Tentative Monthly Installment Plan Interest Free Bikes for Students CM Punjab Scheme

Tentative Monthly Installment Plan Interest Free Bikes for Students CM Punjab Scheme

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%

CM Punjab Motorbikes for Students on Easy Installment

You may also like: Motor Cycle Advance for Govt Employees

 

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.

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