Punjab Govt Announces E Bikes in Interest Free Installments

There is great news for all those students who can’t afford to purchase bikes in times of inflation. The newly appointed Punjab Chief Minister, Maryam Nawaz, approved interest-free electric bikes in installments for students. While leading a meeting in the provincial capital, Lahore, the administration devised a plan to offer more than 20,000 electric and petrol motorbikes for citizens on interest-free loans.

CM Maryam and his father, former Prime Minister Nawaz Sharif, held a meeting regarding upgrading transportation services for students in Punjab. Senior PML-N stalwarts also decided to launch relief trials for students, which include the launch of hybrid bus services.

Afterward, the PML-N government planned to offer 19,000 petrol bikes and 1000 e-bikes to students. They won’t be charging any interest if students are able to pay the installment monthly. They have partnered with the Bank of Punjab (BOP) for this purpose. The monthly installment for petrol bikes is Rs 5,000, while for e-bikes, it’s Rs 10,000.

Moreover, the government plans to select students via a lucky draw in May. As per the sources, bikes will begin to reach students in May. They are going to divide the bikes equally between boys and girls in cities, while in rural areas, 70% of the bikes will be awarded to boys and 30% to girls.