The Government’s Cheap E-Bike Program: Everything You Need To Know
January 9, 2023 / By Zunair Tahir / Automotive News
In an effort to save energy and cut carbon emissions, the federal government has developed a plan to produce 100,000 e-bikes in the next 18 months.
The Economic Coordination Committee (ECC) is now assessing the program before it is implemented because the plan has not yet been put into action.
The Ministry of Industries and Manufacturing (MoIP) would guarantee the production of at least 100,000 e-bikes in the first 18 months, according to the papers made available to allaboutcars.
To promote the purchase of e-bikes, which are often more expensive than cycles fueled by gasoline, it has proposed Rs. 17.5 billion in subsidies.
According to the initiative, the buyer would pay Rs. 10,000 and the government would contribute Rs. 90,000 toward a down payment for an e-bike with an estimated cost of Rs. 170,000, making 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%, or around Rs. 13,300.
The consumer will pay Rs. 4,310 each month under the proposed programme, which is made up of Rs. 2,917 in principal, Rs. 1,109 in interest, and Rs. 284 or 2% in insurance, for a 24-month payment plan offered by the government.
The ministry expects to produce and sell 15,000 e-bikes in the current fiscal year 2022–2023, 60,000 and 100,000 e-bikes in the next budget years 2023–2024, and 100,000 e-bikes in the following fiscal year 2024–2025, for a total of 175,000 e-bikes produced in three years.
The following people can use the e-bike program:
- students whose parents are employed.
- 20% quota for female employees and students.
- (1% quota) Transgender people.
- workers in the government.
- salaried or self-employed persons in the private sector who have NTNs and bank accounts.
- pensions from the government and armed forces.
- Imam-e-Masjid, Hafiz-e-Quran, and Muazzins who possess the necessary qualifications from a facility approved by the Ministry of Religious Affairs and recognized by the Pakistani government.
The government and customers both contribute Rs. 100,000 to the subsidized leasing scheme, while banks lend Rs. 70,000 with a 50% credit guarantee from the government. The government would probably introduce this scheme in Islamabad, Peshawar, Quetta, Lahore, and Karachi, according to a media source.
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