Even as petrol prices hover above the Rs 100 mark in various cities in India, more and more people are going for electric vehicles (EVs) now. And, to encourage the adoption of these pollution-free bikes, cars and buses, the government is also offering subsidies to customers. There are various bikes and cars available in the market that are based on a battery-powered electric motor. Here’s who is eligible for EV subsidy and a rough calculation of prices:
Ola, Ather, TVS and Revolt are some of the companies offering electric scooters to customers. The Ola S1 Pro is priced at around 1,33,000, Ather’s 450X is available at Rs 1,37,000, and the TVS iQube’s rate is Rs 1,61,000.
Who is Eligible For EV Subsidy Under FAME Scheme?
For those buying an electric two-wheeler, the incentive is Rs 15,000 per KWh battery capacity (earlier it was Rs 10,000 per KWh). However, the overall subsidy is capped at 40 per cent of the cost of vehicles, according to the Scheme for Faster Adoption and Manufacturing of Electric Vehicles in India Phase II (FAME India Phase II).
Also, the subsidy is available on two-wheelers priced up to Rs 1.5 lakh.
The FAME incentive is applicable throughout the country, and the demand incentive benefit will be passed on to the consumer upfront at the time of purchase of the xEV itself by way of paying the reduced price.
According to the heavy industries ministry, “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, Rough Calculation of EMIs
Ola S1 Pro and Ather 450X are the two more 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 are billing chargers separately in order to bring 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 bills on charger separately. If they add the price of the charger (ranges between Rs 10,000 to Rs 20,000) to the bill, the scooter’s price will cross the Rs 1.5 lakh limit, thus no subsidy can be claimed, a sales executive at a Delhi showroom told News18.com.
However, as per media reports, Ather Energy and Ola Electric will now include charger prices for their e-scooters within the ex-factory price as against the current practice of billing separately.
Rough EMI Calculation
The Ather 450X with Pro Pack is on-road Rs 1,55,567 (including everything) in Delhi. Suppose you make a down payment of Rs 30,000, the EMI at the rate of 7.5 per cent 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, according to a rough calculation given by a finance executive.
If you make 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.
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