Delhi inks pact with CESL for 5 pc interest subvention on loan for buying e-rickshaws autos
New Delhi Jan 19PTI The Delhi government on Wednesday signed an agreement with the CESL for providing 5 per cent interest subvention on loan for purchase of electric rickshaws autos carts and light goods vehicles This interest subvention scheme will help not just individual buyers but also the fleet owners deploying vehicles for e-commerce grocery or delivery industry Delhi Transport Minister Kailash Gahlot said on the occasion The Memorandum of Understanding MoU was signed by Vinod Kumar Yadav Deputy Commissioner Delhi Transport department and Convergence Energy Services Limited CESL representative Polash Das in the presence of Gahlot and other senior officers of the department The 5 per cent interest subvention on loans on the purchase of electric vehicles of the particular category will be in addition to the purchase incentive of Rs 30000 and scrapping incentives of up to Rs 7500 provided under the Delhi EV Policy the Transport department said in a statement Through this scheme an electric auto and electric light commercial vehicle will be able to avail up to Rs 25000 additional benefit it said With more than 31000 electric vehicles sold since the announcement of the Delhi EV Policy in August 2020 access to attractive financing solutions and options is still one of the major deterrents for achieving the critical mass the statement said Currently the rate of interest on EVs varies from 25-30 per cent for some vehicle segments which makes owning an electric vehicle a cost-intensive proposition it said In order to ensure a transparent and smooth process to pass on the benefits to the consumers the CESL in collaboration with the Delhi government will launch an online portal for buyers to avail options to choose from several empanelled models of lithium-ion battery-operated electric three-wheelers including e-autos e-rickshaws e-carts and light goods carriers Under this partnership the CESL will empanel scheduled banks non-banking financial institutions and micro-financing institutions through an open and transparent process to provide loans to electric vehicles at attractive terms it said The empanelled financial institutions will provide loans with a minimum 80 per cent loan-to-value at interest rates of a maximum of 20 per cent including the interest subvention for a loan tenure which is in the best interest of the buyer of electric vehicles the statement said The scheme also looks forward to helping individual fleet owners or those in leading e-commerce grocery or delivery business to increase their fleet size using interest subvention for the purchase of goods carriers it added PTI VIT CK
New Delhi Jan 19PTI The Delhi government on Wednesday signed an agreement with the CESL for providing 5 per cent interest subvention on loan for purchase of electric rickshaws autos carts and light goods vehicles This interest subvention scheme will help not just individual buyers but also the fleet owners deploying vehicles for e-commerce grocery or delivery industry Delhi Transport Minister Kailash Gahlot said on the occasion The Memorandum of Understanding MoU was signed by Vinod Kumar Yadav Deputy Commissioner Delhi Transport department and Convergence Energy Services Limited CESL representative Polash Das in the presence of Gahlot and other senior officers of the department The 5 per cent interest subvention on loans on the purchase of electric vehicles of the particular category will be in addition to the purchase incentive of Rs 30000 and scrapping incentives of up to Rs 7500 provided under the Delhi EV Policy the Transport department said in a statement Through this scheme an electric auto and electric light commercial vehicle will be able to avail up to Rs 25000 additional benefit it said With more than 31000 electric vehicles sold since the announcement of the Delhi EV Policy in August 2020 access to attractive financing solutions and options is still one of the major deterrents for achieving the critical mass the statement said Currently the rate of interest on EVs varies from 25-30 per cent for some vehicle segments which makes owning an electric vehicle a cost-intensive proposition it said In order to ensure a transparent and smooth process to pass on the benefits to the consumers the CESL in collaboration with the Delhi government will launch an online portal for buyers to avail options to choose from several empanelled models of lithium-ion battery-operated electric three-wheelers including e-autos e-rickshaws e-carts and light goods carriers Under this partnership the CESL will empanel scheduled banks non-banking financial institutions and micro-financing institutions through an open and transparent process to provide loans to electric vehicles at attractive terms it said The empanelled financial institutions will provide loans with a minimum 80 per cent loan-to-value at interest rates of a maximum of 20 per cent including the interest subvention for a loan tenure which is in the best interest of the buyer of electric vehicles the statement said The scheme also looks forward to helping individual fleet owners or those in leading e-commerce grocery or delivery business to increase their fleet size using interest subvention for the purchase of goods carriers it added PTI VIT CK
