ISLAMABAD: The Economic Coordination Committee (ECC) on Thursday approved a loan scheme to provide e-bikes/e-rickshaws on zero percent markup and repayment in three years.
Federal Minister for Finance Ishaq Dar accorded the approval while presiding over the meeting of the ECC of the Cabinet.
During the meeting, the Ministry of Industries and Production submitted a summary regarding financing facility for electric bikes (E-bikes) and E-Rickshaws.
As per the statement issued by the finance ministry, the ministry presented details on the viability, and demand of electric bikes and incentive structure for potential users to make electric bikes affordable.
“In order to create quick and sustainable demand for E-Bikes/Rickshaws in the country, the ECC after discussion approved Prime Minister’s Youth Business & Agriculture Loan Scheme (PMYB&ALS) model for E-Bikes/E-Rickshaws.
“Under the scheme, a clean loan of up to Rs0.5 million will be given under Tier-I (T1) of PMYB&ALS at 0% markup rate for repayment in three years. This facility will be available for up to 15,000 E-Bikes/Rickshaws in the current financial year,” read the statement.
Under the proposed scheme, a 24-monthly installment plan has also been given under which the customer will be paying Rs4,310 per month which includes the principal amount of Rs2,917, interest payment of Rs1,109 and insurance payment of Rs284 (2pc).
