LAHORE: The last date for applying for Punjab Chief Minister’s e-taxi scheme has passed with applicants waiting for the outcome.
The e-taxi program is intended to encourage green ride-hailing services, benefitting the province’s green agenda, and generating jobs, especially for women. It is one of the government’s initiatives aimed at minimizing the carbon footprint and developing sustainable transport in the region.
Through this scheme, riders and fleet owners shall be provided with term finance to establish e-taxi businesses. The Government of Punjab (GoPb) is offering an interest-free loan system with a zero-percent markup rate for all borrowers.
For riders, the maximum lending limit is Rs4,550,000, whereas fleet owners or ride-hailing companies shall be lent a maximum of Rs1,000,000,000 in order to facilitate their business endeavors.
Flexible Repayment Terms
Repayment of the loan is on a 57 equal monthly installment basis that disburses both the principal and insurance. Borrowers will also enjoy a 3-month grace period before the repayment commences, giving enough time to establish operations.
As part of the endeavor to empower women in the labor force, the scheme has a special quota for women in the program.
E-Balloting Date
If the demand surpasses the available vehicles, selection will be conducted via an e-balloting process to make the process transparent and fair. No date for the e-balloting has been given out by the government yet.
