LOANS & ADVANCES
As per G.O.Ms.No 175 Dt.15-05-2010 Loans & Advances to Government employees enhanced the ceiling as recommended by the Ninth PRC as follows.
Nature of Loan & Pay | Eligibility & Enhanced ceiling | Maximum Recovery installments | Rate of Interest |
Motor Car Advance For employees drawing basic pay of Rs.27,700/-p.m & above |
15 months basic pay or actual cost whichever is less Ceiling Rs.4,50,000/- |
Principle - 135
Interest - 65 |
For Class IV Employees - @5.00% p.a
For Others - @5.50% p.a |
Motor Cycle/ Scootor For employees drawing basic pay of Rs.11,530/-p.m & above |
7 times of basic pay or actual cost whichever is less Ceiling Rs.60,000/- |
Principle - 80
Interest - 16 |
For Class IV Employees - @5.00% p.a
For Others - @5.50% p.a |
Moped Advance For employees drawing basic pay of Rs.11,530/-p.m & for all drivers who have completed 2 yrs of service irrespective of their pay as above.
|
7 times of basic pay or actual cost whichever is less. Ceiling Rs.25,000/- |
Principle - 60
Interest - 16 |
For Class IV Employees @5.00%p.a
For Others - @5.50%p.a |
Bicycle Advance |
Rs.5,000/- or actual cost whichever is less. For all employees, except to those for whom Motor car/ Motor cycle/ Moped advance sanctioned earlier. Ceiling Rs.5000/- |
Principle - 26
Interest - 4 |
For Class IV Employees @5.00%p.a
For others - @5.50%p.a
|
Marriage Advance 1)For the Marriage of Male employees themselves or for the marriage of sons of the male / female employees. ---------------------- 2)For the marriage of Female employees themselves or for the marriage of daughters of the male / female employees. |
1)For Class IV employees Rs.30,000/- or 15 months pay whichever is less. For others Rs.50,000/- or 15 months pay whichever is less ----------------------- 2)For ClassIV employees Rs.50,000/- or 15 months pay whichever is less. For others Rs.75,000/- or 15 months pay whichever is less. |
Principle - 70
Interest - 10 |
For ClassIV employees @5.00%p.a
For others @5.50%p.a |
Personal Computer Advance For employees drawing basic pay of Rs.26,300/- & above. (Judicial Officers are not eligible) |
Actual cost or Rs.50,000/- whichever is less |
Principle - 135
Interest - 65 |
For classIV employees @5.00%p.a
For others @5.50%p.a |
Festival Advance 1) For classIV employees 2)Other employees drawing pay in the scale of pay of Rs.13360 - 38570/- or below |
Once in a financial year 1)Rs.2,000/-
2)Rs.3,000/- |
10 equal instalments | interest free |
Special Festival Advance 1)Gazetted Officers 2)Non-Gazetted Officers 3)ClassIV Employees |
Once in a financial year 1)Rs.5,000/-
2)Rs.4,000/-
3)Rs.3,000/- |
10 equal instalments | interest free |
Eduation Advance For Non-Gazetted employees including classIV employees |
Once in the Academic year Rs.5,000/- |
10 equal instalments | interest free |
NOTE:--> In respect of all loans the penal interest will be charged at the double the rate of normal interest in case the advances are mis-utilised or not utilised at all and at one and half percent times the rates for non-compliance with formalities.
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