Last Updated on: 26th April 2024, 03:24 pm
You have the opportunity to benefit from an innovative bike program introduced by the Punjab government, specifically tailored for students like you. Through this program, you can gain access to 1,000 E-bikes with convenient installment plans. This education-friendly initiative was inaugurated by Punjab Chief Minister Maryam Nawaz Sharif and is a joint effort between the government and the Bank of Punjab for the distribution of bikes. Let’s delve into the details of the Monthly Installment Plan for the CM E-Bikes Scheme:
Government of Punjab E-Bike Scheme 2024
Under this Electric motorcycle scheme, you are required to make a down payment of Rs 63,500, with easy monthly installments spread over two years.
Monthly Installments
- Without Insurance: Rs. 5,104
- With TMP Insurance: Rs. 6,417
Installment Plan
| Without Insurance | With TMP Insurance | |
|---|---|---|
| Gross Loan Amount | Rs. 175,000 | Rs. 175,000 |
| Equity Deposit (%) | 30.00% | 30.00% |
| Equity Deposit | Rs. 52,500 | Rs. 52,500 |
| GoPb Capital Subsidy | Rs. 20,000 | Rs. 20,000 |
| Insurance Rate (%) | 10.00% | 10.00% |
| Insurance Upfront | Rs. 17,500 | Rs. 17,500 |
| Vehicle Registration | Rs. 10,000 | Rs. 10,000 |
| Total Downpayment | Rs. 63,500 | Rs. 63,500 |
| Net Finance Amount | Rs. 122,500 | Rs. 122,500 |
| Markup Rate (%) | 0.00% | 0.00% |
| Interest-Only Payment | – | Rs. 6,417 |
| Installment (EMI) | Rs. 5,104 | Rs. 6,417 |
| Tenure (Month) | 24 | 24 |
| Grace Period (Month) | – | – |
Also Read: 110,000 Students Registered for CM Punjab Motorcycle Scheme
Method to Apply Online for the CM Punjab E-Bike Scheme:
- Visit the official portal: bikes.punjab.gov.pk
- Navigate to the registration section on the site.
- Fill out the registration form with all necessary details and upload the required documents.
- Double-check the accuracy of the information provided.
- Submit your registration form.
Down Payment Requirement:
The down payment required for enrollment in the e-bike scheme is Rs. 63,500.
Monthly Installment Amounts:
- Without insurance: Rs. 5,104
- With TMP insurance: Rs. 6,417