As India moves towards a greener and more sustainable future, the adoption of electric vehicles is becoming increasingly popular. Among these, the e-auto rickshaw stands out as a revolutionary change in urban transportation. However, the 3 wheeler auto price, especially for electric variants, can be a significant investment for many. To address this, various finance and EMI options are available to make purchasing a rickshaw auto more accessible.
Understanding the 3 Wheeler Auto Price
The 3 wheeler auto price varies depending on the type, brand, and features of the vehicle. Traditional rickshaw autos are generally cheaper, but the long-term benefits of electric autos are encouraging many to switch. The on-road price of an electric auto can range from INR 2.5lakhs to 4.5lakhs, depending on the model and manufacturer. While this upfront cost might seem high, various financing options can help manage the expense effectively.
Financing Options for E Auto Rickshaws
Bank Loans
Many national and private banks in India offer loans specifically for purchasing vehicles, including e-auto rickshaws. These loans typically cover up to 80–90% of the electric auto on-road price, reducing the immediate financial burden. Interest rates for such loans usually range between 8–12% per annum, with repayment tenures extending up to 5 years.
Non-Banking Financial Companies (NBFCs)
NBFCs play a crucial role in offering finance options for those who may not have easy access to traditional bank loans. Companies like Bajaj Finserv, Mahindra Finance, and Cholamandalam provide flexible loan products for purchasing electric autos. These NBFCs often have less stringent eligibility criteria compared to banks, making them a viable option for many rickshaw auto drivers.
Fintech Startups
Fintech startups focusing solely on electric vehicles have made access to finance easier than before with attractive value propositions. They tailor make finance options to suit the economics of electric vehicles, giving customers a wide range of options to choose from.
EMI Options for Purchasing Electric Autos
Flexible EMI Plans
Both banks and NBFCs offer flexible EMI plans to accommodate the financial capabilities of different customers. These plans allow buyers to choose an EMI amount and tenure that best suits their monthly income.
Down Payment and Low EMI Schemes
Some financial institutions offer low down payment options to make it easier for buyers to start their journey with an electric auto. In addition, low EMI schemes can help manage cash flow, especially for drivers who rely on daily earnings. Such schemes often come with longer repayment tenures, ensuring that the monthly installments are affordable.
Battery as a Subscription
Some Fintech startups working exclusively on electric vehicles are giving customers an option to buy the vehicle without battery as it reduces the upfront cost matching equivalent ICE vehicle. The battery will be offered as as subscription and customers can pay on the go according to usage.
Government Incentives and Subsidies
The Indian government’s push towards electric mobility includes various subsidies and incentives that can reduce the effective cost of an e-auto rickshaw. Under the FAME II scheme, buyers can avail of significant discounts on the electric auto on-road price. Additionally, state governments may offer their own incentives, further lowering the financial burden.
Conclusion
The transition to electric auto rickshaws is not only a step towards sustainable transportation but also an economically beneficial choice in the long run. Understanding the 3 wheeler auto price and exploring the various finance and EMI options can make this transition smoother. With the support of banks, NBFCs, and government incentives, owning an e-auto rickshaw is now more accessible than ever. By leveraging these financial tools, drivers can enjoy the benefits of lower operational costs, reduced maintenance expenses, and contribute to a greener environment.
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