Buying An Electric Scooter? Who Is Eligible For EV Subsidy; Check This Price, EMI Calculation
Even as petrol prices in various cities in India exceed Rs 100, an increasing number of people are opting for electric vehicles (EVs). In order to encourage the use of these pollution-free bikes, cars, and buses, the government is also offering customer subsidies.
There are numerous bikes and cars on the market that use a battery-powered electric motor. Here is who is eligible for an EV subsidy, as well as a rough price calculation:
Customers can rent electric scooters from companies like Ola, Ather, TVS, and Revolt. The Ola S1 Pro costs around Rs 133,000, Ather’s 450X costs Rs 137,000, and the TVS iQube costs Rs 161,000.
Who Qualifies for EV Subsidies Under the FAME Scheme?
The incentive for those purchasing an electric two-wheeler is Rs 15,000 per kWh battery capacity (earlier it was Rs 10,000 per KWh).
According to the Scheme for Faster Adoption and Manufacturing of Electric Vehicles in India Phase II, the overall subsidy is capped at 40% of the vehicle cost (FAME India Phase II). Also, the subsidy is available on two-wheelers priced up to Rs 1.5 lakh.
The FAME incentive is available throughout the country, and the demand incentive benefit will be passed on to the consumer upfront when the xEV is purchased by paying the reduced price.
“All registered OEMs under the FAME India Phase II are advised to get their vehicle models certified as per AIS 156 under CMVR as amended from time to time, in order to be eligible to claim subsidy under the FAME INDIA II Scheme,” according to the heavy industries ministry.
Separate Charger Billing, Rough EMI Calculation
The two most popular electric scooters right now are the Ola S1 Pro and the Ather 450X. The Ola S1 Pro costs around Rs 1,33,000, while the Ather 450X costs around Rs 500,000.
However, in order to keep prices under Rs 1.5 lakh, OMEs bill chargers separately. In the case of Ather, for example, the Ather 450X with Pro Pack is available for Rs 1,37,000 if bills on the charger are made separately.
If they add the price of the charger (which ranges between Rs 10,000 and Rs 20,000) to the bill, the scooter’s price will exceed the Rs 1.5 lakh limit, and no subsidy can be claimed, according to a sales executive at a Delhi showroom.
However, according to media reports, Ather Energy and Ola Electric will now include charger prices for their e-scooters in the ex-factory price rather than billing separately.
Estimated EMI Calculation
In Delhi, the Ather 450X with Pro Pack costs Rs 1,55,567 (including everything). According to a rough calculation provided by a finance executive, if you make a down payment of Rs 30,000, the EMI at 7.5 percent interest (currently offered by Hero Fincorp) will be Rs 6,525 per month for 23 months and Rs 4,580 per month for 35 months.
With a Rs 50,000 down payment, the monthly EMI will be Rs 5,495 for 23 months and Rs 3,859 for 35 months.
The documents required are copies of the Aadhaar, PAN card, passbook canceled cheques, and 2 passport-size photos.
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Content Credit: NEWS 18