Good news for electric car buyers: the government will offer a 5% interest rate reduction when purchasing an EV.

If you live in Delhi and are considering purchasing an electric vehicle (EV), there is good news for you. If you take out a loan to buy an electric vehicle in Delhi, you might obtain a 5% interest refund. In fact, the Delhi government on Wednesday requested that state-owned Energy Efficiency Services Ltd. (EESL), a fully owned subsidiary of Convergence Energy Services Limited, give a 5% interest subsidy on loans for the purchase of e-rickshaws, three-wheelers, and light-carrying EVs (CESL).

On the occasion, Delhi's Transport Minister Kailash Gehlot stated that the interest subvention programme will help not just individual purchasers, but also e-commerce and vehicle service providers for grocery delivery. The MoU was signed by Vinod Kumar Yadav, Deputy Commissioner of the Delhi Transport Department, and P Das, a representative of CESL. On the occasion, Gehlot and other top officials from the Department of Transportation were present.

The 5% interest subvention on loans for the purchase of special category electric cars, according to the transport department, would be in addition to the purchase incentive of Rs 30,000 and the scrap incentive of Rs 7,500 under the Delhi EV policy.

Electric three-wheelers and electric light commercial vehicles would be eligible for an extra benefit of up to Rs 25,000 under this programme, according to reports.

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