What Is the SMEV (Society of Manufacturers of Electric Vehicles) and Why Should You Know About It?
Many individuals consider buying electric vehicles (EVs) mainly because they are great for the environment. If you are looking to buy an EV, the first thing you may do is use a car loan EMI calculator to find the best financing options. However, before you go ahead with the purchase, it is advisable to know about the Society of Manufacturers of Electric Vehicles (SMEV)—the association that can enhance your overall experience. Read on to know some important things about SMEV.
What is the SMEV?
It is a registered association that represents the producers of EV and EV components in India. SMEV operates with state governments and the Government of India(central government) to improve the country’s EV ecosystem. The association aids the governments with new processes and policies that promote the sale of EVs to help the environment.
Why is it important to know about the SMEV
The Government of India introduced the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME India) initiative under the National Electric Mobility Mission Plan (NEMMP2020) to boost the sales of hybrid and EVs in the country.
SMEV works effectively under this program to help individuals get the best EVs at an affordable cost. The association’s main objectives are to:
- Assist the government with the implementation of the NEMMP
- Help EV manufacturers learn more about FAME and implement it for added benefits
- Spread more awareness about EVs to increase sales
- Support exports of EVs to other countries
Apart from these, SMEV provides different car finance subsidies and ensures the reduction of taxes on EVs. One of the highlights of SMEV is the decline in value-added tax (VAT) across various territories, like:
- From 14.50% to 50% in Punjab
- From 12.50% to 5% in Maharashtra
- From 12.50% to 5% inDelhi
- From 12.50% to 5% in Haryana
- From 12.50% to 4% inTamil Nadu
- From 12.50% to 0% in Madhya Pradesh
- From 12.50% to 0% in Chhattisgarh
- From 12.50% to 0% in Karnataka
With these benefits from SMEV, you can now buy your dream EV at a lower cost. Consider applying for a car loan online to purchase your new EV easily. You can visit Mahindra Finance’s website to check out their car loan eligibility criteria. The company provides auto loans at competitive interest rates, flexible tenures, and many other facilities.