MG Pakistan has unveiled a new interest-free EMI plan for its electric vehicle (EV) models, aiming to make EV ownership more accessible to a broader customer base. The program offers purchasers flexible financing choices, enabling them to select between a 12-month or 18-month payment plan, and is intended to assist the brand’s electric vehicle sales. Due to rising petrol costs and growing environmental consciousness, Pakistan is seeing a steady increase in demand for electric vehicles at the time of the project.
The initiative comes at a time when Pakistan’s demand for electric vehicles is steadily rising due to rising fuel costs and rising environmental awareness. The EMI plan requires a 50% down payment, with the remaining cost of the vehicle spread out over several monthly payments.
Nonetheless, this 30% down payment requirement may be lowered for Blue Chip Corporate Clients. By enabling consumers to buy EVs without the initial financial hardship usually connected with such high-value spending, the program seeks to lessen the financial burden on them.
Read more: MG HS PHEV, Pakistan’s first locally assembled plug-in hybrid launched
Pricing and Installment Plan
The MG4 (51 kW) has a starting price of PKR 9,799,000, while the MG4 (64 kW) and MGZS SR each have a starting price of PKR 10,990,000. All variants, except the 12-month plan, incur the additional cost of PKR 250,000. For the MG4 51KW, customers who choose the 18-month payment period would have to pay approximately PKR 279,139 per month, or PKR 312,222 for the other two versions. The monthly payments rise in proportion to the buyer’s selection of the 12-month plan.
Although this move by MG Pakistan is regarded as a positive step toward making electric vehicles more affordable, it also raises concerns regarding the wider market acceptance of EVs in a nation with limited charging infrastructure and a price tag that can still be prohibitive for many.
Also, since the EMI plan doesn’t charge interest, it will be important to see if this strategy works to increase EV adoption in a market that has traditionally been against electric mobility. MG’s EMI program may serve as a model for other automakers looking to introduce similar offers as the local EV market develops.
However, its success will depend on several factors, including the availability of charging infrastructure, government incentives, and the overall shift in consumer attitudes toward electric vehicles in Pakistan.