I am sharing the CM Punjab Bikes for Students Monthly Installment Plan 2024. As you know Government of Punjab has launched a program for e-bikes and petrol bikes for Degree Colleges and University students. The male and female students can get the bikes in easy installments. The students will get the bikes as an interest-free. Initially at the first step the Punjab Government in collaboration with the Bank of Punjab will provide 20000 bikes. The students can apply online for motorbikes in easy installments for two years i.e. 24 installments. The Interest amount will be paid by the Punjab Government.
Bikes for Students Monthly Installment Plan (Tentative Payment Schedule)
The Government of the Punjab has issued the tentative schedule of payment. This is a tentative installment plan and is used for reference only. The actual plan shall be shared at the time of loan approval. This has been generated for convenience without any risk and liability on the part of the bank or any of its staff.
*Equity deposit to be off-settled against Lease Key money at the expiry of the lease period.
| Sr. No. | Principal | Markup | EMI | Asset Insurance | TMP | Outstanding Principal |
| 1 | 4,375 | – | 4,375 | 169 | 4,544 | 145,625 |
| 2 | 4,375 | – | 4,375 | 169 | 4,544 | 141,250 |
| 3 | 4,375 | – | 4,375 | 169 | 4,544 | 136,875 |
| 4 | 4,375 | – | 4,375 | 169 | 4,544 | 132,500 |
| 5 | 4,375 | – | 4,375 | 169 | 4,544 | 128,125 |
| 6 | 4,375 | – | 4,375 | 169 | 4,544 | 123,750 |
| 7 | 4,375 | – | 4,375 | 169 | 4,544 | 119,375 |
| 8 | 4,375 | – | 4,375 | 169 | 4,544 | 115,000 |
| 9 | 4,375 | – | 4,375 | 169 | 4,544 | 110,625 |
| 10 | 4,375 | – | 4,375 | 169 | 4,544 | 106,250 |
| 11 | 4,375 | – | 4,375 | 169 | 4,544 | 101,875 |
| 12 | 4,375 | – | 4,375 | 169 | 4,544 | 97,500 |
| 13 | 4,375 | – | 4,375 | – | 4,375 | 93,125 |
| 14 | 4,375 | – | 4,375 | – | 4,375 | 88,750 |
| 15 | 4,375 | – | 4,375 | – | 4,375 | 84,375 |
| 16 | 4,375 | – | 4,375 | – | 4,375 | 80,000 |
| 17 | 4,375 | – | 4,375 | – | 4,375 | 75,625 |
| 18 | 4,375 | – | 4,375 | – | 4,375 | 71,250 |
| 19 | 4,375 | – | 4,375 | – | 4,375 | 66,875 |
| 20 | 4,375 | – | 4,375 | – | 4,375 | 62,500 |
| 21 | 4,375 | – | 4,375 | – | 4,375 | 58,125 |
| 22 | 4,375 | – | 4,375 | – | 4,375 | 53,750 |
| 23 | 4,375 | – | 4,375 | – | 4,375 | 49,375 |
| 24 | 4,375 | – | 4,375 | – | 4,375 | 45,000 |
Which Amount is included in the Payment Plan?
| Applicant Equity Participation | Rs. 25,000/- |
| Processing Charges | Rs.1,500/- |
| Tentative 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/- |
| 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% |
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How Much the Government of the Punjab Will Pay for Motorbikes?
As per the requirement of SBP, the borrower will pay 30% equity. An example is as under:
Total Price of Petrol Bike = 150,000/-
30% Up-Front Equity Amount = 45,000/-
Special Relief in Equity Amount that Punjab Govt Will Pay = 20,000/-
Net Equity amount that the borrower will pay = 45,000 – 20,000 = 25,000/-
All Markup amount = The Government of the Punjab will pay (Total subsidy = 1 billion)
Where to Deposit the Installment and Late Payment Charges?
The borrower has to deposit the installment amount in a bank account in the Bank of Punjab. The borrower has to pay the extra late payment charges if the borrower pays after the due date.