In a significant move to support students and promote sustainable transportation, Punjab Chief Minister Maryam Nawaz has announced the distribution of 27,000 e-bikes to students on merit under the CM Youth Initiative. This ambitious project intends to provide students with cheap and eco-friendly mobility options, ensuring that financial restraints do not hinder their educational ambitions. Speaking at a distribution event in Lahore, CM Maryam Nawaz stressed the government’s commitment to assisting underprivileged and needy students by providing vital facilities.
The e-bikes will be distributed through a fair balloting process, and the government will cover half of the Rs. 40,000 down payment, with students paying the remaining Rs. 20,000 in installments. With guaranteed monthly installments of no more than Rs. 5,000, the bikes are within the reach of students.
Initiative Details and Eligibility
Chief Minister Maryam Nawaz also announced other upcoming projects, such as the delivery of 27 electric buses in December to improve public transportation. Additionally, a significant scholarship program valued at Rs. 25 billion is being planned to assist students whose parents cannot afford to send them to school. In the near future, students will also receive laptops to help them with their academic journeys. All of these comprehensive support initiatives demonstrate the Punjab government’s commitment to empowering students and giving them the resources they need to succeed.
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Distribution of E-Bikes:
- Punjab CM Maryam Nawaz announced the distribution of 27,000 e-bikes to students on merit.
- The initiative is part of the CM Youth Initiative.
- The government will cover half of the down payment for these e-bikes.
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Details of the Initiative:
- Bikes are distributed through balloting.
- Monthly installment for the bikes is assured not to exceed Rs. 5,000.
- Phase 1 includes 1,000 electric bikes (700 for male and 300 for female students) and 19,000 petrol bikes (11,676 for male and 7,324 for female students).
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Eligibility Criteria:
- Must be over 18 years of age.
- Must be a regular student of a Degree College/University recognized by HEC.
- Must hold a valid motorcycle learner’s permit/driving license.
- In case of excess applications, e-balloting will be conducted.
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Additional Announcements:
- 27 electric buses to be introduced in December.
- Scholarship program of Rs. 25 billion planned for students whose parents cannot afford education.
- Distribution of laptops to students is also planned.
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Bikes Repayment Calculator:
- Gross loan amount: Rs. 175,000
- Equity deposit: 30% (Rs. 52,500)
- GoPb Capital Subsidy: Rs. 20,000
- Insurance rate: 10% (Rs. 17,500)
- Net finance amount: Rs. 122,500
- Markup rate: 0%
- Monthly EMI without insurance: Rs. 5,104
- Monthly TMP with insurance: Rs. 6,417
- Tenure: 24 months
FAQs
The CM Youth Initiative aims to provide students with affordable transportation options through the distribution of e-bikes and petrol bikes.
- Students over 18 years old, enrolled in a Degree College/University recognized by HEC, and holding a valid motorcycle learner’s permit/driving license are eligible.
The bikes will be distributed on merit through a balloting process to ensure fairness.
The Punjab government will pay half of the Rs. 40,000 down payment, and students will pay the remaining Rs. 20,000 in installments. Additionally, there is a GoPb Capital Subsidy of Rs. 20,000.
Besides the e-bike distribution, CM Maryam Nawaz has announced the introduction of 27 electric buses in December, a Rs. 25 billion scholarship program, and the future distribution of laptops to students.