Electric bike in Pakistan was first introduced on July 22 by former prime minister Imran Khan. It was a very good & environment-friendly initiative by the previous Govt of Pakistan.
ISLAMABAD: To preserve energy and contribute to the reduction of carbon emissions, the federal government has developed a plan to build 100,000 e-bikes in 18 months.
The Ministry of Industries and Production, according to the documents, has suggested a subsidy of Rs 17.5 billion to stimulate the purchase of relatively more expensive bikes. The initiative was designed to generate at least 100,000 e-bikes in the first 18 months.
According to the suggested plan, the government would put down Rs. 90,000 for an e-bike with an estimated price of Rs. 170,000, and the purchaser would put down Rs. 10,000, making the total initial payment of Rs. 100,000.
The bank would charge interest of Kibor+2 or 19 percent, or around Rs 13300, on the commercial loan of Rs 70000 that it will make available.
The proposed program also includes a 24-month installment plan, under which the consumer will pay Rs. 4,310 per month, which consists of the Rs. 2,917 principal, Rs. 1,109 in interest payments, and Rs. 284 in insurance payments (2pc).
A total of 175,000 e-bikes are expected to be produced over the course of three years, according to the ministry, with 15,000 expected to be made or sold during the current fiscal year (FY2022-23) and 60,000 and 100,000 expected to be produced in 2024-24 and 2024-25, respectively.
The e-bikes would be given to students with salaried parents, female students and employees (20 percent quota), transgender people (1 percent quota), government workers, self-employed private sector workers with NTNs and bank accounts, government and armed forces pensioners, and Imam Masjid/Hafiz Quran/Muazzam who have earned the necessary qualifications from institutions recognized by the government of Pakistan (endorsed by Ministry of Religious Affairs).
In the subsidy leasing model, the government and consumer split the costs of Rs. 100,000, while the banks would be responsible for providing Rs. 70,000 as a loan with a 50% government credit guarantee.
Islamabad, Peshawar, Quetta, Lahore, and Karachi are anticipated to be the first cities where the system is implemented.
The e-bike plan was already discussed at the most recent cabinet meeting, and the prime minister has forwarded it to the Economic Coordination Committee for additional consideration.