Ola Electric ties up with banks, fin institutions for loans to customers

New Delhi: Ola Electric said on Monday that it has tied up with leading banks and financial institutionsfor providing loans to customers for its S1 electric scooter that will be available for purchase from September 8.

The company had launched last month the Ola S1 electric scooter in two variants, S1 and S1 Propriced at Rs 99,999 and Rs 1,29,999, respectively. "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 said.

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 Rs 2,999 for S1," he added.