Get Electric Bike on Installment with 0% Interest

The Pakistani government, in its EV Policy, set the Electric Vehicle penetration target of 50 percent of new deals of two and three-wheelers EVs by the time 2030. To achieve the target, and make E-vehicles affordable, the Economic Coordination Committee of the civil press approved fiscal proffers for a Loan Scheme for E- Bikes/E-Rikshaws on zero percent luxury.

Finance Minister Ishaq Dar commanded the meeting of the ECC which was also attended by the Federal Minister for Power, the Commerce Minister, the Federal Minister for diligence and Production, and several helpers of the Prime Minister. During the meeting, the diligence and Production Minister submitted a summary for financing installations for electric bikes andE-Ricksaws and presented details on the viability, in another shot to make electric bikes affordable in the fifth most vibrant country.

The backing program aims to promote the use of electric bikes which is getting more and more common in civic settings due to their utility, effectiveness, and environmental benevolence. Small enterprises and individuals who want to buy bikes for their own use or for resale can use the loan program.

EV Penetration Target and E-Bike Market in Pakistan

The Ministry of Climate Change in its EV policy 2019 has set the EC penetration target of 50 percent of new deals of two and three- wheeler EVs by 2030. According to details, a comprehensive donation of E-bikers was made to the civil government on December 28, 2022. It was also informed that further than 26 million motorcycles are in the country and the periodic request size of locally produced motorcycles is further than 2 million. Bikes on the road consume energy of$ 3 billion annually and EDB has issued 22 manufacturing licenses to manufacturers of E-bikers and 7,377 units of electric motorcycles were manufactured in 2021- 22.

Loan Scheme

The functionary gave decided to combine Prime Minister’s Youth Business & Agriculture Loan Scheme model with the launch of E- Bikes/E-Rickshaws. In the first option, a loan of over Rs5lac will be given under Tier I( T1) of Prime Minister’s Youth Business at a zero percent luxury rate for prepayment three times. At least 15,000 can mileage of this installation in the current FY. E-Bike with lithium battery and specific norms will bring over Rs0.2 million. The government mulled several options to boost EVs in a South Asian nation that is battling air pollution.

Sources said that all above- mentioned schemes are different in terms of financial conditions and bear backing either from the government or marketable banks. This installation will be available for over to 15,000 E-Bikes/ Cabs in the current fiscal time, 60,000 for the coming financial time 2023- 24, and 100,000 for 2024- 25. The government has a plan to give 175,000 E-Bikes/ Cabs three times. The modalities of the scheme will be worked out by the Ministry of Diligence & Production in collaboration with PMYB&ALS.