Government Schemes

Introduction

Drive into a greener future with BankIslami’s PAVE Finance. This Shariah-compliant initiative, part of the Government of Pakistan’s Pakistan Accelerated Vehicle Electrification (PAVE) program, makes green technology accessible and affordable. By replacing high fuel costs with the efficiency of electric power, you can significantly reduce your daily operational expenses.

Purpose

This program helps individuals and small business owners escape the stress of rising petrol prices by switching to electric vehicles. By offering affordable, digital-based financing at subsidized rates, we are helping our customers save money on daily fuel costs and build a more sustainable future.

Financing

Financing of up to PKR 200,000 for e-Bikes (two-wheelers) and up to PKR 880,000 for e-Rickshaws / e-Loaders (three-wheelers).

Equity Participation

Finance-to-Equity ratio of 80:20

Pricing

End-User Profit Rate: 0%

Processing Charges

No Processing Charges

Tenure

Financing tenure is set for a maximum of 2 years for e-Bikes and up to 3 years for e-Rickshaws and e-Loaders.

Security

• Financed vehicle itself serves as the mandatory collateral
• Vehicle will be marked with Hypothecation (HPA) in favor of BankIslami

Eligibility

• All citizens of Pakistan (including GB & AJK)
• Age limit: 18–65 years for e-Bikes
• Age limit: 21–65 years for e-Rickshaws and e-Loaders

Takaful

Comprehensive Takaful is mandatory. First year’s cost is taken in advance, while subsequent years are pro-rated into monthly installments.

Digital Application Submission

The entire solicitation process is initiated via the PITB digital portal, where customers apply online and select BankIslami as their preferred institution.

How to Apply

The application process is handled through a digital-first platform with minimal human interaction.

Apply Now via the Official PAVE Portal: https://pave.gov.pk/home