Everyone knows about the Punjab Bike Scheme launched by the Government of Pakistan. Let’s now discuss how these bikes will get to the people. Students are encouraged to apply, and registration is now open. The Punjab Information Technology Board (PITB) has scheduled an electronic balloting draw for May 2024 if the number of applications exceeds the quota. It is to guarantee openness through the procedure. Distribution might start that same month (though this hasn’t been confirmed yet).
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Installment Plan for the Punjab Government’s Electric Bike Scheme
Now, let’s discuss the installment schedule for the CM Punjab electric and gasoline bike scheme. The Bank of Punjab will handle the entire procedure. How much does it cost to rent a gasoline or electric bike each month? Here’s the breakdown of the government’s interest-free bike installment plan, per some media sources:
- 25% down payment
- Time of Installment: Two Years
- Installments Every Month
Monthly interest-free instalments
The monthly interest-free installments for the Punjab bike scheme are as follows, per various sources:
- The monthly cost of Rs. 10,000 for E-bikes
- Monthly Petrol Bike: Rs. 5,000
- Time of Installment: Two Years
Late Payment Fee
Monthly installment payments are due for the loan. The monthly installments will be deposited into the account that the borrower or co-borrower has opened, especially with BOP for the scheme. If the monthly installments are not deposited on time, late payment fees will be charged.
One Billion Subsidy for Phase I
Remember that the borrower must pay 30% of the equity required by the State Bank of Pakistan. That means that if a petrol bike costs Rs. 150,000, the borrower has to put down Rs. 45,000 (30%) as upfront equity. However, the Punjab government has granted a special exception, and it will pay the applicant Rs. 20,000 of Rs. 45,000, which implies that the applicant must make a down payment of 25,000 for the motorbike. Furthermore, the Punjab government will cover the entire markup associated with the bike loan. Thus, the entire subsidy under the Bike Scheme’s Phase I amounts to approximately one billion rupees.
| Scheme Component | Details |
| Distribution Method | Electronic balloting draw (if applications exceed quota) |
| Instalment Plan Provider | Bank of Punjab |
| Down Payment | 25% |
| Instalment Duration | Two years |
Conclusion
Overall, the news is great for the people of Punjab. The government wants to improve student transportation with this program. Even though there could be more electric bikes included, considering their possible future in Pakistan, this is still a great initiative by the CM Punjab. There is little doubt that the burden of transportation for many students will be lessened by this government bike program in Punjab.
Also Read: Complete Registration Process for the Roshan Gharana Scheme 2024
FAQs
Is there any late payment fee for the Punjab Bike Scheme 2024?
If the monthly instalments are not deposited on time, late payment fees will be charged.
What is the down payment for the Punjab Bike Scheme?
The down payment for the Punjab Bike Scheme 2024 is 25%.
