The government made the Punjab Motorcycle Scheme public in order to assist students in purchasing bikes by providing better installment payment plans and a downpayment policy. Students who want to use both electric and petrol motorcycles should find this service easy to use by being able to sign up for it for free. You can find out everything you need to know about the fees and downpayment plan here.
The government has finally put out a monthly payment plan that shows how easy it is to take advantage of this chance, no matter what. This plan shows the amount of the downpayment, the asset protection, and the amount of principal that is still due for each payment over two years. It is used as a guide for applications.
Best Installment Plans For Motorcycle Scheme 2024 Punjab Students
- Equity Deposit: Rs. 25,000/-
- Processing Charges: Rs. 1,500/-
- Physical Verification Charges: Rs. 1,500/-
- Legal Stamping Charges: Rs. 2,000/-
- Insurance Upfront: Rs. 2,250/-
- Vehicle Registration (Tentative): Rs. 50,000/-
- Total Down Payment: Rs. 82,250/-
Motorcyle Loan Details:
- Gross Loan Amount: Rs. 150,000/-
- Equity Deposit (30.00%): Rs. 45,000/-
- GoPb Capital Subsidy: Rs. 20,000/-
- Insurance Rate (1.50%): Rs. 2,250/-
- Net Finance Amount: Rs. 105,000/-
- Markup Rate: 0.00%
Government Contribution:
The Government of Punjab will pay for some of the equity fee, so applicants won’t have to worry about that cost.
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The government will also pay the price, which means that the bikes will be given to students without any interest.
Short Repayment Process:
Those who want to apply must put the payment amount into a certain Bank of Punjab bank account. To avoid extra late payment fees, it is important to make payments on time.
Monthly Installment Schedule for E-Bikes Scheme
For the E-Bikes Scheme, a detailed plan for monthly payments has been given. This includes details about the down payment, the total loan amount, the equity deposit, the insurance rate, and the amount of each monthly payment.
Application Process
People who want to apply for the CM Punjab E-Bike Scheme must go to the official website and finish the registration process.
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To do this, you have to fill out an online registration form, upload the necessary papers, and send the form.
Eligibility Criteria
- People who want to apply must be students and live in Punjab
- For this, they need to have a legal learner permit or Punjab driver’s licence
- Last day to apply
Students who want to be considered for the Punjab Motorbike Scheme must send in their forms before the deadline. If they don’t, they will miss out on this chance.
Conclusion:
Students can get bikes through reasonable payment plans through the Punjab Motorcycle Scheme, which is a great chance for them. Students can deal with travel problems and focus on their studies with help from the government, which pays for some costs and gives interest-free loans. Students who are eligible can use this programme to get around Punjab more easily by following the steps the government has set out for payments and down payments.
