SBP Launches Electric Bikes and Rickshaw Scheme

The State Bank of Pakistan has launched an electronic bikes and rickshaw scheme under which 116,000 e-bikes and 3,170 rickshaws/loaders will be provided in two phases.

In the first phase, 40,000 e-bikes and 1,000 e-rickshaws/loaders will be distributed, while the second phase will see the delivery of 76,000 e-bikes and 2,171 e-rickshaws/loaders.

For financing, borrowers will receive loans of Rs 200,000 for e-bikes and Rs 880,000 for e-rickshaws/loaders. The repayment period will be two years for e-bikes and three years for e-rickshaws.

The loan pricing will be based on both Islamic and conventional banking at KIBOR + 2.75%, but consumers will receive financing at zero percent markup.

The scheme also reserves 25% of e-bikes for women, while 10% will be allocated to businesspersons and couriers. Additionally, 30% of rickshaws/loaders will be provided to fleet operators, with eligibility determined by a steering committee.

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