In an effort to conserve energy and reduce carbon emissions, the federal government has devised a plan to produce 100,000 e-bikes in 18 months.
The plan has not yet been implemented, and the Economic Coordination Committee (ECC) is currently evaluating it before it is implemented.
The Ministry of Industries and Production (MoIP), according to documents obtained by ProPakistani, will ensure the production of at least 100,000 e-bikes in the first year and a half.
It has proposed Rs. 17.5 billion in subsidies to encourage the purchase of electric bikes, which are more expensive than gasoline-powered bikes.
Loans for E-Bikes
The government will contribute Rs. 90,000 toward the purchase of an e-bike with an estimated price of Rs. 170,000, while the buyer will contribute Rs. 10,000, for a total initial 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 government proposes a 24-month installment plan in which the customer will pay 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 produce and sell 15,000 e-bikes in the fiscal year 2022-23, followed by 60,000 and 100,000 e-bikes in fiscal years 2023-24 and 2024-25, for a total of 175,000 e-bikes produced in three years.
The electric bicycle scheme will be 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 armed 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 government and consumers will each contribute Rs. 100,000 under the subsidy leasing model, while banks will provide a loan of Rs. 70,000 with a 50% credit guarantee from the government. According to media reports, the government plans to launch this program in Islamabad, Peshawar, Quetta, Lahore, and Karachi.