Revamp Moto, a leading Indian electric two-wheeler manufacturer, has announced partnerships with LoanTap, Bajaj Finserv, and State Bank of India (SBI) to offer diverse financing options for its electric scooters. These partnerships aim to make electric scooters more accessible to customers by providing credit lines with interest rates between 12.4% and 15%, and repayment periods of up to five years.
Customers interested in purchasing Revamp Moto's electric scooter, priced at Rs 70,000 plus GST, can make a down payment of 20% of the vehicle's cost. The loan application process is designed to be quick and easy, requiring less than half an hour to complete. The required documentation varies for self-employed individuals and those with a fixed income.
Pritesh Mahajan, CEO & Co-founder of Revamp Moto, speaking on the announcement said “Following the commencement of deliveries of our recent electric scooter, the strategic decision to partner with two-wheeler loan providers will enhance the accessibility of our product to more customers. Our strategic partnership with distinguished financial service providers like LoanTap, Bajaj Finserv, and SBI, will allow the customers to experience the future of transportation in a hassle-free manner and will help us achieve our vision to provide sustainable and adaptive solutions to the society and mission to empower 1 million lives by 2028.”
Revamp Moto's electric scooter is designed with small business owners, delivery riders, and gig workers in mind, featuring six modular and swappable attachments to enhance productivity and sustainability. The company has started delivering its electric scooters across major Indian states and offers 24/7 roadside assistance through a partnership with ReadyAssist.