Are you an electric vehicle enthusiast planning to own an EV? Are you excited about the FAME subsidy for electric vehicles and want to claim it? Reading further will provide you with insights to claim FAME subsidy for your Electric Vehicles.
Fame II Scheme 2021
The government launched the FAME India scheme as an integral part of the National Electric Mobility Mission Plan with the agenda to promote green mobility. The second phase of FAME is introduced to remove most of the IC engine vehicles from the Indian roads. Hence, under FAME II, you will get 50% more subsidies for your electric vehicles. This move aims to bring down the overall cost of EVs thereby boosting sales and helping in quicker EV adoption. FAME II also supports the creation of Charging Infrastructure with heavy incentives. Know more about the FAME II scheme and how much each state is providing EV incentives.
How will EV owners claim FAME subsidy?
If you are thinking about the application process of the FAME II subsidy, there is nothing to worry about. As a customer, you don’t need to apply for any kind of subsidy. Neither is the subsidy amount meant to be credited to the customers’ bank accounts. You are already buying the electric vehicles at an already subsidized price.
The manufacturers of the electric vehicles that are eligible for the FAME II subsidy are applying for it. Hence the EVs which you buy have reduced prices after the manufacturer bares the subsidy. Don’t get confused with the cooking gas subsidy you directly receive in your bank account. The situation with the electric vehicle subsidy is entirely different. You as getting in terms of reduced EV prices, road tax exemption and registration fee exemption. The demand incentive benefit is on to the consumer upfront at the time of purchase of the xEV itself by way of paying the reduced price.
Taking the example of the Ampere Magnus Pro electric scooter, the discounted price after FAME II is Rs 65,990. After the introduction of the FAME II scheme, the subsidy for e-two wheelers increased from Rs 10000 to Rs 15000. As a result, the price of Magnus Pro reduced by Rs 9000 from Rs 74990.
You can now check out the list of electric vehicles eligible for the FAME II scheme here.
Who can avail FAME II subsidy?
1. Will I receive the EV subsidy in my bank as a customer?
No, EV subsidies will not come to your bank directly. The OEMs can bill the vehicle eligible for the subsidy and the customer may avail the demand incentive in terms of reduced prices.
2. I am buying vehicles for commercial or delivery purposes. Am I eligible for a subsidy?
Fleet operators are eligible for the subsidy for commercial applications.
3. Can I claim subsidy on more than one EV?
An individual may buy multiple EVs and avail the demand incentive applicable for each of them.
4. We want to convert our office cabs into Electric Vehicles. Are we eligible for subsidies?
Yes, even corporates and organizations will receive the subsidy as per the government norms and FAME II.
5. Can I get subsidy for my personal EV?
Self capitalised vehicles will also get a subsidy on the EVs meeting the FAME II eligibility criteria.
The Union Cabinet has approved the implementation of Faster Adoption and Manufacturing of Electric Vehicles Scheme Phase II for the promotion of Electric Mobility in India till March 31, 2024. Metropolitan cities, cities under smart automation initiative and state capitals are part of the scheme already and other extensions are on the way. The scheme will be applicable all over India very soon.
Meanwhile, if you own an EV, you can now charge your electric vehicle from a network of over 100+ charging stations across India with our EV Charging App – Charzer! Find any charging station available in your city within a few clicks with the best EV charging app in India.
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