Government Schemes and Subsidies for E-Rickshaw Operators

The Indian government has introduced several schemes and subsidies to promote the adoption of electric vehicles, including E-rickshaws. Understanding these incentives can significantly reduce your initial investment and operating costs.

National Level Schemes

FAME India Scheme Phase II

The Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme offers direct subsidies on the purchase of electric vehicles:

• Subsidy amount: Up to ₹50,000 per E-rickshaw
• Eligibility: Vehicles must meet speed, range, and efficiency criteria
• Process: The subsidy is typically applied at the point of sale, reducing the purchase price directly

Priority Sector Lending

The Reserve Bank of India has categorized loans for EVs under priority sector lending:

• Benefit: More accessible loans with favorable terms
• Loan amount: Up to ₹15 lakhs for commercial electric vehicles
• Interest rates: Generally 1-2% lower than conventional vehicle loans

State-Specific Incentives

Many states offer additional incentives beyond the central government schemes:

Delhi

• Road tax exemption for electric vehicles
• Registration fee waiver
• Additional purchase subsidy of ₹30,000
• Low-interest loans through Delhi Financial Corporation

Maharashtra

• 5% interest subsidy on loans for commercial EV purchases
• Waiver of road tax and registration fees
• Additional subsidy of ₹25,000 for first 10,000 E-rickshaws

Uttar Pradesh

• 100% road tax exemption
• Special zones for E-rickshaw operation
• Simplified permit process

West Bengal

• Registration fee refund
• Road tax exemption for 5 years
• Special financing schemes through state cooperative banks

Financial Institution Programs

Several banks and financial institutions offer specialized programs for E-rickshaw operators:

• SBI Green Car Loan: 0.20% concession on interest rates for electric vehicles
• Bank of Baroda: Reduced processing fees and extended repayment period
• Microfinance Institutions: Group lending programs for E-rickshaw operators with minimal documentation

How to Apply

The application process for these incentives varies by program:

1. FAME Subsidy: Applied automatically when purchasing from authorized dealers
2. State Subsidies: Apply through the State Transport Department or at the RTO
3. Loan Programs: Apply directly at participating banks with your KYC documents, income proof, and quotation for the E-rickshaw

Documentation Required

Keep these documents ready when applying for subsidies or loans:

• Identity proof (Aadhaar, PAN card)
• Address proof
• Income proof or bank statements
• Quotation from authorized E-rickshaw dealer
• Photographs
• Existing vehicle documentation (if applicable)

At Indo Wagen, our dealer network is fully equipped to assist you with subsidy applications and loan processing. Our team stays updated on the latest government schemes and can guide you through the paperwork to ensure you receive all eligible benefits.

For personalized assistance with subsidy applications or financing options, contact your nearest Indo Wagen dealership or call our customer support line.