Total Vehicle Price: 5.5 to 6.5 million rupees (depending on model)
Upfront Payment (Down Payment):
For Men: You must pay 50 percent of the price upfront. On 6 million rupees, this is 3 million rupees. The government will give you a loan for the other 3 million rupees.
For Women: You must pay 40 percent upfront. On 6 million rupees, this is 2.4 million rupees. The government will give you a loan for 3.6 million rupees. Women get a better deal.
Processing Fee: 1000 rupees only
- Insurance: The first year insurance is paid by the government. After the first year, you must pay your own insurance. Insurance costs about 50000 to 60000 rupees per year.
Registration: The vehicle registration is free. The government pays for it.
Loan Details:
Loan Amount: The rest of the vehicle price that you do not pay upfront
Loan Period: 5 years (60 months)
Interest: Zero. You do not pay any interest. This is very important. You only pay back the exact amount you borrowed.
Monthly Payment: If you borrow 3 million rupees for 5 years with no interest, you must pay 50000 rupees per month.
Example for a man buying 6 million rupees vehicle:
Total Price: 6 million rupees
You pay upfront: 3 million rupees
Government loan: 3 million rupees
Monthly loan payment: 50000 rupees
Monthly insurance: About 5000 rupees
Electricity charging cost: About 10000 rupees per month
Total monthly cost: About 65000 rupees
Example for a woman buying 6 million rupees vehicle:
Total Price: 6 million rupees
You pay upfront: 2.4 million rupees
Government loan: 3.6 million rupees
Monthly loan payment: 60000 rupees
Monthly insurance: About 5000 rupees
Electricity charging cost: About 10000 rupees per month
Total monthly cost: About 75000 rupees
Note: Women pay more per month but less upfront. So women need less money right now.
Petrol Taxi Comparison:
With a petrol taxi, you must pay for expensive petrol every day. On a 6 million rupee petrol taxi, you pay about 10000 to 15000 rupees per day just for petrol.
With an electric taxi, you pay about 3000 to 4000 rupees per day for electricity. This is much less.
So in one month, an electric taxi driver saves about 180000 to 330000 rupees on fuel. This is a huge saving.