A new scheme for electric bikes and other eco-friendly vehicles has been launched for the public. According to media reports, the State Bank of Pakistan has introduced a financing plan to provide electric bikes, rickshaws, and loaders in two phases.
Under this scheme, the target is to distribute 116,000 e-bikes and 3,170 electric rickshaws and loaders.
Officials said that in the first phase, 40,000 e-bikes along with 1,000 rickshaws and loaders will be given out. In the second phase, 76,000 more e-bikes and 2,171 rickshaws and loaders will be handed over.
For e-bikes, a loan of Rs. 200,000 will be provided with a repayment plan of two years, while for rickshaws and loaders, financing up to Rs. 880,000 will be available with a three-year repayment plan.
The loan pricing will follow both Islamic and conventional banking systems at KIBOR plus 2.75 percent, but customers will receive the loan at zero percent markup.
READ MORE: Sindh Unveils Free E-Scooter Scheme for Women: Eligibility Criteria
The scheme also reserves 25 percent of e-bikes for women, while 10 percent will go to small business owners and courier services. In addition, 30 percent of electric rickshaws and loaders will be allocated to fleet operators.
