The federal government has launched a new step to promote the power vehicle, which has announced a cost -sharing scheme for electric bikes and rickshaw/loaders, which aims to make green transport more accessible and cheap in Pakistan.
According to details released by the State Bank of Pakistan, the scheme will finance 116,000 electric bikes and 3,170 electric rickshaws or loaders during the financial year 2025-26.
The program is designed to encourage effective energy and accelerate the change in environmentally friendly technologies in the country’s automotive sector.
Who can apply?
All Pakistani citizens, including Gilgit-Baltistan and Azad Jammu and Kashmir, are eligible, provided they meet the needs of the age: 18-65 years for e-bikes and 21-65 years for rickshaw/loaders.
Flat operators can also apply for Rickshaw/Loader Financial, which can be compiled by a steering committee with specific qualification standards.
Special quota
At least 25 % e -bikes are safe for women in this scheme, and use bikes for business purposes for people using up to 10 % bikes. For rickshaws and loaders, operators will be allocated up to 30 % to fail.
How does it work
This scheme will be developed in two stages:
Step 1: 40,000 e -bikes and 1,000 e -rickshaw/loader
Phase 2: 76,000 e -bikes and 2,171 e -rackers/loaders
Financing will be available through both traditional and Islamic banking channels. Maximum loan size RS. 200,000 and RS for two wheels. 880,000 for three wheels.
Borrowers will benefit from a capital subsidy of up to Rs. 50,000 and RS for e -bikes. 200,000 for rickshaw/loaders with equity ratio from 80:20. If the subsidy covers the requirement of a complete 20 % equity, the borrower does not give anything.
Zero markup, minimum charges
The government will fully subsidize the market, so the closing users pay 0 % interest. The payment will be spread for maximum two years for e -bikes and three years for rickshaws/loaders, in which monthly installments cover only principals and insurance.
There are no debt processing or preliminary scheduled charges.
Digital First Approach
Applications and processing will be handled through a digital platform, which will minimize the human interaction. The bank will connect its system with a central portal administered by the Ministry of Industries and Production and Engineering Development Board.
Other specialty
- The shortlist will only be eligible for car models by EDB.
- Lenders will have to provide a valid CNIC and digital action for a driving license.
- The government will cover the background scrutiny costs through the Nanra and Mobile Number Portability Database.
- Insurance rates will be centrally discussed, with the premium of the first year to be paid.
Risk management
The first misguided base will provide 20 % portfolio guarantee, which will make claims after 180 days non -payment.
Banks have been instructed to develop their system and connect the scheme’s central portal to ensure smooth implementation.