KARACHI — The State Bank of Pakistan (SBP) has launched a major financing scheme to promote sustainable mobility through SBP electric vehicle loans. This initiative aims to distribute 116,000 electric bikes and 3,170 electric rickshaws and loaders in two phases, targeting both individual users and commercial operators.
According to SBP officials, borrowers can access loans of PKR 200,000 for electric bikes. For rickshaws and loaders, financing will go up to PKR 880,000. These loans follow both Islamic and conventional banking models, priced at 2.75%. However, consumers will benefit from zero percent markup, making the scheme highly affordable.
In phase one, SBP will release 40,000 electric bikes and 1,000 rickshaws/loaders. Phase two will include 76,000 bikes and 2,171 rickshaws and loaders. Loan tenures are set at two years for bikes and three years for rickshaws and loaders, allowing borrowers to repay in manageable installments.
To ensure fair access, SBP has reserved 25% of electric bikes for women. Additionally, 10% will go to small business owners and couriers. Fleet operators will receive 30% of the rickshaws and loaders, thereby supporting logistics and delivery networks across urban centers.
Notably, this SBP electric vehicle loans scheme reflects the central bank’s push for green mobility and financial inclusion. It aligns with Pakistan’s climate goals and urban sustainability plans. Moreover, it supports the country’s transition toward cleaner energy and reduced dependence on fossil fuels.
Pakistan faces growing environmental challenges. Air pollution, rising fuel costs, and traffic congestion continue to affect major cities. Consequently, electric vehicles offer a cleaner, quieter, and more cost-effective alternative. They also reduce carbon emissions and help improve public health.
Furthermore, the program empowers low-income groups, women, and small entrepreneurs by providing access to affordable transport solutions. It encourages innovation in local manufacturing and logistics, while also strengthening Pakistan’s position in the global shift toward electric mobility.
SBP stated that applicants must meet basic eligibility criteria. Banks will process loans through streamlined procedures. Licensed vendors will handle vehicle distribution. The rollout begins immediately, with oversight from SBP and partner institutions.
As Pakistan embraces cleaner transport, the SBP electric vehicle loans scheme could become a blueprint for future green financing. It represents a bold step toward inclusive, sustainable development in a rapidly evolving world.
Read climate-related news here: https://greenpost.com.pk/
