second manufacturing facility in Hosur to meet the growing demand. The facility, spread across 300,000 sq feet, will help the brand expand its production capacity to 4,20,000 units per year in FY 2024 (April 2023 – March 2024).