Punjab Govt to Provide Financial Aid to Students to Buy Electric Bikes

In a concerted effort to combat city pollution, the Punjab government has finalized its plan to provide financial aid to students in purchasing electric bikes through easy installments, in collaboration with the Bank of Punjab. The decision was reached during a meeting chaired by Provincial Minister for Planning and Development Bilal Afzal, alongside Chairman of the Planning and Development (P&D) Board, Iftikhar Ali Sahu.

The meeting, held at the P&D Board, focused on proposals from the committee established by the Punjab government to facilitate the provision of electric motorcycles to students. Transport Secretary Ahmed Javed Qazi presented a comprehensive briefing during the session, encompassing details on various manufacturers, pricing structures, and a market analysis of electric bikes. He outlined the proposed entry conditions for applicants, the mechanism for the computerized draw, and the online application process facilitated by the Punjab Information Technology Board (PITB).

Furthermore, the Bank of Punjab outlined a “Post-Purchase Reimbursement Model” for the distribution of electric bikes, offering diverse proposals for credit value and discounts. The bank pledged to maintain a lower interest rate for students in comparison to other loans and committed to presenting a viable financial model, termed as green financing, to the committee.

Provincial Planning and Development Minister Bilal Afzal directed the committee to formulate a rational model, stressing the need for a report with feasible proposals to be submitted to the Punjab Cabinet for approval. The final decision on the expenditure and discount rate for the electric bike supply program will be determined by the Chief Minister of Punjab and the Cabinet.

Highlighting the environmental advantages of the program in curbing pollution in Lahore, Minister Bilal Afzal approved the creation of a sub-committee led by Chairman P&D Board. This sub-committee, scheduled for the next week, will include representatives from DG Excise and Taxation, Traffic Police, Bank of Punjab, along with Secretaries of Transport and other relevant departments.

Chairman P&D Board Iftikhar Ali Sahu revealed that the Bank of Punjab would present a viable subsidy model based on a soft lease in the upcoming sub-committee meeting. He clarified that initially, the scheme would exclusively benefit students of universities and colleges, emphasizing the pivotal role of educational institutions in ensuring the success of the initiative.