Economy, Business And Markets

Interest-Free Loans for EVs

Interest-Free Loans for EVsInterest-Free Loans for EVs

The Tehran Municipality says it will offer loans with no interest to buyers of electric motorcycles, IRNA reported. The City Bank, which is affiliated with the municipality, has announced that it will provide up to 65 million rials in loans for each electric motorcycle. Based on a plan initiated by Tehran Air Quality Control Company, some 3,000 electric motorcycles are going to be sold for the start. In the long run, Tehran municipality is planning to bring some 400,000 electric motorcycles and 120,000 hybrid taxis to the streets of the capital. Based on studies conducted by the municipality, the launch of electric motorcycles in Tehran’s district 12 (Bazaar), which is the capital’s most crowded commercial area, could significantly reduce air and noise pollution by 30-40% and 50%, respectively. Some 2 million motorcycles travel inside the capital every day.