Categories: News

E-Bikes: Things You Need To Know About Subsidised Scheme

Islamabad: the federal government has planned to launch a scheme to produce 100,000 e-bikes in 18 months to conserve energy as well as help to reduce carbon emissions.

According to the reports, the Ministry of Industries and Production has devised the scheme to initially produce at least 100,000 e-bikes in 18 months. Moreover, the federal government has given a subsidy of Rs 17.5 billion to encourage the purchase of comparatively costlier bikes.

As per the proposed policy, the government has to bear the down payment of Rs 90,000 for an e-bike. Though, the cost of an e-bike is around Rs 170,000. Whereas, the buyer only has to pay Rs 10,000 making the total initial payment to Rs 100,000.

Subsidised Scheme

Moreover, the bank will charge interest of KIBOR+2, or 19% which is to be Rs 13300 for a commercial loan of Rs 70,000/-

Hence, under the proposed scheme, a 24- monthly installment plan has also been given unde which the customer will be paying Rs 4,310/month. The monthly installment must be including the principal amount of Rs 2,917 interest payment of Rs 1,109 AMD insurance payment of Rs 284.

Though, the Ministry projects that 15,000 e-bikes selling and production process took place during the current fiscal year (FY 2022-23). Whereas, 60,000 and 100,000 e-bikes will be available in 2024-24, 2024-25, respectively. In total, it makes the production of 175,000 e- bikes in three years.

Moreover ,it has planned to provide e-bikes to students with salaried parents,female students/employees (20pc quota). Transgender persons, private sector, government employees, self employed individuals with bank account and NTN. Including Hafiz-e Quran, Muazzan duly qualified from an institute recognised by Government of Pakistan.

Moreover, under the subsidy Lessing model, the Rs 100,000 are met on sharing basis by the government and consume. Whereas, Rs 70,000 would be provided by banks as a loan with a 50pc credit guarantee by the government.

Though, it has planned to start the scheme in Peshawar, Islamabad, Quetta, Lahore and Karachi in the first phase.

Alas, the e-bikes scheme presented by the last Cabinet meeting and the prime minister has referred it to the Economic Coordination Committee for further deliberation.