Mahindra Electric takes on petrol, diesel cars with affordable lease scheme for e2oPlus EV

Key highlights:

• SmartLease scheme allows customers to buy the e2oPlus for a fixed monthly cost
• Delhi, Bengaluru and Pune has introductory fixed monthly cost of Rs 15,999 for the e2oPlus P4
• Mahindra e2oPlus can be charged fully in just Rs 69

Mahindra Electric on Wednesday that it has partnered with group company Mahindra Finance to introduce a leasing scheme for individual customers of their electric car the e2oPlus. The leasing scheme called SmartLease will allow people to buy the car by paying a fixed monthly cost.

The SmartLease scheme will be available for retail customers of the e2oPlus, across Delhi, Bengaluru and Pune at an introductory fixed monthly cost of Rs 15,999 for the e2oPlus P4 and Rs 17,999 for the e2oPlus P6.

The down payment for the scheme is a nominal Rs 50,000 for Pune and Bengaluru based customers. In Delhi there is an initial cost of Rs 1,50,000 which will get refunded under the Delhi state government subsidy for electric vehicles.

The monthly fixed cost is inclusive of rental, taxes, insurance and maintenance, the company said.

This new development makes it more easy for people to own an electric car in India due to its affordability.

While launched the Mahindra e2oPlus was priced between Rs 5.46 lakh to Rs 8.46 lakh (ex-showroom Delhi), however it is now priced at Rs 7.57 lakh to Rs 11.27 lakh (ex-showroom Delhi).

The on-road price of the car in Delhi is however Rs 8.39 lakh for the e2oPlus P4 variant after adding the RTO and insurance costs, according to CarDekho.com. While the e2oPlus P6 variant's on-road price in Delhi is Rs 9.23 lakh.

In Bengaluru, the on-road price of the e2oPlus is Rs 7.66 lakh for the P4 variant and Rs 8.44 lakh for the P6 variant. In Pune, the on-road price of the e2oPlus is Rs 7.82 lakh for the P4 variant and Rs 8.61 lakh for the P6 variant.

There are several top selling petrol and diesel cars available in this price and also can be available at a fixed monthly cost (EMI) on taking a car loan. This includes the Ford EcoSport priced between Rs 7.1 lakh – Rs 9.88 lakh (ex-showroom), Maruti Suzuki Ciaz at Rs 7.66 lakh – Rs 9.94 lakh (ex-showroom), Ertiga Rs 6.16 lakh – Rs 9.95 lakh (ex-showroom), Dzire at Rs 5.43 lakh – Rs 9.39 lakh (ex-showroom), Maruti Suzuki Vitara Brezza priced between Rs 7.24 lakh – Rs 9.91 lakh.

These petrol and diesel cars are also available at the fixed monthly EMI cost of Rs 15,000 to Rs 20,000 per month. But the Mahindra e2oPlus being an electric vehicle has an added advantage over the cars which run on fossil fuels. This advantage being the cheaper recharging costs than the fuel charges in India.

On an average, the cost of electricity recharging at a charging station is Rs 6 per unit, according to data provided by Mahindra Electric.

The Mahindra e2oPlus' P4 and P6 variants have a maximum capacity of 11.5 units for full charge. While the P8 variant has a little extra of 16.5 units.

According to this, it means that the Mahindra e2oPlus can be charged fully in just Rs 69. In comparison, just 1 litre of petrol and diesel is available at nearly the same price.

For instance, in Delhi the price of petrol as August 2 is Rs 65.47 per litre, while in Bengaluru it is Rs 66.46 per litre and in Pune it is Rs 74.5 per litre.

Diesel prices as on August 2 in Delhi is Rs 55.64 per litre, in Bengaluru it is Rs 55.68 per litre and in Pune it is Rs 58.15 per litre.

While the Mahindra e2oPlus variants has a range of 110-140km per charge, the petrol and diesel cars in India do not even give a mileage that reach 30 km per litre.

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