Accretive Cleantech Finance Private Limited is now Ecofy Finance Private Limited
India is at the cusp of a major mobility transition.
Petrol and diesel are no longer the default choice for new vehicle buyers. Growing fuel prices with tightening emission norms and government-backed incentives have made EVs a “thinkable” solution.
But how do EVs stack up against traditional internal combustion engine (ICE) vehicles?
EVs Cost Less to Run
While fuel is expensive, charging isn’t. EVs cost around ₹1.2–₹1.5 per kilometre and petrol/diesel vehicles demand you to spend ₹6-₹9 per kilometre.
That’s a big gap. This means EV owners can save ₹1,000 or more just on energy. And if you ride a lot, your compounded savings are remarkable.
Fewer Repairs
EVs are simpler to maintain since there’s no engine oil, clutch, or fuel filters. ICE vehicles have way more parts that can wear out. From oil changes to emission checks and regular servicing, your garage trips will remain.
Remember, most EVs just need tyre checks and the occasional brake pad swap. That’s it.
Read More: From Diesel to Electric: How Auto-Rickshaw Drivers are Financing the Shift
EVs Don’t Pollute the Air We Breathe
Every petrol vehicle pumps out carbon dioxide with each litre burned, about 2.3 kg. What’s best is that EVs don’t have tailpipes, which means they don’t release smoke or carbon when you drive. Such is the power of using renewable sources; near-zero emissions.
Even if your EV runs on grid electricity, it’s still cleaner over time. Moreover, India’s power mix is getting greener every year, thanks to solar and wind.
Big Savings from the Government
The Indian government has rolled out generous subsidies under the PM E-drive scheme, and many states have their own EV policies.
Incentives are another reason more people are going electric. For example, Delhi has cancelled road tax for EVs while also offering approximately ₹30,000 off on some models. Similarly, Maharashtra is giving scrappage bonuses along with early buyer perks. In fact, GST on EVs is just 5%, and 28% on ICE vehicles, all across India.
Easy Loans and New Ways to Own
Not sure if you can afford a 2-wheeler EV loan upfront? Ecofy’s green-only financing model constantly offers loans for electric 2- and 3-wheelers, regardless of whether it’s your first time borrowing. You also get the privilege to pay in monthly instalments with loan tenures up to 36 months, opt for lease and return, or choose add-on warranties and service plans.
Explore Ecofy’s 2-wheeler EV finance options and take advantage of the fully digitised process.
Smart Features Come Built-In
Most EVs come with mobile apps that let you track charging and locate your ride or check battery health. Some brands are even offering live diagnostics along with ride stats and updates over Wi-Fi. You don’t get this stuff on low-cost petrol bikes and ICE rides.
Overall, EVs pull away faster from a stop since they deliver power instantly. This instant torque from standstill allows for quicker acceleration. You won’t have to deal with gear shifting or any kind of lag. Simply twist and go. And since there’s no engine, your rides are quieter. This peace of mind matters considerably in louder cities.
Total Cost of Ownership Verdict
ICE vehicles may still have a lower upfront cost, especially in the used vehicle market. However, the total cost of ownership (TCO) over 3-5 years tilts in favour of EVs. This works even more in favour of eco-conscious riders when paired with subsidies, incentives, and lower operating costs.
FAQs
Is charging an EV a tough task?
It’s getting easier. Most people charge at home. Public charging spots are growing in every major city.
Can I take an EV loan if my credit score isn’t great?
No problem. Ecofy helps first-time borrowers with flexible plans made for electric vehicle buyers.
Do EV batteries need frequent replacement?
Not really. Most batteries last 6 to 8 years and come with warranties.
Are EVs good for long rides?
Most two-wheelers today offer 100 to 150 km range. That’s enough for daily use. For longer rides, some models now touch 200+ km.
Learn More About Electric Vehicle Loan Interest Rates at Ecofy