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 scheme, designed to support the sale of the brand’s electric vehicles, introduces flexible financing options for buyers, allowing them to choose between a 12-month or 18-month payment plan.
The initiative comes at a time when the demand for EVs is steadily growing in Pakistan, driven by rising fuel prices and an increasing awareness of environmental concerns. The EMI plan requires a minimum down payment of 50%, with the remainder of the vehicle cost spread across monthly installments. However, for corporate clients, this down payment requirement can be reduced to 30%for Blue Chip Corporate Clients. The scheme aims to ease the financial burden on customers by allowing them to purchase EVs without the upfront financial strain typically associated with such high-value investments.
Pricing and Installment Plan
The prices for the MG EV models are set as follows: the MG4 (51KW) is priced at PKR 9,799,000, while the MG4 (64KW) and MGZS SR are priced at PKR 10,990,000. The additional cost of PKR 250,000 applies to all variants except for 12 months plan. Customers opting for the 18-month payment term would be required to pay around PKR 279,139 monthly for the MG4 51KW, or PKR 312,222 for the other two models. If buyers choose the 12-month plan, the monthly payments increase accordingly.
While this move by MG Pakistan is seen as a positive step in making electric vehicles more affordable, it also raises questions about the broader market acceptance of EVs in a country where the charging infrastructure remains limited and the cost of EVs can still be prohibitive for many. Furthermore, with no interest charges on the EMI plan, it will be important to watch whether this strategy effectively boosts EV adoption in a market that has traditionally been resistant to electric mobility.
As the local EV market develops, MG’s EMI scheme could potentially serve as a model for other automakers seeking to introduce similar offers. 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.
