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Interest Free Bike Scheme 2024 for 20000 Students in PunjabInterest Free Bike Scheme 2024 for 20000 Students in Punjab

Last Updated on: 22nd March 2024, 04:39 pm

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Great news awaits students in Punjab as Chief Minister Maryam Nawaz has given the green light to the Punjab Bike Scheme. This Bike Scheme aims to distribute 20,000 electric and petrol bikes to students across the province on an interest-free loan basis. In this blog post, we’ll delve into the details of the scheme, how students can benefit from it, and the procedure for application and installation.

20000 Bikes Distribution Through Punjab Interest Free Bike Scheme:

Under the scheme’s umbrella, the Punjab government plans to distribute 20,000 bikes to students. Among these, 1,000 will be electric bikes and 19,000 will be petrol bikes. What sets this initiative apart is the commitment from the Punjab Chief Minister to waive off any interest charges on monthly installments, with the Punjab government covering the interest costs.

How much is the Monthly Installment Plan:

For students curious about the installment plan, the Punjab government has partnered with the Bank of Punjab. To ease the financial burden on students, the installment for electric bikes has been set at Rs. 10,000, while for petrol bikes, it’s Rs. 5,000. The aim is to provide maximum relief to students, enabling them to focus on their education without worrying about transportation costs.

You can also check the Apni Bike Scheme – Bike On Installment Without Interest

When is the Delivery & Quota (May Draw):

In terms of delivery and quota, the Punjab government will conduct a lottery for applications received from male and female students in May. This ensures fairness in the distribution process. Bikes will be equally distributed among male and female students in urban areas. In rural areas, 70 percent of the bikes will go to male students and 30 percent to female students.

Apply for The Punjab Electric Bike Scheme

How to Apply for The Punjab Electric Bike Scheme 2024:

While the registration process has not yet begun, the Punjab government and the Bank of Punjab will soon kickstart registration. Students can visit BOP branches to submit their applications once the process starts. Detailed instructions for application submission will be provided shortly on the scheme’s official website.

Check also, Outgoing Caretaker Govt Announced New Petrol, And Diesel Prices 2024

Final Thoughts:

Following the May draw, Chief Minister Maryam Nawaz has directed the commencement of bike deliveries. This scheme, a part of the “Chief Minister Youth Initiative,” will significantly ease students’ transportation burdens. An MoU has been signed between the Transport Department and Punjab Bank under the guidance of Chief Minister Maryam Nawaz Sharif, highlighting the government’s commitment to facilitating both male and female students in Punjab.

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