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Interest-free loans for e-bikes in Gujarat

According to reports, encouraged by the success of its educational initiative of ‘Flood-IT’ two years ago, the Gujarat Urban Co-operative Banks Federation (GUCBF) has now come up with another initiative, ‘Flood E-bike’, in which the State’s cooperative banks will provide interest-free loans to buyers of electric two-wheeler buyers as a measure to promote environment-friendly electric vehicles.

Launching the campaign here on Tuesday, Mr Narayanbhai V. Patel, Flood E-bike Project Director, GUCBF, said the Flood-IT initiative was now being replicated at the national level after it helped over two lakh students purchase computers in the State. The ‘Flood E-bike’ campaign, is expected to help around one lakh electric two-wheeler buyers.

While being an environment-friendly option, e-bike’s average operating cost is just 7 paisa per km against the Rs. 1.60 cost of a petrol run bike. In China, the number of e-bikes had gone up from 69 lakh in 2004 to 3.1 crore in 2010, he said.

The Federation has tied up with the two of leading manufacturers of electrical two-wheelers, Hero Electric and YObykes, for the purpose.

The entire range of their products will be made available for purchase under the scheme through loan up to 70% of the total cost, repayable in 12 equal instalments. The scheme will remain open for six months.

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