Out of every 6 people who applied for the PM Electric Bike Scheme in Phase 1, only 1 got selected — 269,000 applications for 41,000 slots. If you were not selected, or do not qualify for PAVE at all, independent bank installment plans exist. This guide covers both routes: how PAVE bank financing works for selected applicants, and what independent plans are available for everyone else.
Also see: PM Electric Bike Scheme 2026 – Full Application Guide
The Two PAVE Financing Routes
If you were selected under the PM Electric Bike Scheme, there are two separate tracks. Your bank processing depends entirely on which one you applied under.
Self Finance Route
You pay the full purchase price of the approved electric bike upfront. After delivery and verification on the PAVE portal, the government reimburses PKR 80,000 directly into your bank account through the State Bank of Pakistan. The subsidy comes back to you — not to the dealer.
Best for buyers who can pay upfront and want faster delivery without waiting for bank lease processing.
Bank Lease Route
The electric bike is provided on installments through your assigned partner bank's leasing facility. You do not pay the full price upfront. The PKR 80,000 subsidy is deducted from the total financed amount before your installment plan is calculated. The partner bank purchases the vehicle from the OEM and leases it to you. Monthly installments go to the bank, not the manufacturer.
Both routes are interest-free and markup-free for the applicant. The government covers all financing costs.
| Self Finance | Bank Lease | |
|---|---|---|
| Pay upfront? | Yes, full price | No, down payment only |
| Subsidy timing | Reimbursed after delivery | Deducted before installment calculation |
| Installment plan | No | Yes, monthly over 24 months |
| Delivery speed | Faster | Depends on bank processing |
| Best for | Buyers with upfront funds | Everyone else |
The 22 PAVE Partner Banks
Under the Bank Lease route, all 22 partner banks operate within the same framework set by SBP and EDB: zero markup, 24-month repayment for bikes, 36 months for rickshaws, loan up to PKR 200,000 for bikes and PKR 880,000 for rickshaws.
What differs between banks is processing speed, documentation requirements, branch availability in your city, and Islamic vs conventional structure. You do not choose your bank freely after balloting — the PAVE portal assigns you a partner bank during the application process. Select your preferred bank during the application, not after.
Full confirmed partner bank list under PAVE 2026:
- National Bank of Pakistan (NBP)
- Bank of Punjab (BOP)
- Sindh Bank
- Bank of Khyber (BOK)
- First Women Bank Limited
- Zarai Taraqiati Bank Limited (ZTBL)
- Allied Bank Limited (ABL)
- Askari Bank Limited
- Bank Alfalah Limited
- Bank Al-Habib Limited (BAHL)
- Habib Bank Limited (HBL)
- Habib Metropolitan Bank
- JS Bank Limited
- MCB Bank Limited
- Soneri Bank Limited
- Standard Chartered Bank Pakistan
- United Bank Limited (UBL)
- Meezan Bank Limited
- BankIslami Pakistan Limited
- Dubai Islamic Bank Pakistan
- Al Baraka Bank Pakistan Limited
- Faysal Bank Limited
For Shariah-compliant financing, Meezan Bank, BankIslami, Dubai Islamic Bank, Al Baraka, and Faysal Bank all participate. Under PAVE, this distinction is mostly procedural since the government covers the markup regardless.
What You Actually Pay Under PAVE Bank Lease
PAVE-approved bikes are priced PKR 50,000–60,000 lower than open market equivalents, confirmed by EDB CEO Hamad Ali Mansoor. The PKR 80,000 subsidy is then deducted from that reduced price before your installment is calculated.
Example — OKLA OKT (retail price PKR 248,500):
- Estimated PAVE scheme price: approximately PKR 190,000
- After PKR 80,000 subsidy: PKR 110,000 financed
- Over 24 months at 0% markup: approximately PKR 4,583 per month
These are approximate figures. Confirm the final financed amount with your assigned bank before signing.
Charges that always apply regardless of route:
- Bank documentation charges: PKR 1,500–3,000 (varies by bank)
- First-year insurance premium: mandatory
- Vehicle registration charges: at actual cost, processed through OEM
No processing fee. No early settlement penalty.
Independent Bank Plans Outside PAVE
If you were not selected under PAVE or do not qualify, two banks currently have verified, publicly documented electric bike installment plans. Many articles list all 22 PAVE partner banks as if each runs its own independent electric bike plan — that is not accurate. Outside PAVE, only specific banks have published dedicated electric bike financing products.
Meezan Bank — Apni Bike (Shariah-Compliant)
Pakistan's longest-running riba-free bike financing product. Based on Musawamah — Meezan Bank purchases the bike and sells it to you at an agreed price payable in installments. No interest. Ownership transfers to you immediately upon signing, not at the end of the tenure.
Electric bike brands currently covered:
- Vlektra
- Hi-Speed
- Crown Benling
- Super Power
- Eco-Dost
- Super Star
- Revoo
Confirm with your nearest branch whether your preferred model is currently eligible — the approved brand list is updated periodically.
Key terms:
| Detail | Info |
|---|---|
| Financing type | Musawamah (Shariah-compliant, riba-free) |
| Tenure options | 1 year, 2 years, or 3 years |
| Down payment | Minimum 15%, maximum 50% of bike price |
| Processing fee | PKR 1,800 + FED (non-refundable) |
| Takaful (Islamic insurance) | Approximately 5% per year, mandatory |
| Minimum income (salaried) | PKR 40,000 per month |
| Minimum income (self-employed) | PKR 75,000 per month |
| Age (salaried) | 21 to 60 years at loan maturity |
| Age (businessmen) | 20 to 65 years at loan maturity |
| Approval time | 5 to 7 working days |
| Application | Branch visit required for final submission |
| Ownership transfer | Immediate upon signing delivery order |
Example — bike priced at PKR 200,000:
- 15% down payment: PKR 30,000 upfront
- Financed amount: PKR 170,000
- Over 2 years: approximately PKR 7,083 per month before takaful
- Takaful adds approximately PKR 10,000 per year to total cost
0% profit is available on 12-month tenures for select models only. Longer tenures carry a profit rate confirmed at time of application. Ask the branch for the current rate sheet before signing.
Documents required:
- Salaried: CNIC, photograph, latest stamped salary slip, employment letter, 6-month bank statement, declaration of financing form
- Self-employed: CNIC, photograph, 12-month bank statement, 2 years proof of business (NTN certificate or tax return), declaration of financing form
Apply by downloading the form from meezanbank.com, filling it out, and submitting at your nearest branch with the PKR 1,800 processing fee.
Bank Alfalah — Two Separate Routes
Bank Alfalah has two distinct electric bike financing routes in 2026. The terms differ significantly between them.
Route 1: AlfaMall Step-by-Step (SBS) via Credit Card
Zero markup for 3 to 6 months on electric bike purchases from partner brands. Confirmed brands: EVEE, OKLA, Revoo, Saige.
| Detail | Info |
|---|---|
| 0% markup tenures | 3 months and 6 months only |
| No advance payment | Yes, for credit card SBS route |
| Approval time | 1 to 2 business days |
| Application | AlfaMall app or via partner dealer |
| Requirement | Active Bank Alfalah credit card |
Tenures beyond 6 months carry standard processing fees. The 0% markup does not extend to 12, 24, or 36-month plans. For a longer zero-markup tenure, Meezan Bank Apni Bike is the stronger option.
Route 2: Bank Alfalah Purchase Loan
For buyers without a Bank Alfalah credit card or who need longer tenures:
| Detail | Info |
|---|---|
| Loan amount | PKR 50,000 to PKR 3,000,000 |
| Tenure | 1 to 4 years |
| Markup | Standard rate applies (not 0%) |
| Collateral | Not required |
| Women borrowers | Discounted rate available |
| Application | Branch, Alfa app, or online |
This carries markup and functions as standard consumer financing — not the same as the PAVE zero markup arrangement.
Which Plan Suits Your Situation
| Your Situation | Best Option |
|---|---|
| Selected under PAVE, want installments | PAVE Bank Lease via assigned bank |
| Not selected, want Islamic financing | Meezan Bank Apni Bike |
| Have Bank Alfalah credit card, want 0% for 3–6 months | Bank Alfalah AlfaMall SBS |
| Need longer tenure, can accept markup | Bank Alfalah Purchase Loan |
| Want 0% for 2–3 years outside PAVE | Meezan Bank Apni Bike (confirm current profit rate at branch) |
Electric Bike on Installment by City
Installment terms do not change by city — PAVE, Meezan Bank Apni Bike, and Bank Alfalah AlfaMall conditions are all national. What differs is dealer presence, bank branch density, and whether CM Punjab scheme phases targeted your city.
Lahore
Strongest electric bike installment infrastructure in Pakistan. OKLA flagship experience center in DHA Phase 8. Vlektra at Bridge Block opposite Fortress Square Mall. Crown, Evee, Jolta, Metro, and Ramza present across Ferozepur Road, Lytton Road, Township, Bahria Town, and Scheme Morr. All three financing routes active. CM Punjab Bike Scheme Phase 1 targeted Lahore students. Monthly installments from approximately PKR 4,500 under PAVE and PKR 7,000-plus under independent plans.
Karachi
OKLA experience center confirmed. Vlektra at Gulshan-e-Iqbal, KDA Scheme 24. Crown, Jolta, and Metro across Saddar, PECHS, and Gulshan. Bank Alfalah particularly strong here — AlfaMall app skips branch visits, approval in 1–2 business days. Electric bike on installment without advance payment possible through Bank Alfalah credit card SBS route only.
Islamabad and Rawalpindi
OKLA partner dealers confirmed. Crown and Ramza dealers on GT Road Rawalpindi and Circular Road. Vlektra Velocity and Crown Performance Series recommended for hilly terrain around Bahria Town, Adyala Road, and Kashmir Highway. All national financing routes apply identically.
Faisalabad
One of five cities targeted in CM Punjab Bike Scheme Phase 1 for student distribution. Ramza dealer at Awami Chowk. Crown, Jolta, and Metro through authorized dealers. Meezan Bank accessible through local branches. Bank Alfalah AlfaMall available via app for credit card holders.
Multan
Crown authorized centers near Vehari Road and Chowk Kumharanwala. Ramza dealers at City Plaza Chowk (Khanewal Road) and Chowk Sadoo Saam. CM Punjab Phase 1 targeted Multan students. Monthly installments from approximately PKR 4,500 under PAVE and PKR 6,000–8,000 under independent plans. Crown recommends getting a Pay Order from ABL or Meezan to speed up delivery.
City Comparison
| City | Brand Presence | PAVE | Bank Alfalah SBS | Meezan Branches | CM Punjab Phase 1 |
|---|---|---|---|---|---|
| Lahore | Flagship centers | Yes | Yes | Extensive | Yes |
| Karachi | Experience center | Yes | Yes | Present | No |
| Islamabad | Partner dealers | Yes | Yes | Present | No |
| Rawalpindi | Partner dealers | Yes | Yes | Present | No |
| Faisalabad | Authorized dealers | Yes | Via app | Present | Yes |
| Multan | Crown authorized | Yes | Via app | Present | Yes |
The biggest variable in your installment experience is not which city you are in — it is which bank processes your PAVE application. If your assigned bank has limited local coverage, ask on the PAVE portal whether you can switch banks before your balloting closes.
Frequently Asked Questions
What is the cheapest electric bike in Pakistan on installment?
Under PAVE, bikes that normally cost PKR 190,000–250,000 come down to PKR 110,000–170,000 after the PKR 80,000 subsidy, then financed at 0% over 24 months. Monthly payment works out to approximately PKR 4,500–7,000. Without PAVE, entry-level lithium models start from PKR 120,000–150,000 through Meezan Bank Apni Bike with 15% down.
Which is the best electric bike in Pakistan for daily commuting?
For under 40 km daily: Jolta JE-70D and Metro T5 cover most needs. For 60–100 km daily: lithium models from Vlektra, Crown, and OKLA are more practical. For best nationwide service network: Jolta has the most dealer-accessible presence. Also see: Electric Bike Reviews Pakistan 2026
Can I get an electric bike on installment without advance payment?
Yes, through one specific route only. Bank Alfalah AlfaMall credit card SBS plan requires no advance payment for 3 to 6-month tenures. All other plans require initial payment — Meezan Bank requires minimum 15% down, PAVE bank lease requires a small equity contribution.
Is there any subsidy on electric scooters in Pakistan?
Yes. PAVE covers electric scooters and scooties under the same PKR 80,000 subsidy as motorcycles, provided the model is on the EDB-approved list. Outside PAVE, no direct government cash subsidy exists for independently purchased electric scooters.
Can government employees apply for the electric bike scheme?
Yes. Federal government employees apply through PAVE at pave.gov.pk under the general category. Punjab government employees additionally have the CM Punjab scheme at bikes.punjab.gov.pk. There is no separate portal for government employees or teachers.
Is the government electric bike actually free?
No. PAVE provides a PKR 80,000 subsidy plus 0% interest financing. You repay the subsidized principal over 24 months. The only free distribution has been the CM Punjab student scheme, where qualifying students receive bikes without full market price but still repay principal through Bank of Punjab installments.
How do I claim the PKR 80,000 subsidy?
Self Finance route: pay full retail price upfront, SBP transfers PKR 80,000 to your bank account after delivery and portal verification at pave.gov.pk. Bank Lease route: PKR 80,000 is deducted before your installment is calculated — you never see it as a separate payment.
What is the longest range electric bike available in Pakistan?
OKLA OVEGA claims up to 215 km. Crown Performance Series quotes up to 170 km. Real-world range in city traffic is 30–40% lower than manufacturer claims. Realistic daily range for top-tier lithium models: 80–110 km on a full charge. Also see: Electric Bike Prices in Pakistan 2026
How much does it cost to charge an electric bike per month?
A full charge costs approximately PKR 100 in electricity. Daily charging works out to PKR 1,000–2,000 per month. Petrol reached PKR 393 per liter as of April 2026. A petrol motorcycle covering the same distance costs PKR 6,000–10,000 in fuel monthly. Monthly saving from switching to electric: approximately PKR 5,000–8,000 depending on daily distance.
Muhammad Amir
Lead Editor & Reviewer
With over 8 years of experience in automotive journalism, Muhammad specializes in electric vehicle reviews and testing. He brings real-world insights from daily e-bike commuting in Lahore.
View all articles by Muhammad Amir →
