How to Finance an Electric Scooter in India EMI Loans and Govt Schemes

• August 23, 2025

With rising fuel prices, increasing urban congestion, and growing awareness of sustainability, EVs, especially electric scooters, are a smart and future-ready mobility option. But the big question for many remains—how can you finance an electric scooter in India?

This blog will walk you through all the financing options available, including EMIs, bank and NBFC loans, and government subsidy schemes that make owning an electric scooter easier than ever.

Why Financing is Key to Accelerating EV Adoption

The average cost of electric scooters in India ranges between ₹80,000 and ₹1.5 lakh. While the long-term savings on fuel and maintenance are substantial, the upfront cost can be a barrier for many buyers.

That’s where financing comes in—through easy EMI plans, low-interest loans, and government-backed schemes, owning an electric scooter has become more accessible and affordable.

Popular Financing Options for Electric Scooters in India

1. Equated Monthly Installments (EMIs)

Most electric scooter brands, including Strikeco, offer easy EMI options in collaboration with leading banks and NBFCs (Non-Banking Financial Companies).

Key Benefits:

• Down payments starting as low as 10-20%
   
• Flexible repayment tenures (6 months to 36 months)
   
• Interest rates starting from 7% onwards
   
• Instant loan approval at dealerships
   

Tip: Check your credit score before applying to get better interest rates.

2. Bank and NBFC Loans

Many public and private sector banks provide two-wheeler loans specifically for EVs. Some popular names include SBI, HDFC, ICICI, Axis Bank, and Bajaj Finserv.

Loan Highlights:

• Loan-to-value (LTV) ratio of up to 90%
   
• Tenure ranging from 1 to 5 years
   
• Competitive interest rates (may vary depending on your income and credit score)
   
• Pre-approved loan offers for salaried individuals
   

Documentation Required:

• Identity proof (Aadhaar, PAN)
   
• Address proof
   
• Income proof (salary slip/ITR)
   
• Bank statements
   

Government Schemes and Subsidies

Several central and state government initiatives are making electric scooters in India more affordable through subsidies and financing support.

1. The FAME II Scheme

The FAME II scheme by the central government offers a direct subsidy of ₹10,000 per kWh of battery capacity, up to a maximum of ₹22,500 on approved electric scooters.

How it Helps:

• Reduces upfront cost
   
• Applicable directly at the point of purchase
   
• Promotes EV adoption in all Indian states
   

2. State-Specific Subsidies

Many states offer additional financial support in the form of:

• Extra subsidies on top of FAME II
   
• Waiver of registration fees and road tax
   
• Incentives for scrapping old petrol vehicles
   

Examples:

• Delhi: ₹5,000 per kWh subsidy + full road tax and registration fee waiver
   
• Maharashtra: Up to ₹25,000 incentive + tax benefits
   
• Madhya Pradesh: 100% waiver on road tax for electric vehicles
   

Note: Subsidies are often credited directly to the customer’s bank account or adjusted in the on-road price.

Interest-Free EMIs & Zero Down Payment Offers

Some OEMs and digital lending platforms are now offering zero interest EMI or zero down payment plans for EV purchases.

Popular Fintech Platforms:

• ZestMoney
   
• Paytm Postpaid
   
• EarlySalary
   
• KreditBee
   

These platforms partner with electric scooter brands to offer hassle-free financing with minimal documentation and quick disbursal.

Watch out for:

• Processing fees
   
• Foreclosure charges
   
• Eligibility conditions
   

Lease & Subscription Models: The New-Age Alternative

Not ready to commit to ownership? Subscription models offer the flexibility to lease an electric scooter on a monthly rental basis.

Benefits:

• No upfront cost
   
• Monthly rental includes insurance, servicing, and maintenance
   
• Easy upgrade to a new model after the lease term
   

Strikeco’s EV Subscription Plan (if applicable)
Strikeco is exploring flexible subscription options for its users—ideal for students, city commuters, and gig workers.

 

Tips to Choose the Right Financing Plan

1. Compare Interest Rates: Shop around and compare multiple lenders.
    
2. Read the Fine Print: Look for hidden charges, processing fees, and late payment penalties.
    
3. Check for Prepayment Options: Ensure you can close your loan early without a heavy penalty.
    
4. Use Online EMI Calculators: Evaluate your affordability before you commit.
    

Strikeco’s Easy Finance Assistance

We at Strikeco know that navigating financing options for electric scooters in India can be overwhelming—and we're here to simplify that process. That’s why we’ve partnered with top financial institutions and fintech providers to bring you the best-in-class EMI, loan, and lease plans.

Here’s how we help:

• Instant financing approval at dealerships
   
• Tie-ups with major banks and NBFCs
   
• Assistance in availing government subsidies
   
• Transparent EMI plans with no hidden charges
   

Whether you're a student, a working professional, or a business owner—Strikeco ensures your electric journey starts affordably and hassle-free.

Electric scooters in India are the future—and with the right financing plan, they can be yours today.

From EMIs and loans to government subsidies and zero down payment offers, there’s never been a better time to switch to electric.

Our mission at Strikeco is clear: make owning an electric scooter hassle-free, budget-friendly, and within reach for every Indian rider. Don’t wait for tomorrow. Ride into the future—today!