Banks and Financial institutions to offer loans to customers purchasing Ola Electric

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HDFC Bank, ICICI Bank, Kotak Mahindra Prime and TATA Capital will provide finance to customers of Ola’s S1 electric scooter which will be available for purchase from September 8. Ola Electric said in a statement on Monday that it has tied up with banks and financial institutions for the same, PTI reported on Monday. Last month, the company had launched the Ola S1 electric scooter in two variants S1 and S1 Pro at Rs 99,999 and Rs 1,29,999 respectively, with deliveries starting from October. It also includes door step delivery.

Attractive EMIs

The company said that the entire process is going to be very seamless while buying online, and all those who choose financing would be able to avail the option. All the details with regards to what is the loan approval amount they have and what they need to do, with attractive financing options. EMIs would start from Rs 2,999 for S1, it added.

People who have booked the scooter can convert that to a purchase by paying the remaining amount and finalise vehicle variant and colour options, the company said.

The company is also working on the semiconductor shortage to meet the demand by working on the timelines to factor in the various constraints. It also said that it is an evolving situation.

Ola Electric will update its customers about the waiting period as people keep converting orders into purchases. The waiting period would be on the basis of where they are in the queue, when they have actually purchased and how many have purchased for them.