Hero Electric Scooter Subsidy DetailsThe central government of India announced a scheme namely 'Faster Adoption and Manufacturing of Hybrid and Electric Vehicles' to promote electric vehicles. The first phase of this scheme was operational from April 2015 to March 2019. The second phase FAME-II came into effect in April 2019, the government announced the incentives of Rs 10,000 crores for electric vehicles.
According to this scheme, the customer can claim a subsidy of a maximum of Rs 30,000, depending upon the battery capacity of the electric scooter that is Rs 10,000 per kWh. The conditions are that the electric scooter should have a minimum range of 80 km per charge, a minimum top speed of 40 kmph, and must be operated with a lithium-ion battery. If all these conditions are satisfied for the electric scooter, then the customer will be eligible for the FAME-II subsidy.
According to the department of heavy industry, the maximum number of electric vehicles sold are in Karnataka and Tamil Nadu is in second place. The government is providing a subsidy of Rs 12,000 for Electric bikes to the students of high school and college. You can also check for the additional subsidies from the state governments like Delhi and Karnataka.
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In the case of Hero Electric scooters, Optima E5, Photon LP, Optima ER, and Nyx ER comply with the conditions of FAME-ll subsidy. The ex-showroom prices of these four hero Electric scooters are listed below; Optima E5 at Rs 66,000, Optima ER at Rs 73,000, Photon at Rs 73,000, and Nyx ER is priced at Rs 80,000, which is the most expensive electric scooter from Hero Electric.
Hero Electric Optima E5, Photon, Optima ER and Nyx ER have the maximum battery capacities of 1.3 kWh, 2.7 kWh, 2.7 kWh, and 2.7 kWh respectively. So, available subsidies for these electric scooters range from Rs 13,000 to RS 27,000. Recently, the company Hero Electric has launched a 5-year warranty for its lithium-ion scooters range.
Hero Electric Scooter Loan DetailsThe monthly EMI depends upon the down payment, rates of interest, loan amount, and loan tenure. If you pay a higher down payment, then you will get a small amount of the loan.
As the loan amount increases, monthly EMI will also increase, that's not the problem, but the problem starts when you get a loan at higher rates of interest. Because you will end up paying more interest and it also will increase the amount of installment. So, you can compare the rates of interest from different banks and then choose the lender who provides a loan at lower rates of interest.
Loan EMI calculationHere are a few calculations of loan EMI for a Hero Electric scooter.
Suppose the customer borrows a loan of RS 50,000 for Hero Electric Optima E5 at a 9.6 % annual rate of interest for the tenure of 24 months, and then the rest of the amount will be paid by the customer as a down payment. During the loan repayment period, the customer will pay Rs 2300 as a monthly EMI. Total payment has done by the customer, by the end of loan tenure, will be Rs 55,000 including the interest of Rs 5,000.
If the customer is eligible for 100% financing of the ex-showroom price for Hero Electric NYX ER, that is Rs 53,000 with the incentive, at an 8.25 % annual rate of interest for a tenure of 3 years, then the customer will have to pay an amount including the RTO charges, registration charges, insurance, and other charges (if applicable) as a down payment. The total amount of Rs 60,000 including the interest of Rs 7,000 will be paid by the customer in monthly installments of Rs 1,700.
The loan EMI calculator may help you with further calculations for various loan amounts, rates of interest, and loan tenure.