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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