Financial Assistance for Purchase of Battery Operated Vehicles

DETAILS The scheme “Financial Assistance for Purchase of Battery Operated Vehicles” was launched by the Pondicherry Industrial Promotion Development and Investment Corporation Limited (PIPDIC), Department of Industries & Commerce, Puducherry. The scheme aims to provide financial assistance to eligible residents of Puducherry for the purchase of Battery Operated vehicles. The scheme provides financial support, including an investment subsidy of ₹80,000/- provided by the Ministry of New and Renewable Energy, Govt. of India, specifically for Companies or Societies. The applications for this scheme are accepted online through the PIPDIC portal. BENEFITS Investment subsidy of ₹80,000/- is provided. The subsidy is provided by the Ministry of New and Renewable Energy Sources, Government of India. This investment subsidy is specifically provided only for Companies or Societies. Conditions The applicant must provide a Promoter’s Contribution of 10% on the cost of the vehicle. The collateral security required in the form of immovable property, if situated in the Union Territory of Puducherry, shall be valued at not less than the amount of the term loan sanctioned. If the immovable property used as collateral security is situated outside the Union Territory of Puducherry, its value must be not less than 150% of the loan amount in the case of land with a building, or not less than 200% of the loan amount if the property offered is only land. If the unit is promoted by Women / Scheduled Caste / Scheduled Tribe / Differently abled persons, the value of the property to be offered as collateral security is reduced and fixed at 50% of the loan amount. ELIGIBILITY The applicant must be a resident of Puducherry.