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The Presidents / CEOs
All Banks
Dear Sir/Madam,
Cost Sharing Scheme for Electric Bikes and Rickshaws/Loaders
| Sr. No | Parameter | Criteria |
|---|---|---|
| 1 | Scheme size | The scheme shall cover financing of approximately 116,000 e-bikes and 3,170 e-rickshaws/loaders during FY 2025-26 Out of this, following quota will be observed: Minimum of 25% of the total number of e-bikes for females Maximum of 10% of total e-bikes for persons intending to use e-bikes for business purposes such as courier or delivery services Maximum of 30% of rickshaws/loaders for fleet operators The scheme will be implemented in two phases. In the first phase, 40,000 e-bikes and 1,000 e-rickshaw/loaders will be distributed while remaining 76000 e-bikes and 2,171 e-rickshaws/loaders will be distributed in the second phase |
| 2 | Eligibility to apply | All citizens of Pakistan including GB & AJK subject to the age restrictions In case of rickshaws/loaders, fleet operators will also be eligible to apply in addition to common citizens Eligibility criteria for fleet operators will be determined by the Steering Committee |
| 3 | Age limits | To be eligible for the scheme, a citizen of Pakistan shall satisfy following age criteria at the time of submission of application: In case of e-bikes: Min 18 years; max 65 years In case of rickshaws/loaders: Min 21 years; max 65 years |
| 4 | Type of Financing | Conventional and Islamic finance |
| 5 | Loan Size | Maximum cap shall be as under: PKR 200,000/- for two-wheeler PKR 880,000/- for three-wheeler Borrower shall pay any amount above the Capital Subsidy as part of upfront equity payment while complying with debt-to-equity ratio |
| 6 | Capital Subsidy | Up to PKR 50,000 per two-wheeler, subject to Parameter “Debt:Equity ratio” Up to PKR 200,000 per three-wheeler, subject to Parameter “Debt:Equity ratio” |
| 7 | Debt: Equity Ratio | 80:20 (down payment of 20%) Equity portion will encompass both capital subsidy and borrower’s share. As a general principle, first, fixed capital subsidy will be applied and any remaining amount will then be paid by borrower For the avoidance of doubt, if the equity portion of 20% is fully covered by capital subsidy, then borrower will not pay any amount |
| 8 | Loan Tenor | Max 2 years for e-bikes Max 3 years for rickshaws/loaders |
| 9 | Bank’s Pricing | 6-month KIBOR +2.75% |
| 10 | End User Rate | 0% (Full mark-up subsidy by Federal Government) |
| 11 | EMI | EMI comprising principal + insurance component only |
| 12 | Lending Platform | Digital with minimal human interaction Banks will integrate with digital platform for sharing information etc |
| 13 | Original Equipment Manufacturers (OEMs)/Vendors & Shortlisted Vehicle Models | As shortlisted by Engineering Development Board (EDB) OEMs shall be responsible for timely delivery of vehicles to borrowers and for regular after sales service |
| 14 | Debt Burden Ratio | As per SBP Prudential Regulations |
| 15 | Credit Scorecard | As per respective bank’s risk appetite & credit policy |
| 16 | Income Estimation | Through salary slip or bank statement(s) or proxy methods |
| 17 | Charges on early settlement |
Nil |
| 18 | Loan Processing Charges | Nil |
| 19 | Late Payment Charges | As per Schedule of Charges (APSC) of individual banks |
| 20 | Repossession charges | APSC to be borne by borrower |
| 21 | Registration charges | To be borne by borrower |
| 22 | PMD and other checks | Federal Government to arrange for PMD (Pakistan MNP [mobile number portability] Database) Check/NADRA Verisys check at their cost |
| 23 | Insurance Payment | As per rates agreed with insurance companies (first year to be taken in advance) by individual banks, with yearly insurance cost in subsequent year(s) to be pro-rated in EMI. Rates to be negotiated with the insurance companies in coordination with Ministry of Industries & Production (MoI&P) |
| 24 | Credit Loss Guarantee (CLG) | 20% Portfolio Guarantee on First Loss Basis |
| 25 | CLG Claim Stage | 180 days from the date the installment was due and not paid by the customer |
| 26 | Mandatory Documentation |
Valid CNIC, Digital Undertaking for Driving License |
Yours sincerely,
Fatima Javaid
Senior Joint Director