The Punjab government has finalized its plan to provide electric bikes to students of colleges and universities, a local media outlet reported.
According to Urdu News, citing government documents, the government of Punjab will provide electric bikes to university and college students. Additionally, financial assistance for this program will be provided by the Bank of Punjab.
The Provincial Minister for Planning and Development Bilal Afazal stated that a proposal has been prepared, which will be sent to caretaker CM Mohsin Naqvi for his approval. However, the decision regarding discounts on electric bikes has not been made yet.
As per Provincial Secretary Transport Javed Qazi, they have completed their preparations regarding the electric bike manufacturers and their prices. He added that students will have to submit online applications and a draw will be held to ensure transparency.
Moreover, institutes of the selected students will be taken on board to provide guarantee on their behalf.
The official revealed that electric bikes will be provided at extremely low interest rates. Most importantly, students will have the option to return the bike after completing their education and get their money back according to the price at that time.
The Punjab government is gearing up to launch electric motorbikes through green financing. The Bank of Punjab is categorizing this scheme as a soft loan, offering an interest rate of up to 6%.
Bilal Afzal claimed that the scheme will be launched in January following the approval of the provincial cabinet.