Ola Electric Introduces 60-Month Loan Scheme For Buyers - Aims to Boost Sales

The demand for electric two-wheelers is soaring high in the Indian market. Driven by the increasing demand for eco-friendly and cost-effective mobility solutions, more people are switching to EVs daily. Manufacturers have introduced attractive schemes to lure potential customers to maintain the demand and feasibility.

Recently Ather Energy announced a 60-month loan scheme for its electric scooter. The aim was to find a breakthrough in Tier 2 and Tier 3 cities. Ola Electric has followed in their footsteps and introduced a similar offer for their S1 scooters.

Ola has joined with IDFC First Bank and L&T Financial Services to provide this financing option with a competitive interest rate of 6.99 per cent for 60 months. This loan can be availed with zero-down payment, and Ola offers the most affordable EMIs.

Usually, the electric two-wheelers were only offered a loan tenure of 36 months and rarely 48 months in some cases. Now, customers can opt for a 60-month loan from Ola experience centres nationwide.

These centres provide customers with detailed information about the financing options before making their final purchase through the Ola app. With a widespread presence in India, Ola Electric currently operates more than 700 experience centres throughout the country.

They have set a target to establish their 1000th retail outlet by August of this year, indicating their rapid expansion and commitment to providing accessible services to customers. Ola Electric has three models - S1 Air, S1, and S1 Pro.

Ankush Aggarwal, Chief Business Officer, Ola said, "As the market leader, we have successfully forged strong alliances with leading financing partners, offering the most lucrative options not just in Tier 1 but in Tier 2 and 3 cities as well."

He also commented on India's immense potential for EV 2W adoption and how their financing schemes will make it easy for people to own one without any hurdles. At Ola, they're committed to accelerating the EV adoption and making it the substantial choice for everyone - he added.

Thoughts About Ola's New 60-Month Loan Scheme

The 60-month loan tenure offered by Ola is a great initiative, as it'll also make the EV affordable for common people. This initiative is expected to be adopted by more manufacturers to make their respective EVs accessible for all.

The government's decision to slash the FAME II subsidy saw electric two-wheelers getting costlier, which might affect sales in the short term. However, customer-friendly financing options like these will help manufacturers keep the market up and running again.