Overview
Like electric cars, electric bikes are also on the rise. In order to reduce carbon emissions and conserve energy. The federal government intends to create 100,000 e-bikes in the next 18 months.
The Ministry of Industries and Production will ensure that at least 100,000 e-bikes are produced in the first year and a half.
It has proposed an Rs. 17.5 billion subsidy to encourage the purchase of e-bikes, which are more expensive than gasoline-powered motorcycles.
Payment Plan for E-Bikes
The government will contribute Rs. 90,000 toward the purchase of an electric bike with an estimated price of Rs. 170,000, while the buyer will contribute Rs. 10,000, for a total first payment of Rs. 100,000.
For a commercial loan of Rs. 70,000, the bank will charge an interest rate of Kibor+2 or 19 percent, which is approximately Rs. 13,300.
The proposed program includes a 24-month installment plan in which the consumer pays Rs. 4,310 per month, which includes Rs. 2,917 in principal, Rs. 1,109 in interest, and Rs. 284 or 2% in insurance.
The ministry expects to make and sell 15,000 e-bikes in the budget year 2022-23, followed by 60,000 and 100,000 e-bikes in budget years 2023-24 and 2024-25, for a total of 175,000 e-bikes produced in three years.
Scheme Available For
- Students whose parents work.
- Female students and employees are subject to a 20% quota.
- Transgender people (1% quota).
- Employees of the government.
- Individuals in the private sector who are salaried or self-employed and have NTNs and bank accounts.
- Pensioners from the government and the military forces.
- Imam-e-Masjid, Hafiz-e-Quran, and Muazzins have received proper training from a government-approved institute approved by the Ministry of Religious Affairs.
The scheme will launch in Specific Cities
The government and consumers would each contribute Rs. 100,000 under the subsidized leasing model, while banks will issue a loan of Rs. 70,000 with a government credit guarantee of 50%. According to media reports, the government plans to implement this initiative in Islamabad, Peshawar, Quetta, Lahore, and Karachi.
