~ Aimed at enabling a stress-free transition to EV and ensuring ease of purchase for customers
~ The partnership launches flexible loan tenure options of up to 60 months, which brings down the monthly EMI to as low as Rs 2999
~ With Bajaj Finance, Ather customers can get a 100% on-road funding and new customers can get an EMI approval in less than 5 minutes, the fastest TAT (Turn Around Time) in the industry
Bengaluru, NFAPost: Ather Energy, India’s leading electric scooter brand, entered into a strategic partnership with Bajaj Finance Ltd. (BFL), part of Bajaj Finserv Ltd, to provide easy financing options to customers of EV two-wheelers.
The EV industry has seen substantial growth in the past couple of years. Through the partnership with India’s leading and diversified financial services groups, Ather Energy aims to leverage Bajaj’s reach and penetration across India to make EVs more accessible and affordable for customers.
Bajaj Finance is a technology driven NBFC, offering a comprehensive suite of financial solutions and focused on enhancing customer experience digitally. The partnership aims to enhance customer convenience and highlights the growth of EV financing in line with the industry.
Being a forerunner of the EV ecosystem in India, Ather’s product has encouraged major finance institutions in the country to offer lucrative EV financing options to consumers, who are looking to make the EV switch.
Speaking on the partnership, Ather Energy Chief Business Officer Ravneet Phokela said as a pioneer in the Indian EV 2-wheeler industry, we believe it is the company’s responsibility to ensure ease of purchase for EV intenders without compromising on convenience.
“In order to provide our customers with more lucrative financing choices, Ather has worked with a strong set of financial institutions and will continue to do so in the future. Bajaj Finance being one of India’s leading finance groups with a diversified product portfolio will ensure further ease of purchase for our consumers and help drive more EV adoption at a larger scale,” said Ather Energy Chief Business Officer Ravneet Phokela.
BFL has a strong customer base of 7 crores, which Ather is planning to leverage to create growth opportunities for both the brand and the EV industry. With BFL, Ather customers can get 100% on road funding and even the newer customers can get an EMI approval in less than 5 minutes, which is currently the fastest approval turn-around-time in the industry.
Bajaj Finance Ltd President – Personal Loans & Sales Finance Amit Raghuvanshi said Bajaj Finance is honoured to partner with Ather Energy.
“Bajaj Financepan India presence perfectly aligns with Ather Energy’s expansion plan as well, complementing their aspirations to serve customers across the nation. With Bajaj Finance’s end-to-end digital journey and quick disbursements, Ather customers can avail of hassle-free loans, ensuring a seamless financing experience,” said Bajaj Finance Ltd President – Personal Loans & Sales Finance Amit Raghuvanshi.
In December 2022, Ather Energy was the first EV OEM (Original Equipment Manufacturer) to introduce a 48-month tenure product. The response from customers was overwhelmingly positive, showcasing their readiness to embrace EVs.
Building on this success, Ather Energy and Bajaj Finance are proud to launch a 60-month tenure product that brings down the monthly EMIs for customers to as low as INR 2999, thereby offering customers more flexibility and affordability.
About Bajaj Finance Limited:
Bajaj Finance Ltd. (‘BFL’, ‘Bajaj Finance’, or ‘the Company’), a subsidiary of Bajaj Finserv Ltd., is a deposit taking Non-Banking Financial Company (NBFC-D) registered with the Reserve Bank of India (RBI) and is classified as an NBFC-Investment and Credit Company (NBFC-ICC). BFL is engaged in the business of lending and acceptance of deposits.
It has a diversified lending portfolio across retail, SMEs, and commercial customers with significant presence in both urban and rural India. It accepts public and corporate deposits and offers a variety of financial services products to its customers. BFL, a thirty-five-year-old enterprise, has now become a leading player in the NBFC sector in India and on a consolidated basis, it has a franchise of 69.14 million customers.
BFL has the highest domestic credit rating of AAA/Stable for long-term borrowing, A1+ for short-term borrowing, and CRISIL AAA/Stable & [ICRA]AAA(Stable) for its FD program. It has a long-term issuer credit rating of BB+/Positive and a short-term rating of B by S&P Global ratings. To know more, visit www.bajajfinserv.in/
About Ather Energy:
Ather Energy, India’s first intelligent electric vehicle manufacturer was founded in 2013 by IIT Madras alumni, Tarun Mehta, and Swapnil Jain. Backed by founders of Flipkart, Sachin Bansal & Binny Bansal, Hero MotoCorp, and Tiger Global. Ather Energy launched India’s first truly intelligent electric scooter – The Ather 450 in 2018, followed by their flagship offering Ather 450X, in 2020 followed by the new Gen3 of the 450X in 2022.
Ather has also installed a comprehensive public charging network, Ather Grid, designed and built in India. With 1300+ charging points across India, Ather Grid is one of the country’s largest fast-charging networks for electric vehicles. Ather completed the Series E round of funding by signing investment agreements amounting to $128 million with NIIFL and Hero MotoCorp.
The company’s product line has won 37 awards in the design, automotive, and technology categories. With 58 Indian and international patent applications, 109 trademarks, and 118 Indian and International design registrations to its name, Ather Energy aims to provide consumers with the best possible ownership experience. Ather Energy currently operates in 85+ cities including Bengaluru, Delhi, Chennai, Hyderabad, Pune, Jaipur, Kochi, Ahmedabad, Mumbai, Mysore, and Kolkata.
