Connect with us

Hi, what are you looking for?

National

Are you eligible for federal government’s e-bike subsidy? Find out now!

Are you eligible for federal government’s e-bike subsidy? Find out now!

Are you eligible for federal government’s e-bike subsidy? Find out now!

The federal government has developed a plan to produce 100,000 e-bikes in the next 18 months in order to save energy and reduce carbon emissions.

Because the plan has not yet been implemented, the Economic Coordination Committee (ECC) is currently evaluating it before it is launched.

According to documents, the Ministry of Industries and Production (MoIP) will guarantee the production of at least 100,000 e-bikes in the first 18 months.

The Ministry of Industries and Production has set aside Rs17.5 billion in subsidies to encourage the purchase of these costlier, but environmentally friendly vehicles.

According to the proposed policy, in addition to the Rs 90,000 down payment required for an e-bike, the buyer would only be responsible for an additional Rs 10,000.

An e-bike will set you back around Rs 170,000 in total.

The government has also implemented a 24-month payment plan to make e-bikes more affordable to buyers.

Buyers will have to pay Rs4,310 per month, which includes Rs2,917 for the principal balance, Rs1,109 for interest, and Rs284 for insurance.

Furthermore, the government has stated that it will provide a 50% credit guarantee for bank loans of Rs. 70,000 made to cover the balance of the e-cost. bike’s

The interest rate on these loans will be KIBOR+2 or 19%.

During the program’s initial phase, e-bikes will be available in Peshawar, Islamabad, Quetta, Lahore, and Karachi.

In addition to selling and manufacturing 15,000 e-bikes in the current fiscal year, the government intends to release 60,000 to 100,000 e-bikes over the next two years.

The government intends to produce 175,000 e-bikes over the course of three years.

Eligible buyers for these subsidized e-bikes include:

  • 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.

Read also

Pavan Manzoor
Written By

Pavan Manzoor is an experienced content writer , editor and social media handler along with a track record of youth-oriented activities in Pakistan and abroad. She was selected as a fully-funded delegate as a leadership fellow in Turkey. She also led a team of 5 volunteers at the week-long Young Professionals Fellowship in Maldives. She is also a member of the Youth Standing Committee on Higher Education.

Economy

ISLAMABAD: Pakistan’s renowned economist and former finance minister Dr Hafeez Pasha today said that the value of Pakistani currency can fall to Rs 295...

Politics

ISLAMABAD: Mufti Saeed said that he solemnised twice Nikkah of Imran Khan with Bushra Bibi. Mufti Saeed, who is a member of PTI’s core committee,...

Entertainment

Bollywood super star Priyanka Chopra has appreciated Saim Sadiq’s movie Joyland. The movie has been shortlisted for Oscar Award. Priyanka, who often irks many with...

Latest Updates

KARACHI: The poll watchdog on Wednesday issued a brief statement amid mounting pressure from the contending parties allegations regarding irregularities surrounding the Jan 15...