India, Aug. 29 -- The Centre's PARIVARTAN Scheme has gained momentum in Delhi-NCR, with more than 1,300 applicants registering for benefits since its launch on July 14. The initiative aims to replace older BS-IV trucks and buses with cleaner BS-VI or stricter norm-compliant and electric commercial vehicles.

As many as 42 banks and NBFCs have been onboarded to provide interest subvention on vehicle loans, while 15 auto manufacturers have signed MoUs to offer discounts to eligible beneficiaries. The scheme has a total financial outlay of Rs 9,585 crore, including Rs 5,041 crore in Central government budgetary support.

Eligible buyers can receive a package of incentives, including 5% interest savings on vehicle loans for five years, a 100%...