Ola Electric Introduces Zero Downpayment Option for its Electric Scooters

The prices of electric two-wheelers have increased significantly due to a reduction in government subsidies known as FAME-2. Because of this, people have become less interested in buying electric vehicles. To counter this, companies are exploring different strategies to boost sales. One approach is to offer financing options with attractive interest rates to attract customers.

Ather Energy recently introduced a 60-month loan scheme, and now Ola Electric is following a similar path. They aim to make it easier for customers to purchase their electric scooters by providing financing options.

Ola Electric has partnered with IDFC First Bank and L&T Financial Services to introduce their S1 range of vehicles. As part of this collaboration, they are offering a loan facility for a period of 60 months. The interest rates for this loan start from 6.99 percent. Ola Electric stated that customers can take the vehicle home without making any down payment. In the past, banks and non-banking financial companies (NBFCs) used to provide loans for electric vehicles for durations of 36 months or 48 months. However, Ola Electric’s new partnership extends the loan duration, making it more convenient for customers.

Ola Electric Introduces Zero Downpayment Option Details

According to the company, customers can access this loan facility at Ola Experience Centers located throughout the country. Ankush Agarwal, the Chief Business Officer of Ola Electric, mentioned that they have set a new standard in the market by offering financing options in collaboration with their partners. These financing methods are expected to be beneficial for purchasing electric vehicles not only in Tier-1 cities but also in Tier-2 and Tier-3 cities. Additionally, Ola Electric plans to expand the number of experience centers across the country to reach a thousand by August.