Ola Electric set to provide loans, ties up with banks
Ola Electric on Monday said it has tied up with leading banks and financial institutions, including HDFC Bank, ICICI Bank, Kotak Mahindra Prime and TATA Capital, for providing loans to customers for its S1 electric scooter that 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 PTI.
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.
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 ₹2,999 for S1...,” he added.
“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.
When asked about the impact of the current semiconductor shortage, he said, “It’s definitely an evolving situation. Currently the timelines that we have given out factor in the various constraints.” 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”.