A loan program with zero interest and a three-year payback period for electric bicycles and rickshaws was just approved.
According to a statement issued by the Ministry of Finance, a loan scheme to offer E-Bikes/E-Rickshaws on zero percent markup and repayment in three years was approved by the Economic Coordination Committee (ECC) on Thursday.
The ECC, following discussion, authorized a model of the Prime Minister’s Youth Business & Agricultural Loan Scheme (PMYB&ALS) for E-Bikes/E-Rickshaws. This is done in an effort to generate rapid and long-lasting interest in these vehicles across the country.
Tier-I (T1) of PMYB&ALS provides a zero-percent-appointment-fee loan for a maximum of Rs0.5 million with a three-year payback term. The statement announced that 15,000 electric bicycles and rickshaws might use the service during the current fiscal year.
The Economic and Cabinet Committee met under the chair of Federal Minister of Finance Ishaq Dar. The Ministry of Industry and Production presented a brief on the financing facility for E-bikes and E-Rickshaws at the meeting.
According to the release, the ministry provided information on the potential market for electric bikes, the level of interest from consumers, and the incentive structure that might be implemented to lower the price of electric bikes for consumers.
The Ministry of Finance said the Ministry of Industry and Production and PMYB&ALS will determine the scheme’s details.
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