The federal government will provide up to Rs. 0.5 million loans under the Prime Minister’s Youth Business & Agriculture Scheme (PMYB&ALS) model for E-Bikes and E-Rickshaws.
The Economic Coordination Committee (ECC) of the Cabinet under the chair of the Finance Minister approved the PMYB&ALS model for E-Bikes/E-Rickshaws.
The Ministry of Industries and Production submitted a summary regarding financing facilities for electric bikes (E-bikes) and E-Rickshaws and presented details on the viability, and demand of electric bikes, and incentive structure for potential users to make electric bikes affordable.
Import Duty on Electric Vehicles’ Specific Parts
Sources told ProPakistani that the federal government has allowed the import of Electric vehicles’ specific parts at the rate of 1 percent Customs Duty and 1 percent Sales tax to facilitate the manufacturing of electric vehicles in the country.
EV Penetration Target and E-Bike Market in Pakistan
The Ministry of Climate Change in its EV policy 2019 has set the EC penetration target of 50 percent of new sales of two and three-wheeler EVs by 2030.
According to details, a comprehensive presentation on E-bikers was made to the federal government on December 28, 2022. It was also informed that more than 26 million motorcycles are in the country and the annual market size of locally produced motorcycles is more than 2 million.
Existing bikes on the road consume fuel of $3 billion annually and EDB has issued 22 manufacturing licenses to manufacturers of E-bikers and 7,377 units of electric motorcycles were manufactured in 2021-22.
Cost of E-Bikes and Financing Schemes
The average cost of an e-Bike with a lithium battery and specific standards is Rs. 190,000.
The government has introduced four financing schemes including a cash purchase model, a price sharing model, an Easy Loan model, and PM’s Youth Business and Agriculture loan scheme model for E-bikes/E-Rickshaws.
Under the scheme, a clean loan of up to Rs. 0.5 million will be given under Tier-I (T1) of PMYB&ALS at a 0 percent markup rate for repayment in three years.
In addition, the loan repayment is three years and to explore the option, a meeting with representatives of SBP and other stakeholders was conducted that supported the scheme and appropriate amendments in the PM’s Youth Business and Agriculture loan scheme for E-Bikes and E-Rickshaws if deemed necessary.
Sources said that all four above-mentioned schemes are different in terms of financial requirements and require financing either from the government or commercial banks. This facility will be available for up to 15,000 E-Bikes/Rickshaws in the current financial year, 60,000 for the next fiscal year 2023-24, and 100,000 for 2024-25. The government has a plan to give 175,000 E-Bikes/Rickshaws in three years.
The modalities of the scheme will be worked out by the Ministry of Industries & Production in coordination with PMYB&ALS.
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Great initiative. V needs to move towards the EV production side.It will help us to over come our export bill.
Yah scheme kab Shuru Hogi kab Shuru Hogi maine bhi Raksha lena hai
It’s very good step of the government for those who’s suffering due petrol prices I also want to become a part of the program
It’s very good step of the government for those who’s suffering due petrol prices I also want to become a part of the program
It’s good work.
How can we apply?
Eligible criteria?
I need bike
Nice
Electric bike is very nice support from us
Umed to nahi k is mulk k Lea koi betar soche.
Jhoot aur faroud pe end hota h
G bhai aasaa haal hy ka baap bhi agar gov mai hoo ppp nun mqm to pata nhi chalta kab jakar pata chalay k hum bhi harami paida hua hain.. Itna jhoot hy
It is a good step to eradicate poverty in pakistan or to minimize poverty.I would like to become a part of this scheme
How do apply for this loan
Plese sir muja bhaik chiya
In this govt we cant hope for the best.bcz in every step we r really going to back n back increasing ratio of poor n poor by the policies of the govt. If any schem goes for the people betterment then mafia mna,mpa put entry for this only show few poor peoples for attactive pics then personally accomodates the persons they have good relation . so i am so sorry for such kind of govt step when they have date of each family and thier income then should be no problum for the govt
This mafia govt is based on fraud nd lies they will never think about the public this policy is truly base to gain sympathy for votes, U see they r giving just 15000 units in this year to their favourite persons nd policy goes to 2025 nd they will surely fall in election. So it is a lollypop to us
Very good plain for poor people
Yeh scheme aghr hy to mujhy is hakomat ko salam hy or yeh k mujhy zarorrat hy
Can’t be expected for good in this govt.
السلام علیکم ورحمہ اللہ… یہ سکیم کب شروع ہوگا اور کون سی بینک 🏦 سے.. باقی سرکاری اساتذہ کرام ایپلائی کر سکتے ہیں،؟
Nice work for the nation
Hi My Self Farman Hafeez.
I am from Gujranwala.
Know in my daily life I saw that Approximately 50-60% 2 wheelers and 3 wheelers are more than 7-8 year old . Running on road . Which produce “CO2” .and these are the major cause of Global warming in our Country. I apologize to the Government to run out these bikes, Rikshaws And other vehicles to make our Environment clean and Use Solar panels and Wind Turbines to make Electricity ⚡ instead of fossil fuels. THANKS 👍