Ola Electric opens purchase of S1 scooters on eve of World EV Day, EMI starts at Rs 2,999

Ola Electric Mobility, the two-wheeler manufacturer linked to cab aggregator Ola, will open the purchase of its electric Ola S1 scooters from September 8.

The day chosen for starting the sale of S1 scooters coincides with the eve of World EV Day -- which is marked to promote the switch from fossil fuel-based to electric vehicles as the latter is considered to be environment-friendly.

The equated monthly installments (EMIs) for S1 scooters will start from Rs 2,999 per month, Ola Electric said in a statement on September 7.

"If you need financing, OFS (Ola Financial Services) has tied up with leading banks including IDFC First Bank, HDFC, and TATA Capital to help finance your Ola S1," it said.

For Ola S1 Pro, which is the advanced version of the electric scooter, the EMIs will begin from Rs 3,199, it said.

Also Read | Ola S1 and S1 Pro vs Rivals: Which is the best electric scooter you can buy right now?

HDFC Bank will provide pre-approved loans to eligible customers in minutes on the Ola and Ola Electric apps, the company said, adding that TATA Capital and IDFC First Bank will process digital KYC and provide instant loan approvals to eligible customers.

"In case you don’t need financing you can simply pay an advance of Rs 20,000 for Ola S1 or Rs 25,000 for Ola S1 Pro, and the rest when we invoice your scooter to you," the statement said.

The deliveries will begin from October 2021, Ola Electric said. From the same month onwards, the company will also provide test rides. The option of cancellation of orders post test rides is available, provided that the scooters have not been shipped for delivery from the Ola  Factory.

For the vehicle insurance, the buyers can insure the scooter through the Ola and Ola Electric Apps. The company's insurance partner is ICICI Lombard.

A base policy of ‘1-year Own Damage and 5 years Third Party’ is mandatory for registration, Ola Electric said, further noting that the buyers can also choose from other add-ons such as Personal Accident Cover, Zero Depreciation, and Roadside Assistance.

The Ola S1 will come along with a warranty of three years on its battery. For the vehicle, the warranty will last for three years or up to 40,000 km of usage, whichever is earlier.

Meanwhile, Ola Cabs co-founder Bhavesh Aggarwal took to Twitter to announce that the company's mobility business has also shown a strong resurgence.

"India is moving again! Our @olacabs GMV crossed pre-covid levels last week. Recovery from second wave is 3 times faster. Clearly India is up and about! (sic)," he tweeted.

"10 million people used Ola for the first time ever in FY21," he said, adding, "Many are moving to autos taking our auto business to almost 150% of pre-covid levels."