Ola S1 electric scooter EMI plans to start at Rs 2,999, 11 banks team up with Ola Electric for finance options

Ola Electric’s maiden offerings, the S1 and S1 Pro, were launched on 15 August, at a price of Rs 99,999 and Rs 1,29,999 (ex-showroom, including FAME-II subsidy) respectively, and now, we’ve got details on the payment plans for the electric scooters. When they go on sale on 8 September, the Ola S1 and S1 Pro will both be available to purchase online, and buyers will have the option to either make the full payment up front, or choose from a selection of curated finance options, details of which Ola Electric has revealed in an interaction with Tech2.

Ola S1 EMI plans to start at Rs 2,999

To facilitate payment for buyers looking to finance the deal, Ola Electric has teamed up with a total of 11 banks: Bank of Baroda, Axis Bank, HDFC Bank, ICICI Bank, IDFC First Bank, IndusInd Bank, AU Small Finance Bank, Jana Small Finance Bank, Kotak Mahindra Prime, TATA Capital and YES Bank. Customers who choose to go with finance will be able to purchase an Ola S1 Pro by choosing one of the loan options available, and EMIs for the S1 will start Rs 2,999 (to be paid over a duration of 36 months), confirmed Varun Dubey, Chief Marketing Officer at Ola Electric, in conversation with Tech2.

To make the S1 more accessible, Ola Electric has come up with a finance plan that pegs the EMI amount at Rs 2,999. Image: Ola Electric

To make the S1 more accessible, Ola Electric has come up with a finance plan that pegs the EMI amount at Rs 2,999. Image: Ola Electric

EMIs for the Ola S1 Pro, which costs Rs 30,000 more than the S1, will start at Rs 3,199.

Once the scooters go on sale later this week, buyers who opt for finance will have to pay a nominal amount up front as down payment. The EMI amount may vary depending on the duration of the loan chosen by the buyer. Those wanting to purchase the scooter by paying the entire price up front will have to pay Rs 20,000 for the S1 (Rs 25,000 for the S1 Pro) on 8 September, with the remaining amount to be paid at the time of invoicing. This amount is refundable till the time a customer’s scooter is shipped from the factory.

As many as one lakh potential customers had paid Rs 499 as the reservation amount within 24 hours of order books opening. Those who were the first ones to place a booking – and are quick to complete the purchase process on 8 September – will be the first to receive the scooter when deliveries begin in October, with any fresh bookings made (and purchases completed) afterwards likely to be fulfilled in the months that follow.

Including state subsidies, the Ola S1 will cost well under Rs 1 lakh in Maharashtra, Gujarat and Delhi. Image: Ola Electric

Including state subsidies, the Ola S1 will cost well under Rs 1 lakh in Maharashtra, Gujarat and Delhi. Image: Ola Electric

Ola Electric will adopt a digital-first approach to sales and service, and will home-deliver the S1 and S1 Pro e-scooters. Potential buyers will soon have the option of scheduling a test ride of the S1 and S1 Pro, details of which will be revealed in the coming weeks, confirmed Dubey.

Ola S1, S1 Pro range and charging details

Claimed range for the Ola S1 is rated at 121 kilometres, and for the Ola S1 Pro, the range is pegged at 181 kilometres. Ola Electric will provide a portable 750 W charger with the S1 and S1 Pro, and the company says fully charging the S1 at home will take about four hours and 48 minutes, while a full charge for the S1 Pro at home will six hours, 30 minutes. Ola is also setting up its ‘Hypercharger’ fast-charging network across India, where users will be able to regain about 75 kilometres of range in just 15 minutes. Ola Electric will have fixed charging stations (including slow- and fast-charging points) in 100 cities across India at the time of the S1 and S1 Pro’s launch, and will eventually cover more than 400 cities.

Ola S1, S1 Pro performance details

Specced with a performance upgrade accessory, the Ola Electric S1 Pro claims to have class-leading acceleration. With a base output of 5.5 kW (7.4 hp), peak output of 8.5 kW (11.5 hp) and 58 Nm of torque (at the motor), the Ola S1 Pro will accelerate from 0-40 kph in a claimed three seconds, and from 0-60 kph in five seconds flat. For perspective, the Ather 450X – formerly the quickest-accelerating e-scooter on sale in India – does 0-40 kph in 3.3 seconds and 0-60 kph in 6.5 seconds. The Ola S1 Pro also has a top speed of 115 kph, and three ride modes – Normal, Sport and Hyper.

The Ola S1 and S1 Pro will be available in a total of ten colours. Image: Ola Electric

The Ola S1 and S1 Pro will be available in a total of ten colours. Image: Ola Electric

The lower-spec Ola S1, on the other hand, also has the same power output as the S1 Pro, but will do 0-40 kph in 3.6 seconds and 0-60 kph in seven seconds, which isn’t exactly slow either. Top speed for the Ola S1 is pegged at 90 kph, and it has two ride modes – Normal and Sport.

Ola S1, S1 Pro features and colour options

The Ola Electric Series S e-scooter has 36 litres of under-seat storage space – almost certainly the largest in its category at present – and can accommodate two half-face helmets. In terms of features, the Ola S1 has a side-stand cut-off function, a 7.0-inch touchscreen, cruise control, hill hold assist, geo-fencing, anti-theft alert, Bluetooth connectivity, GPS and Wi-Fi, four ‘moods’ (that change the way the scooter sounds), a reverse mode, in-built speakers and onboard navigation. Both S1 and S1 Pro have most of these features, with the more affordable S1 missing out only on hill hold, cruise control and voice assistant features. The scooter will be available in a total of ten colour options.

Also read: Why the Ola S1 electric scooter will cost less than most petrol scooters in Maharashtra this year