Buying An Ather Scooter Just Got A Lot Easier With New Finance Scheme
Modified On Jun 7, 2023 01:06 PM By Nishaad Joshi for Ather 450X
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The brand has slashed the EMIs by a massive amount
Ather Energy has introduced a new 60 month loan product, aiming to enhance the accessibility of electric scooters in India. With the introduction of the new five-year tenure, borrowers can now benefit from lower EMIs (as low as Rs. 2,999). The brand has currently partnered up with IDFC First, Bajaj Finance, and Hero FinCorp for the same. This marks the first instance of a finance product with a five-year tenure being offered in the electric vehicle industry.
Previously, Indian banks and non-banking financial companies (NBFCs) typically limited loan durations to 36 months, occasionally extending them to 48 months under specific circumstances. For more details on the financing scheme, maximum loan amount, stamp duties and other charges, check out the table below:
|
Specifics |
IDFC Bank |
Bajaj Finance Ltd. |
|
Scheme Name |
UnZip |
100 percent LTV |
|
ROI |
8.99 percent |
8.99 - 9.99 percent |
|
Tenure |
12 to 60 months |
12 to 60 months |
|
Maximum Loan Amount |
100 percent |
100 percent |
|
Processing Fees |
2.0 percent |
2.0 percent |
|
Other Charges |
Rs 1,331 |
Rs 1,100 |
|
Maximum Dealer Payout |
1 percent |
1 percent |
|
Accessories |
Upto Rs 5,000 |
Rs 4,000 / 6 percent of ex-showroom price |
Currently, Ather Energy offers three variants of its 450 electric scooter in the Indian market: the recently-launched 450S, 450X and 450X with Pro Pack. Here’s how much each one costs:
|
Variant |
Price (Ex-showroom Bangalore, including FAME 2 subsidy) |
|
450S |
Rs 1,29,999 |
|
450X |
Rs 1,44,921 |
|
450X With Pro Pack |
Rs 1,65,435 |
With the revised FAME 2 subsidy, prices of almost all the electric scooters have gone up considerably. So with the introduction of this finance scheme, Ather’s scooters will be a bit easier to buy.