Electrically powered automobile-(EV) is sweeping the globe, and India is no exception. With the second-highest population in the world, India has an urgent need to find ways to lessen its environmental impact while simultaneously enhancing the quality of life for its citizens.
As the price of crude oil continues to rise, more and more people are looking for viable alternatives to their gas-powered motorcycles. What, then, is stopping anyone from purchasing an electric motorcycle and quickly putting an end to concerns about the cost and environmental impact of their transportation?
EVMany companies now produce electric bicycles, and they all try to outdo one another by offering more features and greater runtimes. As India’s youth become increasingly eco-conscious, they are increasingly adopting electric bikes. They want to find low-cost options that help the environment and provide them with a greater value for their money.
Let’s look at the compelling reasons why battery bikes are gaining popularity in India.
Table of Contents
EV-low-cost alternative –
Even though the cost of an electric vehicle might be higher upfront than that of a fuel bike, its lower maintenance costs will make it 40% less expensive to own in the long run. The only regular maintenance an electric vehicle need is a new battery every two to five years.
It’s possible that e-bikes will replace cars as the preferred mode of transportation to work and school as gas prices continue to rise and environmentalists push for a transition away from fossil fuels.
EV-Increases in battery life and charging speed have made long
distance travel in electric vehicles is increasingly practical. Initially, electric vehicles’ limited range was a major drawback, but modern advances in infrastructure (such as charging stations on highways) and battery technology have made this less of an issue.
If your battery dies, you can get a replacement from some manufacturers and keep on trucking. Charging stations that can go from zero to fifty per cent in just eighteen minutes, known as hyper charging stations, are also on the horizon, which should boost the popularity of charging bicycles even further.
Smart features that are always improving -EV
As technology progresses, electric vehicle manufacturers are compelled to create new features that can assist commuters. Manufacturers of battery bikes are always on the lookout for new ways to impress buyers, such as convenient reverse parking, removable batteries, geo-location and navigation systems, mobile charging ports, tyre pressure monitoring, burglar alarms, remote locking, and so on.
Since promoting the use of e-bikes is consistent with the goals of both federal and state governments to lessen environmental damage, they have been vying to outdo one another with financial incentives to do so.
Subsidies and tax breaks have been introduced as part of schemes that aim to benefit both producers and consumers. In some states, electric vehicles are exempt from road taxes in their entirety.
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EV is the solution to India’s environmental problems
Electric bikes are the solution to India’s environmental problems, which have been exacerbated by the country’s rapidly expanding human population over the past several centuries.
When more electric vehicles are used instead of fuel vehicles, there won’t be any smog or toxic fumes to deal with, and the environment will recover in no time.
Another perk is that electric bikes in India are built specifically to produce less noise than conventional bikes, which helps to reduce noise pollution.
Those who are forced to live near busy thoroughfares often report hearing problems as a result of the constant noise created by moving vehicles.
Financing is simple because the price range for electric motorcycles in India is only INR 45k to INR 1.5 lakhs. Financial institutions (both NBFCs and banks) offer a wide range of financing options. The market offers a wide variety of ways to pay for the acquisition of electric bicycles.
EV-Taking Advantage of the Bank
Any government-backed financial institution will gladly provide you with access to competitively priced battery bike loans. The procedure is quick, easy, and requires little in the way of paperwork.
You can get approved for an e-bike loan if you are at least 21 years old, a permanent resident of India, and have a monthly net income of more than INR 10,000.
If your credit score is 630 or higher, you may qualify for a loan to purchase an electric vehicle. Loan amounts range from 20,000 to 2,000,000, with repayment terms of up to 36 months.
By extending the length of your loan, you may be able to enjoy lower monthly installments. After the first 6 months from the date of disbursement, you will have the option to switch to an accelerated repayment plan.
Easy and convenient, the procedure requires little in the way of paperwork. You won’t have to worry about any sneaky fees, and everything will be handled in the open.
Complete the online application by providing information about yourself, the loan amount you need, the loan term you prefer, etc.
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The following files must be uploaded by you:
- The applicant must present a valid government-issued photo ID, such as a Passport, a Driver’s License, or a Permanent Account Number (PAN) card.
- Address verification documents such as an Aadhaar card, a driver’s licence, or a passport.
- Your most recent pay stub will suffice as proof of income.
- Income Tax Returns for the past two years in the case of self-employed people
Current and previous three months’ worth of bank statements
After that is done, the system will start the authentication procedure. The background check will be performed. Following the completion of the verification process, we will inform you that your loan has been approved. banks offer to finance electric bikes at up to 80% of the vehicle’s “on-the-road” price.
After the loan is approved, the funds will be transferred to your bank account. For that price, you can walk out of any local bike shop with the electric bicycle of your dreams. Instalment payments over the loan’s term are convenient.
After six months, there is no prepayment penalty on the electric bike loan.
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Concluding Remarks
The widespread adoption of electric bikes in India is a step toward a cleaner, more sustainable future for the country’s transportation system. With gas prices constantly on the rise, today’s youth would be wise to prioritise purchasing electric vehicles.
As India works toward its goal of reducing pollution, many banks provide accessible financing options. Knowing the advantages of electric vehicles and how purchasing one can change your life and the world is crucial if you’re thinking about purchasing a battery bike in the near future.
The government has announced rebates for people who purchase electric vehicles, and these lenders’ instant loan options only make the process more convenient.
That being said, why delay any longer? Get the app from any bank today and ride an electric bike to work tomorrow.
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