Cars

All You Need to Know About Govt Cheap E-Bike Scheme

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. In this post we discussed about the Govt Cheap E-Bike Scheme. The Economic Coordination Committee (ECC) is now assessing the programme before it is implemented because the plan still needs to be implemented.

Meet The First Pakistani Lady to Join Koenigsegg

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 documents made available to ProPakistani.

To encourage the purchase of e-bikes, which are generally 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 roughly Rs. 13,300.

The consumer will pay Rs. 4,310 each month under the proposed scheme, which comprises Rs. 2,917 in principal, Rs. 1,109 in interest, and Rs. 284 or 2% in insurance for a 24-month instalment 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 e-bike scheme will be available for:

Students with salaried parents.
Female students and employees (20% quota).
Transgender individuals (1% quota).
Government employees.
Private sector salaried or self-employed individuals with NTNs and bank accounts.
Government and armed forces pensioners.
Imam-e-Masjid, Hafiz-e-Quran, and Muazzins who are duly qualified from an institute recognized by the Government of Pakistan and endorsed by the Ministry of Religious Affairs.

The government and consumers contribute Rs. 100,000 to the subsidised leasing scheme, and banks lend Rs. 70,000 with a 50% credit guarantee from the government. According to a media source, the government would introduce this scheme in Islamabad, Peshawar, Quetta, Lahore, and Karachi