Fuel prices have been skyrocketing over the years, making people shell out more on fuel purchases. Coupled with this, the growing environmental concern for reducing carbon footprint worldwide has questioned the effectiveness of fuel-operated vehicles, making people look out for more practical alternatives. This has led to the increasing popularity of electric vehicles, especially electric scooters, across many cities globally, with relevant laws encouraging their usage among its citizens.
However, in India, electric scooters are still an emerging trend, though they have a great potential to disrupt the now dominant petrol scooters in the market in the near future. Many Indian automobile manufacturers have already started manufacturing electric scooters to make use of this potential opportunity.
Lenders are also now offering two-wheeler loans at attractive interest rates to tap into this emerging demand for electric scooters.
What then makes Electric Scooters so attractive and popular?
Apart from the obvious and significant fact that electric scooters help reduce environmental pollution, people love them as they are fast, easygoing, and can be used by almost everyone. An electric scooter has many benefits, including its cost-effectiveness, convenience, environmental friendliness, and easily available two-wheeler loans at attractive two-wheeler interest rates, making it an attractive short-distance transport option.
What makes Electric Scooters more cost-efficient than others?
Many consider electric scooters as more cost-efficient compared to their fuel counterparts due to the below reasons:
● Cheaper to own
The rising cost of fuel and increase in the price of petrol scooters has seen the price gap reduce between electric scooters and petrol scooters in India. Keen to tap into this opportunity, conventional two-wheeler brands in India have also resorted to manufacturing electric scooters. They also have fewer moving parts, like an electric car, which makes them a very convenient vehicle to own and maintain.
● Two-wheeler loans are easily available
Two-wheeler loan are now easily available to buyers, making it a very viable option, especially for electric scooters. Before you make a decision, you can use two wheeler loan EMI calculators to get an idea of how much you’ll be paying monthly.
● Enjoy more subsidies
The in-demand electric scooters run on lithium-ion batteries, making it a slightly expensive option than its fuel-operated counterpart. However, intending to encourage the sale of electric scooters in the Indian markets, the Central Government has recently increased the subsidy for electric scooters under its Faster Adoption and Manufacturing of Hybrid and EV (FAME) scheme. The subsidy rate for electric scooters now stands increased to Rs 15,000 per kWh, with the incentives offered to cover up to 40% of the electric scooter’s total cost. The maximum ex-factory price now cannot be more than Rs 1.50 lakhs. States like Gujarat have also announced a subsidy of Rs. 20,000 for electric scooters, making it a very affordable purchase.
● Efficiency in Fuel Cost
Electric scooters offer efficiency in fuel cost, as they give similar mileage as a petrol scooter, covering just 15% cost of a liter of petrol. This makes them a more cost-effective option over the long term.
● Effective for shorter range
For any short duration journey, electric scooters can be considered a good option. With few charging stations, they might not be feasible for a long-distance ride.
Further developments are happening on the software technology front, with electric scooters now being designed to inculcate software updates, advanced navigation systems, and similar technologies. Low costs, convenience to use, minimal maintenance, and no fuel emissions have made electric scooters one of the most cost-effective products of recent times.
Electric scooters can now also be easily financed with two-wheeler loans available at attractive two-wheeler interest rates and flexible repayment options. With two-wheeler loans now easily available, electric scooters are considered a very sustainable and cost-effective purchase over the long run in India.