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EV manufacturer Ather Energy on Wednesday announced its partnership with Jana Bank to offer EV financing options to its customers.
The partnership is aimed at making Ather scooters more accessible and accelerating the adoption of electric vehicles in India. “Ather’s customers can now apply for two-wheeler loans, with the collaboration with Jana Bank offering a minimum down payment of up to 5 per cent, quick and hassle-free processing, competitive interest rates, pocket-friendly EMI repayment options, and flexible tenures ranging from 12 to 48 months,” said the company in a release.
Additionally, the bank will also offer loans to new-to-credit customers, who account for roughly 20- 25 per cent of Ather’s overall customer base. This has become a critical segment since the company is expanding into Tier-2 and - 3 cities.
“With the EV industry growing at a rapid pace, the availability of multiple easy financing options has become one of the most critical aspects that will facilitate this growth. We have been partnering with several credible financial institutions to provide our customers with financing options to facilitate the transition to EVs. We will continue to partner with leading banks, NBFCs, and financial institutions,” saidRavneet S Phokela, Chief Business Officer, Ather Energy.
Customers can check their loan eligibility and complete other formalities in under 10 minutes by visiting any of Ather’s experience centres or designated Jana Small Finance Bank storefronts. Additionally, Ather’s exchange programme allows Jana Small Finance bank customers to trade in their old two-wheelers and receive an exchange bonus of up to ₹4,000.
2-W financing
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,” said Pradeep Rebello, Head of Two Wheeler Finance at Jana Small Finance Bank.The bank entered the two-wheeler financing segment in 2021, and since then, the bank has tied up with multiple two-wheeler OEMs (original equipment manufacturers).
The two-wheeler loan market in India is expected to grow to $12.3 billion by 2025, with finance penetration currently around 75 per cent in the sector, according to the company. According to Ather, its financial penetration has increased from 8–10 per cent in 2019 to more than 45 per cent in 2023.
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