Exciting news for the citizens of Punjab! The provincial government has launched a bike scheme featuring easy monthly installments, and here’s the best part: it’s interest-free for students. According to reports from the media, Punjab’s Chief Minister, Maryam Nawaz Sharif, had given her nod for this petrol and electric bike scheme during her cabinet meeting, and the government has started receiving applications now.
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You might be curious about the details of the Punjab government bike scheme. What is the eligibility criteria? How to apply for the Punjab government e-bike scheme? How many bikes will be distributed? What’s the down payment, and what are the monthly installments like? How many electric and petrol bikes are they offering electric? Fortunately, we have all the answers you’re looking for. Let’s explore the details together.
Punjab Eligibility Criteria
Wondering about who is eligible to apply for Punjab electric bike scheme 2024? Let’s see the criteria here.
- Must be over 18 years of age.
- Must be a regular student of a Degree College / University, duly recognized by HEC.
- Must hold a valid motorcycle Learner’s Permit / Driving Licence.
- In case of receipt of applications in excess of allocated quotas, e-balloting shall be conducted.
CM Punjab Bike Scheme Apply Online
The process for Punjab bike scheme registration is quite easy. Here is the process for CM Punjab Maryam Nawaz bike scheme registration online:
- Visit the Punjab Government’s Bike Scheme Website
- Click on Register
- Enter the required details (Name, Email, CNIC, Gender, Password)
- Once registered, fill the application form to apply for the bike scheme online
- Choose between petrol and electric bike to apply
- You will need to enter the details of co-borrower/guarantor (Parents, Spouse, or Brother-Sister/siblings of applicant student) which are as follows:
- Personal Information
- Income Details
- Detail of all previous loans availed along with their current status and monthly installments
Keep in mind that if the student has his own source of income and no Guarantor is involved, then student shall be considered as ‘Primary Borrower’.
Keep in mind that the government is receiving applications only in April-2024 (Deadline: 29th April, 2024). So, students are encouraged to apply as soon as possible.
Application Rejection
The Bank of Punjab (BOP) can reject/decline loan application on the basis of following reasons:
- Unsatisfactory Physical Verification of Co-borrower /Guarantor
- Any bad credit history / unsatisfactory ECIB (Electronic Credit Information Bureau) Report of Co-borrower /Guarantor
- High DBR (Debt Burden Ratio / Low Repayment Capacity) of Co-borrower /Guarantor (DBR of Co-borrower /Guarantor should not exceed by 40%)
- Failure to comply with the Name Screening and other regulatory checks
- Submitting fake / false / incorrect information to the bank
Now you must be wondering how debt to burden ratio is calculated. Well! The monthly instalments/payments of Co-Borrower/Guarantor for all already availed loans and the expected installment of current loan facility (Interest Free Bike) divided by Monthly Net disposable income multiplied by 100.
Many of you will be thinking why Co-Borrower/Guarantor is necessary for this scheme. It is to repay the loan installments on behalf of a student applicant as generally students have no source of income.
Total Number of Bikes & Distribution in CM Punjab Bike Scheme
Let’s talk about how these bikes will be distributed. Under CM Punjab bike scheme scheme, a total of 20,000 bikes will be provided, with 19,000 of them being petrol bikes and 1,000 electric bikes. Here are the details:
| Petrol Bike | Electric Bike | |
| Total | 19,000 | 1,000 |
| For Male Students | 11,676 | 700 |
| For Female Students | 7,324 | 300 |
Keep in mind that Degree College / University students studying in the following 5 cities are eligible for the e-bike scheme in the first phase.
- Lahore
- Rawalpindi
- Faisalabad
- Multan
- Bahawalpur
Balloting & Distribution of Bikes in the Punjab Bike Scheme 2024
Now, let’s talk about how these bikes will actually reach the people. Registrations are open and students are encouraged to apply. If the applications exceed the quota, There will be a draw (e-balloting) in May 2024 under the arrangements of the Punjab Information Technology Board (PITB). It is to ensure transparency throughout the process. Distribution may begin in the same month (not confirmed at the moment).
Punjab Government Electric Bike Scheme Installment Plan
Let’s now talk about the installment plan of the CM Punjab electric and petrol bike scheme. Entire process will be done through the Bank of Punjab. How much do you need to pay each month for e-bikes or petrol bikes? Well, according to various media sources, here’s the breakdown of the government’s interest-free bike installment plan:
Down Payment: Rs.25,000
Installment Period: 2 Years
Monthly Installments
According to different sources, the monthly interest-free installments in Punjab bike scheme are as follows:
- For E-Bikes: Rs.10,000 per month
- For Petrol Bikes: Rs.5,000 per month
Installment Period: 2 Years
The installment of loan is payable on monthly basis. The monthly installments will be deposited in account specifically opened with BOP for the scheme by Borrower / Co-Borrower. Late Payment Charges shall apply in case of delay in depositing the monthly installments.
Keep in mind that State Bank of Pakistan requires 30% equity to be paid by the borrower. So, in case of a Petrol Bike having price of Rs.150,000, the borrower is required to pay Rs.45,000 (30%) as upfront equity. But, the Punjab Government has given a special relief and out of Rs.45,000, Rs.20,000 shall be paid by the Punjab Government on behalf of the applicant. Which means the applicant has to pay 25,000 down payment for the petrol bike. Furthermore, all mark-up on the bike loan shall also be paid by the Punjab Government. So, the total subsidy under Phase-1 of the Bike Scheme comes to around Rs.1 Billion.
All in all, this is excellent news for the citizens of Punjab. With this scheme, the government’s aim is to enhance transportation for students. While the inclusion of electric bikes could be higher, given their potential future in Pakistan, it’s still a commendable initiative by the CM Punjab. This Punjab government bike scheme will undoubtedly ease the transportation burden for many students.
What are your thoughts on this CM Punjab Maryam Nawaz bike scheme bike scheme? Share with us in the comment section below.
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Photos Credits: bikes.punjab.gov.pk
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