CHIEF MINISTER'S YOUTH INITIATIVE (PROVISION OF 20,000 BIKES TO STUDENTS)

Education Friendly Initiative by Govt. of the Punjab

(in collaboration with the Bank of Punjab)

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19,000 Petrol
Bikes

  • 11,676 For Male Students
  • 7,324 For Female Students
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1,000 Electric
Bikes

  • 700 For Male Students
  • 300 For Female Students
  • In Phase 1 of the scheme, Degree College / University students studying in the following 5 cities shall be eligible.
    (Faisalabad, Multan, Bahawalpur, Rawalpindi & Lahore)

1,000 Electric
Bikes

  • 700 For Male Students
  • 300 For Female Students
  • In Phase 1 of the scheme, Degree College / University students studying in the following 5 cities shall be eligible.
    (Faisalabad, Multan, Bahawalpur, Rawalpindi & Lahore)
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Subsidy of Rs. 1 Billion by Government of the Punjab

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Eligibility Criteria

An excellent opportunity for over 800,000 students across the province to obtain their own transport.

  • Must be over 18 years of age.
  • Must be a regular student of a Degree College / University, duly recognized by HEC.
  • Must hold a valid motorcycle Learner's Permit / Driving Licence.
  • In case of receipt of applications in excess of allocated quotas, e-balloting shall be conducted.
    *(Terms & Conditions Apply)

FAQs

Frequently Asked Questions

The students, currently enrolled as 'regular' students in degree programs of any university/ graduate college in the Punjab (public or private), duly recognized by the HEC, are eligible to apply for Bikes under the scheme. The bonafide status as regular student of the applicant shall be verified by the authorities of the educational institution concerned.

No. Applications can only be submitted online through the web-portal of the scheme after online registration of the student. No application may be submitted by hand in any office. The address of web-portal is www.bikes.punjab.gov.pk

Electric Bikes (E-Bikes) and Petrol Bikes (P-Bikes) are being offered under this scheme. The details of various models of Bikes are available on the web-portal for the scheme. Student shall have the liberty to choose the bike of his/her own choice from the catalogue available on the web-portal. No bike other than the one available in the web-portal catalogue may be selected by the applicant

We expect that the applicant students shall make up their mind before selecting any Bike and submitting the online application. However, if an applicant student still desires to change his/her choice of Bike, he/she may do that till 29th April, 2024.

Yes. Female students can apply for both E-Bikes and P-Bikes. Both Scootie and Motorbike versions are available.

No. The applicant is required to have either Driving License or Leaner's Driving Permit for motorcycles, duly issued by a Licensing Authority, in order to be eligible to apply under the Bikes scheme.

Yes. All applicants including the female applicants must be in possession of either of the two documents in order to apply for the scheme.

No. An applicant can only apply either for E-Bike or the Petrol Bike. He/ She cannot apply for both types of Bikes at one time.

The Bank of Punjab (BOP) shall give an installment plan to each successful applicant. The applicant shall adhere to that plan. However, if he/ she desires to make full payment of loan amount earlier, the same may be done in consultation with the BOP.

No. Registration cost of the Bike is not included in the given price. However, insurance cost of Bike is covered in payment/ installment plan

Yes. All university / degree college students can apply under this scheme. However, if more than one siblings become successful in balloting and post-balloting financial scrutiny by the BOP, only one of the siblings shall be given the Bike and not other(s).

Once the e-Balloting has been done, the financial scrutiny of the Guarantor/ Co-Borrower shall be carried out by the BOP. During this post-balloting scrutiny, BOP may ask for further documentation. Only those students shall be eventually declared successful for receipt of Bikes, whose post-balloting scrutiny by BOP turns out to be satisfactory. Necessary documentation shall be provided by the applicant students' alongwith their online application for this purpose

The balloting shall be carried out electronically under the arrangements of the Punjab Information Technology Board (PITB).

There shall be 1,000 E-Bikes in Phase I of the scheme with 700 Bikes for male students and 300 Bikes for female students. There shall be 19,000 Petrol Bikes in Phase I with 11,676 Bikes for male students and 7,324 Bikes for female students. E-Bikes shall be provided to the students studying in Universities/ Graduate Colleges with their campuses in five cities i.e. Lahore, Rawalpindi, Faisalabad, Multan and Bahawalpur. Students having domicile of provinces/regions other than Punjab can only apply for E-Bikes if they are studying in any graduate college / university in the above mentioned five cities of Punjab. However, Petrol Bikes quota shall be distributed district-wise, amongst Punjab domiciled students, keeping in view the population of any district as per the Population Census 2023.

Yes. There shall be a mechanism of Grievance Redressal and the students shall be able to launch their grievance online through the web-portal.

No. Only regular students who are supposed to attend the University on almost daily basis can apply for the scheme. The students enrolled in the Virtual University and Allama Iqbal Open University are not eligible to apply under Phase I of the scheme.

The financing for E-Bikes under the scheme is limited upto Rs. 250,000 and that for Petrol Bike is limited upto Rs. 150,000. If any student chooses a Bike higher than the above given prices, then upon being declared successful by BOP, he/she shall have to pay the additional cost of the Bike upfront to the BOP. The Punjab Government shall not cover any price higher than what has been mentioned above. The Bike shall have to be selected only from amongst the options available on the web-portal.

As per requirement of the State Bank of Pakistan, 30% equity is to be paid by the borrower. Hence, for example, in case of a Petrol Bike having price of Rs. 150,000, the borrower is required to pay Rs. 45,000 (30%) as upfront equity. However, the Government of the Punjab has given a special relief and out of Rs. 45,000, Rs. 20,000 shall be paid by the Punjab Government on behalf of the applicant. Furthermore, all mark-up on the bike loan shall also be paid by the Punjab Government. Total subsidy under Phase-1 of the Bikes Scheme comes to around Rs. 1 Billion.

Yes. The Bank of Punjab has established a HELPLINE having number 042-111-333-267. For any query, the students may contact the BOP through the HELPINE. Furthermore, the applicant students may also contact the authorities by writing a message at given space on the webportal.

No. Before qualifying for the e-balloting stage, your bonafide as a regular student of a graduate college/ university recognized by the HEC, eligibility for the P-Bikes/ E-Bikes on the basis of domicile/city of educational campus and verification of motorcycle driving license/ learner's driving permit shall be required.

Yes, BOP can reject/decline loan application on the basis of following reasons:
  1. Unsatisfactory Physical Verification of Co-borrower /Guarantor
  2. Any bad credit history / unsatisfactory ECIB (Electronic Credit Information Bureau) Report of Co-borrower /Guarantor
  3. High DBR (Debt Burden Ratio / Low Repayment Capacity) of Co-borrower /Guarantor.
  4. Failure to comply with the Name Screening and other regulatory checks.
  5. Submitting fake / false / incorrect information to the bank

Ability/capacity to repay the loan monthly installments

DBR is calculated as follows:
The monthly instalments/payments of Co-Borrower/Guarantor for all already availed loans and the expected installment of current loan facility (Interest Free Bike) divided by Monthly Net disposable income multiplied by 100.

The DBR of Co-borrower /Guarantor should not exceed by 40% as set by the regulator for consumer financing.

To repay the loan installments on behalf of a student applicant as generally students have no source of income.

  • Personal Information
  • Income Details
  • Detail of all previous loans availed along with their current status and monthly installments

As per scheme features, student will be the applicant who will apply bike loan through webportal. However, the following may be Guarantor for the finance facility whose income shall be considered for Debt Burden Ratio calculation. Loan shall be booked in the joint names of Guarantor as 'Primary Borrower' and student as 'Secondary Borrower'.
  1. Parents or
  2. Spouse or
  3. Brother-Sister (siblings) of applicant student
In case the student has his own source of income and no Guarantor is involved, then student shall be considered as 'Primary Borrower'.
Note: An overseas can't be a Co-Borrower/ Guarantor/Primary Borrower.

Source of income means the formal or informal income of a student or Co-borrower/Guarantor earned through different sources like:
  1. Salary Income
  2. Income from Business
  3. Agriculture Income
  4. Rental Income
  5. Income of self-employed professionals such as doctors, lawyers etc.
  6. And other income

If source of income is verifiable through Bank Account Statement or Tax Return or Audited Financial or Rent Agreement etc. it is termed as a Formal source of income. However, in case the income cannot be verified through above means then it shall be considered as Informal source of income.

BOP shall require additional documents such as electricity bill, paid fee challans/receipts of their children, sale purchase receipts in case of shops or self-employed business, letter from employer stating cash salary duly signed and stamped on their letter head in case where salary is received in cash etc. These sources shall then be evaluated to ascertain income through proxies.

The BOP shall broadcast SMS to students on their registered mobile numbers duly stating the status of their application either approved or rejected.
In case of approval of loan, BOP shall also call the student to inform about approval of loan and to complete the post approval formalities.

  • Signing of Facility Offer Letter
  • Opening of account with BOP for loan as per bank guidelines
  • Depositing down payment in bank account
  • Signing of legal / charge documents

Upon receipt of payment by the vendor/their dealership, they shall either book the Bike or if readily available, will inform the BOP, its chassis number and engine number for insurance. Upon receipt of information, the BOP shall arrange its insurance, issue delivery order in the name of concerned dealership and handover Delivery Order to the student for delivery of bike.

The BOP shall manage insurance of the Bike through insurance companies on the Bank's panel, while insurance premium is to be borne by applicant (first year insurance premium is part of Down Payment and second year insurance premium is part of 1st year monthly installments). The Bike shall be insured before its handing over to the student.

NOC shall be issued by the BOP upon full and final adjustment of bike loan facility.

The loan installment is payable on monthly basis. Monthly installment will be deposited in account specifically opened with BOP for the scheme by Borrower / Co-Borrower. Late Payment Charges shall apply in case of delay in depositing the monthly installments.