Everything you need to know about the government’s cheap electric bike scheme
Everything you need to know about the government’s cheap electric bike scheme. The federal government has devised a plan to produce 100,000 electric bikes within 18 months in an effort to conserve energy and reduce carbon emissions. The plan has not yet been launched and the Economic Coordination Committee (ECC) is currently evaluating the program before its launch. According to documents available in ProPakistani, the Ministry of Industries and Production (MoIP) will guarantee the production of at least 100,000 electric bicycles in the first year and a half.
He proposed Rs. 17.5 billion in subsidies to incentivize the purchase of electric bikes, which are relatively more expensive compared to gasoline bikes. The program assumes that the government will provide an advance 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 down payment of Rs. 100,000.
The bank will charge an interest rate of Kibor+2 or 19% which is approximately Rs. 13,300 for a business loan of Rs. 70,000. Under the proposed scheme, the government offers a 24-month installment plan under which the customer will pay Rs. 4,310 per month, made up of Rs. 2,917 in capital, Rs. 1,109 in interest and Rs. 284 or 2% in insurance. The ministry anticipates the production and sale of 15,000 e-bikes in the current fiscal year 2022-23, followed by 60,000 and 100,000 e-bikes in the fiscal years 2023-24 and 2024-25, respectively, for a total of 175,000. electric bikes. bikes produced. in three years.
The electric bike scheme will be available for:
Students with salaried parents.
Students and employees (20% participation).
Transgender people (1% participation).
Salaried or self-employed in the private sector with NTN and bank accounts.
Government and Armed Forces pensioners.
Imam-e-Masjid, Hafiz-e-Quran and Muazzini duly qualified from an institute recognized by the Government of Pakistan and approved by the Ministry of Religious Affairs.
Under the subsidized lease model, the government and consumers will each contribute Rs. 100,000, while banks offer a loan of Rs. 70,000 with a 50% government loan guarantee. A media report adds that the government is likely to launch this program in Islamabad, Peshawar, Quetta, Lahore and Karachi.