CM Punjab Bike Scheme for Students: Apply Online Now!

CM Punjab Bike Scheme: Exciting news for the people of Punjab! The Punjab government has announced a bike scheme that includes easy monthly installments, and the best part is that it’s free for students. According to media reports, Punjab Chief Minister Maryam Nawaz Sharif gave the nod for this petrol and electric bike scheme in a cabinet meeting, and the government has now accepted the application.

You may also be interested in the details of the Punjab Government Bike Scheme. What exactly are the eligibility criteria? How do I apply for the Punjab Government E-Bike Scheme? How many bikes will be distributed? And how much is the payment, and what are the monthly installments? How much are electric and petrol bikes? Fortunately, we have all the answers you’re looking for. Let’s examine the details together.

Why are electric bikes the future of Pakistan?

Electric bikes have become popular all over the world. In 2020 alone, the electric bike market has a 30% revenue share of the entire motorcycle market. Electric bikes are also gaining popularity in Pakistan. Jolta is an example. Are electric bikes the future of Pakistan? The answer is simply “Yes!”

CM Punjab Bike Scheme Eligibility Criteria

Curious who can apply for the Punjab Electric Bike Scheme 2024? Let’s have a look at the details here:

• The student must be 18 years of age or more.
• The student must be a regular student at a degree college or university recognized by HEC.
• Must hold a valid motorcycle driving license or learning permit.
• In case of the receipt of applications in excess of the allocated quotas, e-balloting shall be conducted.

CM Punjab Bike Scheme: Apply Online

The registration process for the CM Punjab Bike Scheme is very easy. The online registration process for the scheme is mentioned below:

• Go to the Punjab Government’s Bike Scheme Website
• Click on Register on the site.
• Enter the required details (Name, Email, CNIC, Gender, and password)
• After registration, fill the application form to apply for the bike scheme online
• Choose petrol or electric bike to apply
• You will need to enter the details of the guarantor (parents, spouse, or brother-sister/siblings of the applicant student), which are as follows:
  • Personal Information
  • Income Details
  • Detail of all previous loans availed along with their current status and monthly installments

Remember, if the student has his own source of income and no collateral, then the student will be considered a “primary borrower.”

Please note that the government is accepting applications only for the month of April 2024 (application deadline: April 29, 2024). Therefore, students are advised to apply as soon as possible.

Total Number of Bikes & Distribution

Let’s talk about how these bikes will be distributed under CM Punjab Bike Scheme. A total of 20,000 bicycles will be provided under CM Punjab bike scheme, including 19,000 petrol bicycles and 1,000 electric bicycles.

Bikes Type	Petrol Bikes	Electric Bikes
Total Number of Bikes	19,000	1,000
For Male Students	11,676	700
For Female Students	7,324	300

Note that college/university degree students studying in the following 5 cities can participate in the e-bike scheme in the first phase.

• Lahore
• Rawalpindi
• Faisalabad
• Multan
• Bahawalpur

Balloting & Distribution of Bikes in the CM Punjab Bike Scheme

Now, let’s talk about how these bikes can actually reach people. Registration is open and students are encouraged to apply ASAP. If the applications exceed the quota, there will be a tie (electronic balloting) in May 2024 as approved by the Punjab Information Technology Board (PITB). This is to ensure transparency throughout the process. Distribution may start in the same month (not confirmed at this time).

CM Punjab Bike Scheme Installment Plan

Now let’s talk about the detailed installation plan for CM Punjab bike scheme. The entire process will be done through the Bank of Punjab. How much should I pay monthly for an e-bike or petrol bike? According to several media sources, the breakdown of the government’s free bike installation plan is:

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

Loan payments are made monthly. The monthly installments will be deposited by the Borrower / Co-borrower in a special account opened with the BOP for the scheme. Late payment charges apply if monthly payments are late.

Note that the State Bank of Pakistan requires a 30% deposit to be paid by the borrower. So, on a petrol bike worth Rs. 150,000, the borrower must pay Rs. 45,000 (30%) as principal. However, the Punjab Government has given a special discount and out of the Rs. 45,000, a total of Rs. 20,000 will be paid by the Punjab Government on behalf of the applicant. So, applicants have to pay a discount of 25,000 for petrol bikes. Additionally, all mark-up fees are paid by the Punjab government. So, the total subsidy in Phase 1 of the Bicycle Plan is about Rs. 1 billion.

Overall, this is great news for the people of Punjab, especially students. Moreover, government’s aim with this scheme is to promote transportation for students. Although the inclusion of electric bikes could be higher, it is still a start, which the Punjab CM praised considering its prospects in Pakistan. The Punjab government’s bike scheme will also ease the burden of transport for many students.

What do you think about this Bike Scheme by Punjab CM Maryam Nawaz Sharif? Also, share with us in the comments section below.

Also read: Used Motorbikes Under 1 Lac With Great Resale in Pakistan