Electric scooters: All you need to know about EV subsidies
Delhi : Electric scooters (EVs) are becoming more and more popular, despite the fact that gas prices in many Indian cities often exceed the Rs 100 level. Additionally, the government is providing subsidies to consumers in an effort to promote the use of these zero-emission buses, bikes, and cars. There are several bikes and automobiles on the market that use an electric motor that is powered by batteries. Who qualifies for an EV subsidy, along with an estimation of costs, is listed below.
Who Qualifies for the FAME Scheme's EV Subsidy?
The incentive for people purchasing an electric two-wheeler is now Rs 15,000 per KWh of battery capacity (it was formerly Rs 10,000 per KWh). The Scheme for Faster Adoption and Manufacturing of Electric cars in India Phase II (FAME India Phase II) limits the entire subsidy to 40% of the cost of the cars. Additionally, two-wheelers priced up to Rs 1.5 lakh are eligible for the subsidy.
The FAME incentive is valid across the entire nation, and the consumer will receive the demand incentive benefit up front when purchasing the xEV itself by paying the discounted price.
The heavy industries ministry states that "all the 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."
Charger Billing Separately, Approximate EMI Calculation
Right now, the two most popular electric scooters are the Ola S1 Pro and Ather 450X. The Ather 450X costs Rs. 1,37,000, whilst the Ola S1 Pro costs roughly Rs. 133,000.
To lower rates below Rs 1.5 lakh, OMEs are billing fees individually. For instance, if users make separate payments for the charger, Ather's Ather 450X with Pro Pack is available for Rs 1,37,000. The scooter's price would exceed the Rs 1.5 lakh cap if the charger, which costs between Rs 10,000 and Rs 20,000, is added to the bill, a sales representative at a Delhi store informed News18.com. As a result, no subsidy can be claimed.
As opposed to the present practise of invoicing individually, Ather Energy and Ola Electric will now include charger charges for their e-scooters inside the ex-factory price, according to media sources.
Estimated EMI Calculation
In Delhi, the Ather 450X with Pro Pack costs Rs. 1,55,567 on the open road (all included). According to a preliminary estimate provided by a finance expert, if you make a down payment of Rs. 30,000, the EMI at the rate of 7.5% interest (currently being offered by Hero Fincorp) will be Rs. 6,525 per month for 23 months and Rs. 4,580 per month for 35 months. The monthly EMI will be Rs. 5,495 for 23 months and Rs. 3,859 for 35 months if you put down Rs. 50,000.
