Punjab Electric Bike Scheme New Distribution Date July 2024
The Punjab government has introduced a bike program specifically for students, providing 1,000 E-bikes through easy installments. Punjab Chief Minister Maryam Nawaz Sharif spearheaded this education-friendly initiative, with the Bank of Punjab collaborating for the distribution of the bikes. Below are the complete details for the monthly repayment schedule under the CM E-Bikes Scheme:
Punjab Bike Scheme Monthly Repayment Schedule Complete Details
Punjab Govt E-Bike Scheme 2024
The Electric motorcycle scheme requires a down payment of Rs. 63,500 and offers convenient monthly installments over two years.
Monthly Installments:
Without Insurance: Rs. 5,104
With TMP Insurance: Rs. 6,417
Monthly Repayment Schedule for CM E-Bikes Scheme
| Description | 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) | – | – |
How to Check Your Punjab E-Bike Status List?
To check the status of your application for the CM Punjab E-Bike Scheme:
Visit the official portal.
Locate the registration section on the site.
Enter all necessary details in the registration form and upload the required documents.
Double-check the information you have entered.
Submit your registration form.
Updated Information (July 2024)
As of July 2024, the Punjab government continues to promote environmentally friendly transportation alternatives through initiatives like the E-Bike Scheme. The scheme now extends its benefits, offering an updated financial model and streamlined registration processes to encourage more students to participate, ensuring a shift towards sustainable commuting options.
Frequently Asked Questions
What is the down payment required for the E-Bike Scheme?
The down payment required is Rs. 63,500.
What are the monthly installment amounts?
Without Insurance: Rs. 5,104. With TMP Insurance: Rs. 6,417.
How can I check my application status for the E-Bike Scheme?
Check your application status by visiting the official scheme portal and entering your registration details.
Who is eligible to apply for the Punjab E-Bike Scheme?
The scheme is primarily targeted at students.
What documents are required for the E-Bike Scheme application?
Required documents typically include identification proof, student status verification, and financial information.
How long is the repayment period for the E-Bike Scheme?
The repayment period is 24 months.
Is there any interest charged on the E-Bike loan?
There is no markup or interest charged on the loan.
What happens if a payment is missed in the E-Bike Scheme?
Details about consequences of missed payments should be checked with the Bank of Punjab as it may vary.
Are there any additional fees with the insurance option for the E-Bike Scheme?
Yes, the TMP Insurance option comes with an upfront insurance rate of 10.00%.
Can the E-Bike be used for commercial purposes?
The scheme’s bikes are intended for educational use by students and are not recommended for commercial use.