The Amma Two-Wheeler Scheme was launched by Prime Minister Narendra Modi in February 2018 to commemorate the 70th birth anniversary of former Tamil Nadu chief minister Jayalalithaa, who was affectionately referred to as Amma. The scheme promises a subsidy of 50% of up to Rs 25,000/- for working women who seek to purchase a two wheeler. The rest of the cost has to be borne by the applicant through a bank/ institutional loan or through her own funds. The Amma Two Wheeler Scheme covers only gearless or auto gear two wheelers and is meant to benefit 100,000 women each year.
As more and more young women in India seek higher education and enter the workforce, policymakers are trying to make communication to educational institutes and workplaces safer and easier for women. Giving away free bicycles to school going girls and subsidizing means of transport in cities are some of the measures that various state governments have taken in recent times towards making it easier for women to commute. The Amma two-wheeler scheme is another effort in that direction.
The Tamil Nadu government also gave a list of beneficiaries from the scheme besides the minimum eligibility criteria. Following are some of the factors that can help one get preference to avail the Amma two wheeler scheme:
**The state transport department will not allow change in ownership of the vehicle as a result of sale or other reasons without approval from competent government authorities for three years after the scheme is availed.
The beneficiary of the Amma two-wheeler scheme can purchase a scooter of her choice from her own funds or by availing loans from banks/non-banking finance companies (NBFCs) governed by Reserve Bank of India (RBI) rules. Reimbursement of subsidy to the beneficiary will be allowed in case the Amma two wheeler is purchased from her own funds, subject to the fulfillment of the other conditions specified for eligibility.
Riding a scooter on Indian roads has its own risks. As such it is important to insure your Amma two-wheeler with an underwriter who promises seamless service and comprehensive coverage for your vehicle. You can purchase a two wheeler insurance cover which is available on Finserv MARKETS. A comprehensive insurance plan is extended to both the rider and the scooter besides the liability of any damage done to a third party insurance. You can buy a Bajaj Allianz Two Wheeler Insurance cover starting at Rs 482/- per year on Finserv MARKETS.
Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.