Ather Energy partners with SBI for electric vehicle financing – EQ Mag Pro

Electric two-wheeler maker Ather Energy on Wednesday said it has partnered with the State Bank of India (SBI) for vehicle financing for its customers.

The collaboration will enable Ather Energy’s customers, having pre-approved loan offers from SBI, to avail instant loans at low interest rates starting from 9.55 per cent per annum, depending on customer credit profile, the company said in a statement. The vehicle loans can be availed through SBI’s mobile app YONO as well as offline, it added.

The partnership with the country’s largest public sector lender is aimed at leveraging its reach and penetration in accelerating the adoption of electric vehicles (EVs) in the domestic market, Ather Energy said.

It allows customers to avail loans up to 85 per cent of the on-road price of the vehicle, subject to the loan eligibility of the customer, the company said, adding that upon loan disbursement, the amount will be paid into the dealer’s account instantly.

Furthermore, to ensure ease of adoption for the customers, SBI will also extend offline retail financing options from its branch network.

“We understand that financing plays a critical role in the auto sector, and are confident that our partnership with SBI will ensure ease of purchase for customers and attract more people to join the EV revolution,” said Ravneet Phokela, Chief Business Officer at Ather Energy. The company will continue to work with major banks, NBFCs, and financial institutions to offer its customers attractive financing options, he added.

Source: PTI