State Bank EV Loan Scheme
State Bank EV Loan Scheme. The State Bank of Pakistan has launched a new scheme to make electric motorcycles, rickshaws, and loaders more affordable for the public. This initiative is part of the country’s push toward eco-friendly transport, helping reduce fuel costs and pollution while making clean mobility accessible to ordinary citizens.
Key Features of the EV Loan Scheme
The EV loan scheme by SBP is designed to support individuals, businesses, and fleet operators in adopting electric vehicles. Under this plan:
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- A total of 116,000 electric bikes will be provided.
- Around 3,170 electric rickshaws and loaders are included.
- Loans will be provided through banks at highly affordable terms.
Loan Details and Amounts
To make ownership easier, SBP has fixed loan amounts for each type of vehicle:
- Electric Bikes (E-Bikes): Rs. 200,000 loan limit.
- Electric Rickshaws and Loaders: Rs. 880,000 loan limit.
The repayment plans are flexible:
- 2 years for e-bikes.
- 3 years for rickshaws and loaders.
Phased Implementation of the Scheme
The rollout will be carried out in two stages:
- Phase 1:
- 40,000 e-bikes
- 1,000 e-rickshaws/loaders
- Phase 2:
- 76,000 e-bikes
- 2,171 rickshaws/loaders
This phased approach ensures smooth implementation and proper availability for different user groups.
Loan Pricing and Markup
One of the most attractive parts of this scheme is its zero percent markup for customers. While banks will apply standard pricing models:
- 2.75% cost for Islamic and conventional banks.
- Kaibor + 1.5% for financing.
The State Bank will handle the markup, meaning customers will get loans without paying any extra interest.
Reserved Quotas for Specific Groups
To ensure fairness and inclusivity, the scheme has reserved quotas:
- 25% of e-bikes for women.
- 10% of e-bikes for business owners and courier services.
- 30% of rickshaws and loaders for fleet operators.
This approach ensures that women, small businesses, and delivery workers also benefit from the program.
Benefits of the EV Loan Scheme
The introduction of this scheme will bring several benefits:
- Eco-friendly mobility: Electric vehicles reduce emissions and help combat pollution.
- Cost savings: Reduced dependence on petrol and diesel.
- Empowerment of women: Reserved quota makes travel and business easier for women.
- Support for small businesses: Couriers and business owners can expand operations with affordable transport.
- Fleet expansion: Fleet operators get access to modern vehicles, boosting public transport and delivery services.
How to Apply for the EV Loan Scheme
Although full details will be released by partner banks, the general process is expected to include:
- Visiting participating banks offering the scheme.
- Submit basic documents such as CNIC, income proof, and vehicle request.
- Selecting the type of EV (bike, rickshaw, or loader).
- Loan processing and vehicle handover.
Awareness campaigns are expected soon to guide people step by step.
Conclusion
The State Bank EV Loan Scheme is a groundbreaking initiative that combines green energy goals with financial inclusion. By offering zero-markup loans and reserving quotas for women, couriers, and fleet operators, SBP is making sure the benefits of clean mobility reach everyone.
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This project not only supports everyday commuters but also empowers businesses, reduces fuel dependency, and contributes to a cleaner, greener Pakistan.