What is FAME II Subsidy and what are it's benefits?
To promote the manufacture and use of electric vehicles in India, the Govt. of India has introduced the FAME II (Faster Adoption and Manufacturing of Electric Vehicles Phase II) subsidy. It is a benefit given to the purchaser of the electric vehicle in the form of an upfront price reduction. The FAME II subsidy amount would be a minimum of the following:
(i) 40% of the ex-showroom price (OR)
(ii) INR 15,000 per KWH of battery capacity
What is the eligibility criteria for FAME II?
Any individual who has a valid identity proof and has never claimed the FAME II subsidy before for an electric 2-wheeler is eligible. The name on the identity proof must exactly match the name provided during the registration.
How do I apply for claiming FAME II subsidy?
The FAME subsidy will be factored in the scooter price if you are eligible for it and will not have to be claimed separately.
If you are found to be ineligible for the subsidy during the document verification stage, you will be required to pay the full price.
What is State subsidy? Is the price included in the invoice?
Similar to the FAME II subsidy provided by the Central Govt., the State subsidy is provided by the respective State Govt. to promote the purchase of electric vehicles. Each state has their own EV policies, which may or may not include a subsidy. The State subsidy amount needs to be claimed separately, post the delivery of the Ola scooter. However for Meghalaya, your final payment amount would include the subsidy benefit.
