We recommend that you get your own bike. The institute has a few old bicycles, but they are not in very good condition.
There is a Firefox shop in Mandi town. You can hire a vehicle and take your bike to Mandi. Please approach the club for this, in case other bikes too need servicing, and the cost of transporting can be shared.
The shop in Mandi sells only Firefox and Trek, and have limited options. There are many shops in Chandigarh or Delhi. You can buy from there and box the bike and bring it in the overnight bus. Some sellers even ship the bike to Mandi. Many dealers have online purchasing options. But before buying a bike, do try it out first in the showroom. It is always better to buy from a bike shop, than from an all-purpose store.
Some shops to explore are:
Bikes are available from Rs 6000 upwards. But of course, the quality of components and the weight of the bike improves with your budget. A decent bike, along with basic accessories will cost you about Rs 20,000.