Ola Electric Ties Up With Banks To Make EV Financing Easier For Customers


On August 15, the company announced its foray into the green mobility space with the launch of its first electric scooter, Ola S1

Homegrown electric vehicle firm Ola Electric has joined hands with banks and financial institutions in order to make financing easier for customers. These include Bank of Baroda, Axis Bank, HDFC Bank, ICICI Bank, IDFC First Bank, IndusInd Bank, AU Small Finance Bank, Jana Small Finance Bank, Kotak Mahindra Prime, TATA Capital and YES Bank.

These banks will be providing loans to customers for Ola’s S1 electric scooter will be available for purchase from September 8.

“We have tied up with all the major banks and (financial) institutions…we will have many of them live starting September 8 and then others will be live soon after,” Ola Electric Chief Marketing Officer Varun Dubey told news agency PTI.

Dubey said as consumers will be buying online the entire process is going to be “very seamless” and all those who choose financing should be able to avail of the option.

“They will be able to also get all the details in terms of what is the loan approval amount they have, what they need to do…Also, we have got very attractive financing options, with the EMI starting at just INR 2,999 for S1…,” he added.

When asked about the delivery plans for the scooters, Dubey said from September 8 onwards, people who have reserved can convert that to purchase by paying the remaining amount and finalise vehicle variant and colour options.

“Then we will start deliveries for them from October onwards. We will be doing home delivery and we will actually take the scooters to their doorsteps,” Dubey added.

As people keep converting orders into purchases, he said Ola Electric will update its customers about the waiting period on the basis of “where they are in the queue or when they have exactly purchased how many people purchased before them”.

On August 15, the company announced its foray into the green mobility space with the launch of its first electric scooter, Ola S1. The company had launched the Ola S1 electric scooter in two variants — S1 and S1 Pro — at prices Rs 9,999 and Rs 1,29,999, respectively (ex-showroom including FAME II subsidy and excluding state subsidies).

The company had stated that it would initially start with 10 lakh annual production capacity and then scale it up to 20 lakh, in line with market demand, in the first phase.


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