BackPlanning to buy Ola Scooter? Get loans from these banks, financial institutions
Axis Bank, HDFC Bank, ICICI Bank, IDFC First Bank, AU Small Finance Bank, Kotak Mahindra Prime, TATA Capital, YES Bank, and others have come on-board to finance Ola electric scooters
PremiumOla Electric has collaborated with leading banks and financial institutions for providing loans to customers looking to buy its S1 electric scooter. The Ola Electric scooter will be available for purchase from September 8.
The company had launched the Ola S1 electric scooter in two trims - S1 and S1 Pro - at ₹99,999 and ₹1,29,999, respectively (ex-showroom prices including FAME II subsidy and excluding state subsidies). Ola Electric has said it will start deliveries in October.
"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.
Ola Electric has tied up with several banks and financial institutions, including 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.
Following the tie-up Dubey said as consumers who wish to choose financing for the Ola scooter will be provided the option. The entire buying process will be online, making it "very seamless," he added.
"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 ₹2,999 for S1...," he added.
Dubey further said from September 8 onwards, prospective buyers who have reserved the vehicle can opt to purchase it 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 told the news agency.
As people keep converting pre-bookings into purchases, he said Ola Electric will update its customers about the waiting period depending on "where they are in the queue or when they have exactly purchased how many people purchased before them."
On chances of the persistent semiconductor shortage hampering company's ability to meet the demand for Ola scooter, Dubey said, "It's definitely an evolving situation. Currently the timelines that we have given out factor in the various constraints."
Also Read: Ola S1 electric scooter servicing and repair: All you need to know
Ola Electric had opened pre-launch bookings for its electric scooters in July for ₹499, getting 1 lakh orders in just 24 hours. The company has not disclosed how many orders it has received so far.
The company launched its first electric scooter, Ola S1, on August 15 to high anticipation. The scooter has been released in 10 colours with an 8.5 KW motor and 3.97 kWh battery packs, developed in-house. Ola is setting up a Futurefactory in Tamil Nadu. The manufacturing facility will be spread across 500 acres, making it the biggest scooter-making factory in the world.
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.
When fully completed, Ola Electric had claimed that its plant would have an annual capacity of one crore units "that is 15 per cent of the world's entire total two-wheeler production".
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
