If the monthly payment towards justifies your usage, you may consider. No point in paying more than what you would use. Whatever it is taking on lease will be costlier than full payment.
When i had discussion about lease with customer support, they said if you do downpayment of 30k then you would be paying 5684 as EMI every month. So i calculated roughly about the cost of Lease.
Total EMI for 3 years: 5684*36 = 2,04,624.
One time cost of Lease: 1850
Downpayment = 30000
Service pro is included but Connect isnât. So im taking connect lite for calculation and it is 4500 for 3 years (without GST)
Total cost is : 236474 + 4500 = 240974
When it come to one time ownership i think you will end up paying 1,80,000 with Taxes, Insurance and others.
2 years of insurance will be somewhere around 12-14k
3 years of Service lite and connect lite is 7200 + 4500 = 11700
Total cost is around: 2,05,700
If you are planning to take it on loan then i think it will be similar price with lease because of interest,processing fee, pre closure charges.
Share me your though on this. Add incase i missed something.
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About the insurance, the final cost already includes 5 year insurance period (1 year 1st party and 5 years 3rd party) and costs about 5k. Curious to know how you arrived at the 2 year and 14k estimate?
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I guess govt removed mandatory 5 years insurance. Iâm not sure if currently it is 3 years or just 1 year OD+third party. I just calculated for 3 years overall. I have taken 7k for insrance/year for 2 years. I didnt know it is 5k. I thought it would be more because of premium EV vehicle.
Something you should also take into consideration is under lease. You arenât taking the Govt subsidy of about 29k in case of the 450X. So the lease overall cost of ownership will look like itâs much higher than out right buy.
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So many people got 5 year comprehensive insurance for Ather 450 in HDFC for 12k. You can get 450X for 16-18k and that will be hassle free.
Otherwise, you can just take for 1 year comprehensive at the time of purchase, and for the subsequent years, you can get 1 year comprehensive (which should be around 5k per year)
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Ah my bad. Somehow confused the 450X with my 450 purchase experienceđ
Govt subsidy is already discounted in final price. 1.59L what you see is after subsidy.
Still EVs are expensive, imagine without subsidy. 
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What is the final price after no road tax n no registration fees in Tamilnadu
Thatâs only if you buy the scooter by loan or by cash down. Not by lease. By lease. The scooter costs about 2Lakhs. Ex showroom.
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One advantage of leave is that after the lock-in period, you can cancel your lease, so you would lose only the monthly amounts paid till then and then the depositâŚ
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hi owners just wanted to know which is a better option to take a loan from herofin or idfc for the scooter or to take a loan from our personal bank?
My suggestion is to search for better options from your bank or credit cards(if you have any) etc. Instead of HeroFincorp or IDFC which is available with ather.
These 2 finance companies were charging at 9.99% per annum and that too flat interest which means you need to pay same interest amount from 1st month to last month of your EMI tenure even though you are paying the principle amount every month and it is reducing every month.
At the time of my purchase, 450X cost is 169280 when i checked with their finance they are giving loan for 1.26 lakh and when i am paying back its coming around 1.55 lakh approximately for 2 years tenure, which will be huge when compared with banks.
Our regular banks they charge interest on a reducing balance method, so every month the principle amount you are paying is increasing hence your interest amount will also decrease based on remaining principle amount.
I have first searched my credit cards for interest rates to take loan on credit card. I found my citi credit card is giving at interest rate of 10.99% per annum on reducing balance method.
Note:- Other than Citi credit card, no other credit card is having such less interest rates when taking loan. (If you donât have citi credit card then directly you can move on to your bank for loan instead of wasting time on searching)
When compared with IDFC and HeroFincorp available with Ather, loan on credit card is far better than these 2 banks and opted for my citi credit card loan. I took full purchase amount as loan and for 2 years tenure i am paying very reasonable interest amount when compared with 1.26 lakh loan with IDFC/HeroFincorp.
You can see the difference below clearly:-
IDFC/HeroFincorp :-
Loan Amount - 123511 EMI - 6175 * 24 Months = 148200
Interest you are paying is 24689 @ 9.99% flat rate
Citi Credit Card (Which i have opted) :-
Loan Amount - 170000 EMI - 7950 * 24 Months = 190800
Interest you are paying is 20800 @ 10.99% reducing balance menthod
Based on these you can decide.
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Sorry, Why is the loan amount different?
Your observation is correct. I found corporatec salary account personal loan comes at 9.99 to 10.99. I understand not everyone gets at that rate but most people can get. even that will be less than IDFC and hero fincorp.
Keep one thing in mind though: Vehicle loan interest for EV is exempt from tax. I m not sure if that eligibility is still there is you take credit card loan or personal loan.
Tax exemption on interest is applicable only for vehicle loan for EV and not for other loans.
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I understand and also what is the process of buying the scooter from the partners tied up through loan like do we need to visit the ec or all of it is online?
I was saying about the loan amount i have taken on my citi credit card.
I have taken total 1.7 lakh(round figure for 450X cost 169280 in May 2021) as loan on credit card (full amount of 450X.
I was just explaining with an example of mine vs IDFC/Hero.
With IDFC/Hero you are taking less loan amount and paying more interest. Whereas i took more loan amount on citi credit card and paying less interest amount.
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Understood. 
Such a huge difference doesnât make sense to go for flat rate interest.
how long does it take usually for a loan to be approved when buying the scooter? have been waiting for two days.
Some where between 7-10days for complete approval depending on submission of documents. In some exceptional cases it may be delayed further. (This is If we go with options provided by ather).
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