Ather Energy has announced its partnership with HDFC and IDFC First banks to provide easy financing options to its consumers. The ever-evolving EV industry has witnessed significant growth in the past year. As a pioneer in the EV space and a driving force behind the EV revolution, Ather Energy aims to provide a stress-free transition to EV ownership and ease of purchase for its customers.
These partnerships will allow Ather Energy customers to avail of instant loans from HDFC and IDFC First banks at low-interest rates and with a maximum LTV (Loan-to-value). Ather Energy customers have preferred a 95% LTV option while choosing a financing option, with 2-3 years being the most preferred duration to repay the loan.
IDFC First bank was an early adopter of the EV market and has established itself as a bankable partner for Ather’s customers. IDFC accounts for about 75% of the Ather energy customer base. IDFC and HDFC banks both offer loans to new-to-credit customers (those with no credit history), which account for roughly 20 to 25 percent of the overall Ather customer base. This has become a critical segment since the company is expanding into Tier 2 and 3 cities.
Ather Energy has witnessed a significant surge in demand for its 450 series, registering 20% m-o-m growth. With the increase in demand, the company has invested heavily in building a favourable EV ecosystem in the country. Ather has installed 310+ fast-charging stations across 30 cities in India, including Tier 2 and Tier 3 cities, to ensure a hassle-free mobility experience for consumers. Additionally, Ather is expanding its retail operations to ensure more people can experience the future of mobility and can join the EV revolution.