Even as gasoline prices rise above the Rs 100 mark in various cities across India, more and more people are opting for electric vehicles (EVs). And, to encourage the adoption of these non-polluting bikes, cars and buses, the government also offers subsidies to customers. There are various bicycles and cars based on a battery-powered electric motor on the market. Here is who is eligible for the EV grant and an approximate price calculation:
Ola, Ather, TVS and Revolt are some of the companies offering electric scooters to customers. The Ola S1 Pro is priced at around Rs 1.33,000, Ather’s 450X is available at Rs 1.37,000 and the TVS iQube is priced at Rs 1.61,000.
Who is eligible for the EV grant under the FAME program?
For those buying an electric two-wheeler, the incentive is Rs 15,000 per KWh of battery capacity (previously it was Rs 10,000 per KWh). However, the block grant is capped at 40% of the cost of the vehicles, according to the program for faster adoption and manufacture of electric vehicles in India Phase II (FAME India Phase II).
Also, the subsidy is available on two-wheelers which can be priced as high as Rs 1.5 lakh.
The FAME incentive is applicable nationwide and the benefit of the demand incentive will be passed on to the consumer at the time of purchasing the xEV itself by paying the discounted price.
According to the Ministry of Heavy Industries, “All OEMs registered under FAME India Phase II are requested to have their vehicle models certified in accordance with AIS 156 under CMVR, as amended from time to time, in order to be eligible for a grant under the FAME INDIA II Scheme.”
Charger billing separately, approximate EMI calculation
Ola S1 Pro and Ather 450X are the two most popular electric scooters currently. The Ola S1 Pro is available at around Rs 1.33,000, while the Ather 450X is available at Rs 1.37,000.
However, OMEs charge the chargers separately in order to bring the prices below Rs 1.5 lakh. For example, in the case of Ather, the Ather 450X with Pro Pack is available at Rs 1.37,000, if they make charger bills separately. If they add the price of the charger (varies between Rs 10,000 and Rs 20,000) to the bill, the price of the scooter will cross the limit of Rs 1.5 lakh, so no subsidy can be claimed, an official said. sales in a Delhi showroom. News18.com.
However, according to media reports, Ather Energy and Ola Electric will now include charger prices for their electric scooters in the ex-factory price, unlike the current practice of separate invoicing.
Approximate calculation of EMI
The Ather 450X with Pro Pack is on the Rs 1,55,567 route (all inclusive) in Delhi. Suppose you make a down payment of Rs 30,000, the EMI at 7.5% interest rate (currently offered by Hero Fincorp) will be Rs 6,525 per month for 23 months and Rs 4,580 per month for 35 months, according to an approximation calculated by a financial officer.
If you pay a down payment of Rs 50,000, the monthly EMI will be Rs 5,495 for 23 months and Rs 3,859 for 35 months.
Required documents are copies of Aadhaar, PAN card, passbook, canceled checks and 2 passport size photos.
Read all the latest business news, tax news and stock market updates here
.