Punjab Chief Minister launched Interest Free Bike Scheme under CM Youth Initiative E-bike program, distributing thousands of E-bikes to deserving students. The initiative aims to empower women by encouraging them to learn E-bike driving skills.
More details have surfaced as students will have to pay full price of the bike, with the government only covering interest portion. Total cost of a bike is said to be Rs275,000, with a down payment of Rs170,000.
A deposit of Rs170,000 has to be paid in the bank within two days to proceed further. The remaining Rs105,000 of the amount must be repaid to the bank within span of two years.
| Punjab Bike Scheme | Amount |
|---|---|
| Total Cost of Bike | Rs275,000 |
| Down Payment | Rs170,000 |
| Remaining Amount | Rs105,000 |
| Repayment Period | 2 years |
| Monthly Installment | Rs4,375 |
| Bank Charges for Documents | Rs2,000 |
| Bank Charges for Verification | Rs1,500 |
It was reported that big chunk of down payment forces students to mull other options while Banks are awaiting bike buyers to proceed.
