The electric mobility subsidiary SAR Group, Lectrix EV has partnered up with financial solution providers like Eduvanz, IDFC Bank, RevFin Securities, Loan Tap, and Shriram Finance to offer customers financing options to purchase its LXS electric scooter. Monthly installments start at Rs 1,999.
According to the EV manufacturer, these tie-ups will not only meet the financing needs of potential customers but also make it easier for loan approvals.
The agreement allows customers to obtain a loan up to 85% of the EV’s value at low-interest rates from finance companies. This will make it easier to purchase an EV, particularly in Tier 2 or Tier 3.
Willy Chengappa is VP-Sales & Marketing at Lectrix EV. He said, “Obtaining a loan to purchase a new vehicle can be difficult, especially in Tier 2 or Tier 3 cities. Our aim is to make it easy for customers with our easy finance programs. Customers can buy LXS electric scooters for as low as Rs 1,999 per month. In order to speed up loan approvals, we have streamlined the loan process with our lending partners.”
Lectrix LXS, a connected electric scooter, is priced at Rs. 74,999 (in Delhi), after FAME and subsidies. This scooter can travel at 55 kmph, and in urban conditions, it can cover 89 km per charge. The LXS electric scooter is currently available through the company’s 60 dealers network in India.