Punjab CM Maryam Nawaz Approves Interest-Free Electric Bike Scheme for Students

punjab cm maryam nawaz approves interest free electric bike scheme for students

Punjab Chief Minister Maryam Nawaz has given the go-ahead for an innovative scheme offering interest-free electric bikes to students on Monday. This decision was made during a meeting held in Lahore where the provincial administration outlined plans to provide more than 20,000 electric and petrol motorbikes to citizens through interest-free loans.

During the meeting, CM Maryam Nawaz, accompanied by former Prime Minister Nawaz Sharif, discussed the enhancement of transportation facilities for students throughout the province. Additionally, top leaders of the PML-N party deliberated on introducing relief measures for students, including the launch of hybrid bus services.

Under the newly proposed scheme, the PML-N government aims to distribute 19,000 petrol bikes and 1,000 e-bikes to students without imposing any interest on monthly installments. These two-wheelers will be allocated to students through a partnership with the Bank of Punjab (BOP). The installment amount for petrol bikes is set at Rs. 5000, while for e-bikes, it stands at Rs. 10,000 per month.

The government plans to conduct a draw in May of this year, with the distribution of bikes scheduled to commence in the same month. To ensure fairness, the quota allocation will maintain a balance, with 50% reserved for male and female students in urban areas. In rural regions, 70% of the quota will be earmarked for male students, and the remaining 30% for female students.