Hi guys if i go for loan what is possibilities and how to approach & which banks ather tied up with and interest rate pls clarify if anybody 
Purchasing options
The Ather 450 Plus, with a lower price
The Ather 450 Plus now starts at a price of Rs. 1,39,990 (Ex-showroom, Bengaluru) . Prices might vary slightly depending on your city, but this pricing will allow a lot of you to make the switch to electric at a lower cost. Head over here “What are the specification differences between 450 Plus and 450X? ” to see the full differences between the Ather 450 Plus and the Ather 450X.
Loan
Apart from Hero Fincorp Limited, we’ve also onboarded IDFC as our loan partner. We’re in the process of adding at least 1 more loan partner, and will announce as and when things crystallize.
What can you expect with the loan options?
| HFCL | IDFC | |
|---|---|---|
| Rate of interest - Flat | 9.99% | 11.65% |
| Processing Fee of loan amount | 2% | 2% |
| Documentation & stamp duty | 1000/- | 1000/- |
| Maximum loan amount | upto 85% of ex-showroom price | upto 85% of on-road price |
| Loan tenure options (months) | 12, 24, 36, 48, 60 | 12, 24, 36 |
| Foreclosure charges (of the outstanding principal loan amount + GST) | 5% | 4% |
The prices might vary marginally depending on your city. For Bengaluru and Chennai, reach out to Ather Space in your city for more details. For other cities, the dealer will be able to help you with details on the scheme you’d be eligible for.
Note: These might change at the discretion of the financial partners.
Lease
We’ve worked with Autovert on lease plans for both the Ather 450 Plus and the Ather 450X.
Down payment: You can go with a minimum down payment of Rs. 25000, and a maximum down payment of Rs. 60,000.
Monthly rental: Your monthly rental will vary between Rs 3,900 to Rs 5,095 for the Ather 450 Plus, and Rs. 4,637 to Rs. 5,689 for the Ather 450X, depending on your downpayment and lease duration.
Inclusions:
- Comprehensive insurance worth Rs. 10,000
- Third party insurance for 5 years
- All vehicle maintenance included - Ather Service Lite
Note: For those who are eligible for Series 1 and opt for the Ather 450X through lease, you will get Ather Service Pro for the duration of your lease term. The terms and pricing might change slightly depending on your city. At the time of purchase, you’ll be able to check the final costs and terms for your city.
You can take the Ather 450X or the Ather 450 Plus on lease for upto 36 months, with an option to exit anytime after 12 months. If you choose to lease for 3 years, at the end of your lease term, you will get 100% cashback of your down payment or you can retain the vehicle at no additional cost. This is an introductory plan for our early owners who want to opt for the lease plan.
Other than servicing, you’ll have to purchase additional packs such as Ather Connect separately.
There will be a one time application and processing charges of Rs. 1850
So have to approach individually for loan or Ather will look after .
Better go with gold loan if you can, banks like canara, cub, Indian banks are offering very low interest rates and no foreclosure or part payment charges
3 Likes
So better personal loan also advisable
% is more for personal loan
Personal loan interest rate is reducing balance method while the 2-wheeler loan is on a flat rate. 10% flat interest equals to ~18% reducing balance interest rate. All the personal loans, car loans are based on reducing balance while 2-wheeler loans are flat rate.
If you take, Rs 1.5 lakhs on 2-wheeler loan for Ather 450x on 3 years term, you will pay Rs 15,648 more compared to personal loan for the same amount with 12% interest rate. Even if personal loan interest rate is 14%, it will be Rs 10,500 cheaper than 2-wheeler loan with flat rate of 10%. Also, currently, personal loans are starting at 10 to 11% from many banks, hence savings can be even higher.
Check below screenshot and website to compare flat rate loan vs reducing balance loan.
5 Likes
I checked with following banks for gold loan, not sure if it is reducing balance or flat. CUB - 8% IB - 7% Canara - 7.5%
How long does it usually takes for IDFC loan approval? 