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Punjab Govt Bike scheme 2024: Check Total Cost, Down Payment, and monthly installment

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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
The monthly installment will be Rs4,375 as government reduced the insurance rate from 5pc to 3pc. There is an agreement between the Bank of Punjab and the government regarding down payment. Bank officials charge Rs. 2,000 for preparing documents and Rs. 1,500 for verification.

It was reported that big chunk of down payment forces students to mull other options while Banks are awaiting bike buyers to proceed.

How students can register for motorcycle scheme in Punjab?

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