The Government Service Insurance System (GSIS) recently launched a new loan program named the Ginhawa Bike and E-Mobility Loan Program, or GBEL. Under the program, qualified members can borrow up to P300,000 (payable over 36 months, at a 5% annual interest rate) to go towards the purchase of an electric scooter or bike.
The state pension fund mentions that the goal of the loan program is to provide members affordable access to alternative electric mobility, in light of the ongoing fuel crisis and broader international tensions. Here’s everything you need to know about this program.
GSIS provides these specific qualifications for a member to be eligible for the GBEL Program:
In GSIS’s website post announcing the program, the specific types of vehicles eligible for this loan were detailed:
– Pedal-assist (Pedelec) e-bikes
– Throttle-controlled e-bikes
– E-MTBs (Electric Mountain Bikes)
– Electric folding bikes
– Electric commuter/road bikes
An amount of up to P300,000 may be borrowed. The loan amount is payable up to three years, with a 5% per annum interest rate. Applications for this loan are done through the GSIS Touch app.
OTHER STORIES YOU MIGHT HAVE MISSED:
The Quezon City Libreng Sakay Program now has eight new electric buses
PH fuel price update: Hikes of P2.66/L for diesel, P2.21/L for gas effective May 5
The GBEL Program echoes an earlier initiative from the Department of Trade and Industry, which also provided loans (specifically for small businesses and TNVS drivers) for the adoption of electric vehicles.
In other news, LTO chief Markus V. Lacanilao reiterated through a public statement that no blanket ban has been applied to e-bikes, e-trikes, and similar light electric vehicles. The restrictions on operating them in national highways are a preventative safety measure, and they remain free to traverse city and municipal roads.
