L&T Finance on Friday (September 29) announced its partnership with Ather Energy. Under this partnership, L&T Finance will be offering up to 100 percent financing of the Loan-to-Value (LTV) of the Electric Vehicles (EV) offered by Ather Energy to its customers.
The amount of loan being financed will be on an on-road price basis i.e., inclusive ex-showroom, Regional Transport Office (RTO), and insurance on the vehicle. The loan amount will be determined based on the credit profile of the customer.
Customers of Ather Energy can avail EV financing under various lines of products from L&T Finance like Verified Income Proof (VIP) Loan, VIP Pro Loan, Sabse Khaas Loan (SKL), SKL Pro, Centum Loan, and Express Loan.
For all Ather Energy’s products except for Express Loan, the customers can avail the loans at an annual rate of interest of 6.99 percent per annum. In case of Express Loan, a product for all, customers will not have to submit any credit profile or income proof, but the annual rate of interest is slightly higher at 7.99 percent per annum.
All these offerings from L&T Finance have a TAT of under 5 minutes and are with a loan tenure ranging from three months to 48 months and the rate of interest is exclusively offered to the customers of Ather Energy.
Loan Details
Products | Verified Income Proof Pro (VIP Pro Loan) | Sabse Khaas Loan Pro (SKL Pro) | Centum / Express Loans |
Loan-To-Value (LTV) Ratio | 100% | 80% | 100% |
Rate of Interest per annum | 6.99% | 6.99% | 6.99% |
Tenure | Up to 48 months | Up to 30 months | Up to 36 months |
Add on Feature | Income-based Offer | No Hypothecation | No Income Proof |
Shares of L&T Finance closed with a gain of 5.21 percent at Rs 133.25 per share on Friday at NSE.
(Edited by : Sangam Singh)
First Published: Sept 29, 2023 10:58 PM IST
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