Electric bikes now available on easy installments

ISLAMABAD: The government has started regular implementation of the scheme to provide electric bikes on easy installments.

Under this scheme, citizens are being provided financial facilities to buy electric bikes, rickshaws and loaders. Under the Prime Minister’s Electric Vehicle Adoption Policy, the aim of this project is to provide affordable and environment-friendly rides to the common people.

According to sources, the government is providing a subsidy of about Rs 9 billion during the current financial year.

While the target has been set to increase this amount to more than Rs 100 billion by the year 2030. In the first phase of this scheme, the subsidy amount has been transferred to the approved applicants.

In the first phase, a total of 41,000 electric vehicles are being subsidized. These include 40,000 electric bikes, while 1,000 rickshaws and loaders are also part of the scheme. The subsidy amount is being transferred directly to the bank accounts of the deserving individuals through the State Bank.

According to officials, a subsidy of up to Rs 80,000 is being provided on electric bikes. In addition, under the bank lease scheme, citizens can get bikes and rickshaws on easy monthly installments. This initiative has made it easier for the middle class to buy electric vehicles.

In the second phase, the government plans to provide subsidies to more than 78,000 electric vehicles. However, only those vehicles that are regularly registered will be eligible for this facility.