Everyone knows about the Punjab Bicycle Scheme launched by the Government of Pakistan. Let us now discuss how these bikes will reach people. Students are encouraged to apply and registration is now open. The Punjab Information Technology Board (PITB) has scheduled an e-voting draw for May 2024 if the number of applications exceeds the quota. It is about guaranteeing openness through the procedure. The distribution may start that same month (although it has not been confirmed yet).

Installment Plan for Electric Bicycle Scheme of Punjab Government

Now, let's discuss the payment schedule for CM Punjab Petrol and Electric Bike Scheme. Punjab Bank will handle the entire procedure. How much does it cost to rent an electric or gas bike per month? Here's a breakdown of the government's interest-free bike delivery plan, according to some media sources:

  • 25% down payment.
  • Payment term: two years
  • Installments every month

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Monthly installments without interest

The interest-free monthly installments for the Punjab Bike Scheme are as follows, according to various sources:

  • The monthly cost of Rs. 10,000 for electric bikes
  • Monthly Petrol Bike: Rs. 5,000
  • Payment term: two years

Late payment fee

Monthly loan payments must be paid. The monthly installments will be paid into the account that the borrower or co-borrower has opened, especially with BOP for the scheme. If monthly installments are not paid on time, late fees will be charged.

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Billion grant for Phase I

Remember that the borrower must pay 30% of the net worth required by the State Bank of Pakistan. This means that if a petrol bike costs Rs. 150,000, the borrower has to disburse Rs. 45,000 (30%) as initial capital. However, the Punjab Government has granted a special exception and will pay the applicant Rs. 20,000 Rs. 45,000, which implies that the applicant must make an advance of 25,000 for the motorcycle. In addition, the Punjab government will cover the entire markup associated with the bike loan. Thus, the entire subsidy in Phase-I of the Bike Scheme amounts to approximately one billion rupees.

Scheme component Details
Distribution method Electronic lottery (if applications exceed quota)
Installment payment plan provider Punjab Bank
Advance payment 25%
Duration of quotas two years

Conclusion

Overall, the news is great for the people of Punjab. The government wants to improve student transportation with this program. Although there could be more e-bikes included, considering their possible future in Pakistan, this is still a great initiative by CM Punjab. There is little doubt that the transportation burden for many students will be reduced with this government bicycle program in Punjab.

Read also: Complete the registration process for Roshan Gharana 2024 scheme

Frequently asked questions

Is there any late payment fee for Punjab Bike Scheme 2024?

If monthly installments are not paid on time, late fees will be charged.

What is the initial payment for the Punjab Bike Scheme?

The down payment for Punjab Bike Scheme 2024 is 25%.

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