Five Things to Check Before you buy an Electric Two-Wheeler

Posted on Wednesday, November 8th, 2023 | By IndusInd Bank

SUMMARY:  If you are keen on buying an e-bike, it is essential to check these 5 things before your purchase: performance, warranty, subsidies, charging options, and price. Choose an IndusInd Bank two-wheeler loan to enjoy several benefits including lower interest rates, wide-ranging repayment options, and quick loan processing and disbursement.

Being widely touted as the future of mobility, electric vehicles (EVs) – particularly electric two-wheelers – have rapidly risen in popularity in the last few years.  According to recent data, electric two-wheeler sales in India rose over two-and-half fold from the previous fiscal year to 8,46,976 units in 2022-23. However, while owning an electric two-wheeler is at once an appealing idea because it is an environment-friendly, cost-effective mode of transport, it is best not to rush into the decision. If you are mulling over the idea of acquiring an e-bike or scooter, make sure to carefully look into these five things before the purchase.

1) Performance:

The performance of an e-bike is determined by an array of factors such as speed, range, and battery life.

Speed is an understandably critical factor. The top speed of your electric bike should preferably not be less than 80kmph, especially if you are looking to travel long distances.

Riding range refers to the maximum distance your e-bike can travel on a single charge. Currently, you will find e-bikes in India offering a range of 60 to 150 km.

Battery life essentially means the number of charge cycles an electric two-wheeler can undergo before its battery effectiveness diminishes and it needs replacement. Lithium-ion batteries are widely regarded as more reliable and long-lasting.

2)  Warranty

Make sure to always check the warranty provided on the battery before you buy an electric two-wheeler. This is because battery replacement is one of the steepest expenses associated with an electric two-wheeler. A majority of manufacturers provide approximately 2-3 years of warranty on the battery pack. An e-bike with a 3-year/50,000 km warranty is considered satisfactory.

3)  Subsidies & Incentives

In June 2023, the Indian Government, under the amended FAME 2 scheme, capped the maximum subsidy for electric two-wheelers at 15% of the ex-factory price, down from the 40% offered prior to that.Make sure the e-bike you wish to purchase is eligible for the FAME subsidy. Additionally, several state governments across India also offer incentives and subsidies on e-bikes to accelerate the transition to greener alternatives. These can help you save more money.

4)  Charging Options

The EV charging infrastructure is currently expanding, and yet to become readily available across the country. As a buyer, you should preferably choose a bike manufacturer that offers the option of installing a home charging station. You should also check if the bike can be charged through a standard three-point outlet available at the workplace or elsewhere. It is recommended that you choose a manufacturer that gives you access to a wide network of electric charging stations through charging partners.

5) Price

The price of your electric two-wheeler plays a critical role in your buying decision. Truth be told, EV battery technology continues to be relatively expensive in India, impacting the cost of e-bikes and scooters. While a slow-speed e-bike can cost around INR 50,000, high-speed ones can easily cost up to INR 1 lakh or more. Unless you have the budget, the upfront cost of an e-bike can be steep.

Fortunately, several leading banks today offer electric two-wheeler loans, making the purchase of e-bikes accessible.

Why You Should Opt for an IndusInd Bank Electric Two-Wheeler Loan

Fulfil your dream of owning an e-bike or scooter with two-wheeler finance from IndusInd Bank. The salient benefits of an IndusInd Bank bike loan are as follows:

• Competitive interest rates, resulting in affordable loans.
• Wide-ranging repayment tenures from 12-36 months and up to 60 months for high-end bikes, allowing for repayment via comfortable EMIs.
• Hassle-free & quick loan processing – within 4 hours – accompanied by convenient doorstep documentation.
• Availability of up to 95% on-road finance with loan offerings starting at INR 15000 and going up to INR 25 lakh.

The Bottom Line

An electric scooter or bike has a slightly higher cost as compared to a conventional fossil-fuelled vehicle. Nonetheless, it can be considered a worthwhile purchase, given its cost- effectiveness over a period of time. A two-wheeler loanwith attractive interest rates is an excellent way to fund the purchase of an e-bike – you get to save on daily commute costs even as you repay your loan through easy EMIs.

Ready to usher in a greener future? Apply for your electric two-wheeler loan at IndusInd Bank today!

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.