SBP launches loan scheme for E-bikes, rickshaws
Business
State Bank to distribute over 116,000 electric bikes and 3,000 loaders/rickshaws in two phases.
KARACHI (Web Desk) - The State Bank of Pakistan (SBP) introduced a financing scheme to provide electric motorbikes, rickshaws, and loaders in an effort to promote sustainable transport across the country.
According to the SBP, the vehicles will be distributed in two phases. A total of 116,000 electric bikes and 3,170 electric rickshaws and loaders will be provided under the scheme.
SBP officials stated that loans of PKR 200,000 will be given for electric bikes, while electric rickshaws and loaders will be financed up to PKR 880,000.
In the first phase, 40,000 electric bikes and 1,000 electric rickshaws/loaders will be distributed. The second phase will include 76,000 electric bikes and 2,171 rickshaws and loaders.
The central bank clarified that loans for e-bikes will have a tenure of 2 years, while loans for electric rickshaws and loaders will be for 3 years. The pricing will be based on Islamic and conventional banking models, at 2.75%, though consumers will receive loans at zero percent markup.
SBP further announced that 25% of electric bikes will be reserved for women, 10% for small business owners and couriers, and 30% of rickshaws and loaders will be allocated to fleet operators.
