ISLAMABAD: The Economic Coordination Committee of the Cabinet has approved providing financing facility to the Ministry of Industries and Production for electric bikes and electric rickshaws. At least six companies are manufacturing or assembling electric motorcycles in Pakistan while licenses have been issued to 31 companies. Currently, the South Asian country is aiming for long-term and large-scale adoption of electric vehicles (EVs). The ‘Electric Vehicle Policy 2020-25’ approved in 2019 provides incentives to promote local manufacturing of electric vehicles and Offers tax breaks aimed at seeing electric vehicles account for 30 percent of all passenger car and heavy-duty truck sales by 2030 and 90 percent by 2040.
Electric Motorcycle and Rickshaw Loan Scheme 2023 Online Apply
In an effort to promote sustainable transportation and provide employment opportunities, the Government of Pakistan has introduced the PM Electric Motorcycle and Rickshaw Loan Scheme 2023. This scheme aims to facilitate individuals in the transportation sector by offering affordable loans for the purchase of electric motorcycles and rickshaws. By transitioning from conventional fuel-based vehicles to electric alternatives, this initiative contributes to reducing carbon emissions and building a cleaner, greener future.
Loans will be given for e-bikes and rickshaws under Prime Minister Youth Business and Agricultural Loan Scheme. The loan will be given for three years at zero interest rate, up to 5 lakh rupees for tier one category. For this, the Ministry of Industry and Production has been approved to provide financing facility.
The PM Electric Motorcycle and Rickshaw Loan Scheme is a government initiative aimed at providing financial assistance to individuals in the transportation sector who wish to switch to electric vehicles. By offering low-interest loans, this scheme encourages the adoption of electric motorcycles and rickshaws as an alternative to traditional fuel-powered vehicles.
The PM Electric Motorcycle and Rickshaw Loan Scheme contribute significantly to environmental sustainability. By encouraging the adoption of electric vehicles, the scheme helps in reducing carbon emissions and combating climate change. Electric motorcycles and rickshaws run on electricity, which can be generated from renewable sources, further minimizing the environmental impact.
The PM Electric Motorcycle and Rickshaw Loan Scheme 2023 is a groundbreaking initiative that promotes sustainable transportation, environmental preservation, and economic growth. By providing affordable loans, the scheme empowers individuals in the transportation sector to switch to electric vehicles, benefiting themselves, the environment, and the economy. The future of transportation in Pakistan looks promising, with an increased adoption of electric motorcycles and rickshaws.