Last Updated on: 18th November 2023, 09:03 am
Electric Bike Government Scheme in Pakistan 2024
The federal government has drawn up a plan to produce 100,000 electric bicycles in 18 months to save energy and reduce CO2 emissions.
The plan has not yet been launched and the Economic Coordination Committee (CEC) is evaluating the program before it is launched.
According to the documents obtained by a news media spokesperson, the Ministry of Industry and Production (MoIP) will guarantee the production of at least 100,000 electric bicycles in the first year and a half.
Why Electric Bikes in Pakistan?
It has offered grants of Rs 17,500 crore to encourage purchases of electric bikes, which are relatively more expensive than petrol bikes.
The Electric Bike Government Scheme implies that the government will pay a deposit of Rs 90,000 for an electric bike with an estimated price of Rs 170,000, while the buyer would pay Rs 10,000 for a total deposit of Rs 100,000.
The bank charges an interest rate of Kibor + 2 or 19% or about 13,300 rupees for a business loan of 70,000 rupees.
Electric Bike Price in Pakistan 2024
Under the proposed Electric Bike Government Scheme, the Government is offering a 24-month installment plan where the customer pays Rs 4,310 per month, consisting of Rs 2,917 principal, Rs 1,109 interest, and Rs 284 or 2% insurance.
The ministry plans to produce and sell 15,000 e-bikes in the current fiscal year 2022-23, followed by 60,000 and 100,000 e-bikes in fiscal years 2024-25 and 2024-25, respectively, for a total of 175,000 e-bikes produced in three years.
Electric Bike Government Scheme Eligibility 2024
The Electric Bike Government Scheme is available for:
- Students whose parents are employed
- Students and employees (20% share)
- Transgender people (1% share).
- Government officials
- Employees or self-employed in the private sector with NTN and bank accounts
- Government and military retirees
- Imam-e-Masjid, Hafiz-e-Quran, and Muazzin duly qualified by an institute recognized by the Government of Pakistan and approved by the Ministry of Religious Affairs
Under the subsidized leasing model, the government and consumers will each contribute Rs 100,000, while the banks will provide a loan of Rs 70,000 with a 50% loan guarantee from the government.
A news report adds that the government is likely to launch this program in Islamabad, Peshawar, Quetta, Lahore, and Karachi.
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How to apply for this scheme?