Ola Electric announced that it has tied up with leading banks and financial institutions to provide loans to customers for its S1 electric scooter which will be available for purchase from September 8. The company, which had last month launched the Ola S1 electric scooter in two variants — S1 and S1 Pro — at prices INR 99,999 and INR 1,29,999, respectively (ex-showroom including FAME II subsidy and excluding state subsidies), said it will start deliveries in October.
The banks and financial institutions that Ola Electric has tied up 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.
Ola Electric Chief Marketing Officer Varun Dubey told PTI – “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. 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. 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. ”
As and when people keep converting orders into purchases, Ola Electric will let its customers know 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”.
The Ola electric scooter comes in 10 colours with in-house development 8.5 KW motor and 3.97 kWh battery packs. The company is also setting up a manufacturing plant, spread across 500 acres, in Tamil Nadu.